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T
rish Luthuli, New Business
Executive at PamGolding Prop-
erties in Gauteng, says that the
distinctive five-bedroomed property
situated in Rockville, Moroka, was
designed by renowned architects
Michael Sutton and David Walker in
1979.
The all-brick property is in many
ways a typical Michael Sutton design
with its unusual barrel vaulted ceil-
ings and sky roofs. It has five-bed-
rooms with three en-suite bathrooms
plus a study, dining room and foyer.
It has easy access to Chris Hani Road
and the Bus Rapid Transit system,
and shopping and en-
tertainment are offered
at the nearby Jabulani
and Maponya malls
Luthuli says, “We are
tremendously excited
about the sale of late
Dr Mosendane’s home,
which is a well-known landmark
within the Rockville community.”
She adds, “This is a record for
a sale to an individual and further
serves to affirm that, despite slow
national economic indicators, the
Soweto residential property market,
across all segments, remains one of
the more buoyant in Gauteng. There
are a number of reasons for this, in-
cluding the fact that property rates
in Soweto are substantially cheaper
than in Johannesburg’s residential
suburbs, and homes in the area offer
affordability as well as excellent value
for money.” Luthuli notes there is a
growing urban population and black
middle class within the Gauteng
centres and that 40% of the greater-
Johannesburg’s population resides
in Soweto. This gives an indication of
its enormous size. “This all translates
into an ongoing demand for afford-
able homes to buy and rent, and we
do not believe that this trend is likely
to abate anytime soon.”
“We also note that many middle
class individuals have been return-
ing to Soweto from Johannesburg’s
residential suburbs over the last
number of years because they miss
the colour and vibrancy of the sprawl-
ing metropolis. Others would never
dreamof ever leaving. The Soweto of
today is hip, hot and happening and
many people prefer it to some of the
more staid, often quieter residential
suburbs.”
According to John Loos of FNB, the
house price growth of properties in
Soweto was 11,6% in the first quarter
of 2015, which compares favourably
with the single digit figures achieved
in Johannesburg’s northern suburbs.
“Homes in the area tends to represent
a solid investment, a fact that many
people are only now beginning to
become aware of,” affirms Luthuli.
The average property price in
Soweto is R620 000 and there is
considerable demand for homes
anywhere between R350 000 and
R750 000.
Luthuli says that the 2015 National
Budget announce-
ment, that no trans-
fer duties are pay-
able on property
transactions below
R750 000, as op-
posed to the previ-
ous R600 000 thresh-
old, proved a considerable stimulant
to the lower andmiddle-endmarkets
last year.
“Certainly recent rate hikes and
diminishing household incomes are
likely to impact the Soweto property
market, but the demand for homes
has such momentum that the future
of the residential property market in
the township remains bright.”
Luthuli pointed out that one fac-
tor that is inhibiting the growth of
the residential property market in
Soweto, is that many owners are not
aware of the value of their properties
as wealth-creating assets.
■
The average property price in Soweto is
R620 000 and there is considerable demand for
homes anywhere between R350 000 and
R750 000.
Soweto home sells for record price
The historic home of the late Doctor Johnny Mosendane, one of
Soweto’s best-known public figures, has been sold by for R2,5million,
a new record price for the township.
Housing
March 2016