The housing markets in Gauteng have experienced different growth levels.
While the housing markets in Gauteng’s mining and manufacturing towns experienced subdued growth last year, the markets in major metro areas, which are more reliant on the more diverse and resilient services industries, have continued to flourish. This is according to Andrew Golding, CEO, Pam Golding.
A prime example is Sandton, he says, which remains the financial and commercial powerhouse of Gauteng and the national economy.
Despite several years of rapid development there are still some 200,000m2 of commercial office space still at various stages of completion. As a result, demand for residential accommodation in and around the Sandton city centre continues to grow and flourish.
Golding says that an influx of new residents into Johannesburg and Pretoria has resulted in sharp increases in house prices, which is prompting some buyers to look further afield to areas like Midrand, which is equidistant from Pretoria and Johannesburg and with an easy commute via the Gautrain, is appealing for many residential property buyers. According to Lightstone, Midrand may well become one of the most densely populated areas in South Africa within the next 30 years.
This article originally appeared in Neighbourhood, Sunday Times.
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