subject: Benoni Property On The Boil [print this page] The market started bubbling in September and has since heated up. Buyers are showing more confidence in the property market thanks to better access to finance as well as greater affordability brought about by lower interest rates, says Patsy Pretorius, Principal of the Chas Everitt Far East Rand group of offices.
Sellers, who up to a couple of months ago were still over-optimistic with their asking prices, have become more realistic and prices are now in line with market realities. This trend has further spurred interest among buyers, she says.
Benoni, widely regarded as a top address on the East Rand, offers a wide range of properties to suit most pockets. The city is popular among professional people commuting to Johannesburg and other areas on the East Rand because of easy access to major arterial routes.
Although it offers all the conveniences of an established city, Benoni has retained a small-town atmosphere with many green belts and open spaces. Its series of lakes bisecting the town is a major attraction for water sport enthusiasts, she says.
Prices of homes in outlying suburbs start at prices as low as R550k, while good value is to be had in older suburbs closer to the city centre.
Areas such as Northmead are particularly popular among young family buyers because of the favourable price to floor space ratio, Pretorius says. Solid three-bedroom family homes with two bathrooms and a pool here are selling from about R750k. The character of these homes, many of which offer wooden floors, pressed ceilings and spacious rooms, has led to it being nick-named Little Melville an added attraction among trendy buyers.
Pretorius adds, however, that properties in the price range of R900k to R1,2m are now in the biggest demand. Stock levels in this price range is currently on a par with demand, which contributes to a lively market as well as realistic prices.
She adds that the Chas Everitt Benoni office has increased its market share. We have attracted top local agents, who are equipped to deal with all the intricacies in the prevailing market.
