In the midst of Johannesburg’s northern suburbs is the affluent suburb of Hyde Park. Named after the prestigious London area of Hyde Park, the suburb is one of Johannesburg’s most sought after addresses. Ideally situated close to Jan Smuts Avenue, the area’s position allows for easy access to the financial hub of the Sandton business district, along with other hubs and amenities such as Rosebank, Melrose Arch and of course Hyde Park Shopping Centre, which has a variety of specialty shops and boutiques.
While it is situated in the heart of the northern suburb’s hustle and bustle, Hyde Park has managed to maintain a tranquil setting. This, along with the many large, luxurious properties on offer, has drawn many property buyers to the area.
Area property information
Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property in Hyde Park consists of 53.77% sectional title units, 27.18% freestanding homes and 19.04% estates. According to Lightstone data, the average price of a freestanding home saw significant growth between 2004 and 2007, dipping slightly in 2008. Goslett says that the price saw another upward trend from 2009, peaking in 2010 at a record high of R9.219 million. Since 2010, the average price of a freestanding home has seen a year-on-year decline and is currently at around R5.517 million. Sectional title unit prices experienced excellent growth between 2004 and 2008, with the average price more than doubling during that period. However, Goslett notes that from 2009 the price stabilised and has remained fairly flat ever since.
In terms of property sales in the area, Goslett says that although the numbers of transactions were marginally higher during the boom period, the volumes of sales have remained fairly high. He notes that on average over 90 properties are sold in the area each year. The highest percentage of recent buyers are those between the ages of 36 and 49. This demographic of consumer represents 34% of recent buyers in the area, followed by those between 18 and 35 years old who account for 28%. The largest group of recent sellers are consumers over the age of 65 years old (36.92%). This age group also represents the largest group of existing homeowners in the area (31.81%).
Property price trends
Demand for property
According to Goslett, the highest demand in the area has been for properties priced over R3 million. These homes represented 44% of properties sold in Hyde Park during 2013. He notes that 37% of the properties sold last year were priced between R1.5 million and R3 million, while 16% of properties sold during this period were priced between R800 000 and R1.5 million. The remaining 3% were properties sold between R400 000 and R800 000.
Article By: www.remax.co.za
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