Still SA’s property mecca: What R5 mil will get you in Johannesburg

Although the current economic climate has caused several changes in South Africa’s property market, according to IOL, the Johannesburg property market has continued to grow. Here’s what you should know.

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THE JHB PROPERTY MARKET IS BOOMING DESPITE CHALLENGES

The struggling economy, paired with load shedding and rising food and fuel prices, has most South Africans tightening their belts. That includes changes to their property investments. According to IOL, to stay ahead, many Johannesburg residents are downscaling, selling their larger homes for smaller ones – all to cut down on cost.

In an interview with BusinessTech, Chas Everitt International’s Rory O’Hagan confirmed that Johannesburg remains one of the country’s property hotspots.

“Johannesburg is clearly still the engine room of the SA economy and home to most of the country’s top business leaders, industrialists, and entrepreneurs, as well as an increasing number of affluent foreign investors. Ambitious young people from smaller towns and less developed regions also continue to move here in search of employment and a better lifestyle,” he told the publication.

According to O’Hagan, since January, his realty agency has made more than R100 million worth of registered sales per month in the northern suburbs.

Here’s a look at what type of property you can get in Johannesburg for R5 million.

SANDTON

This five-bedroom house in Morningside (Sandton) is currently in the market for R4.9 million. And, as per Pam Golding, it’s the perfect family home. 

Especially as it’s close to the French School, Redhill School, and Crawford College.

The open floor plan allows for unobstructed indoor/ outdoor living with multiple entertainment options. Apart from the main house with four bedrooms, three reception rooms, and a study, there is also a separate cottage. The property also has an undercover patio, pool, fire pit, generator, backup water, and staff accommodation.

BRYANSTON

This gorgeous cluster in Bryanston is available from R5 million and is fully equipped against load shedding. As per Private Property, the exquisite home boasts three bedrooms, spacious reception areas, a dining room, a lounge with dual fireplace, and a TV lounge opening onto the covered patio equipped with a built-in braai overlooking the swimming pool.

The property also has a flatlet with a separate entrance.

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BRAAMFONTEIN

Rather looking for a smaller space? This R5 million New York-influenced furnished penthouse spans four levels and promises the ultimate in modern urban living, as per RE/MAX. The property has two en-suite bedrooms, a study (or third bedroom), living quarters, an open-plan kitchen, a dining room, and an entertainment room with a pool and foosball table. The roof garden has a seating area complete with a built-in BBQ grill that offers spectacular views of the surrounding areas.