MORNINGSIDE: THE TOP SEARCHED SUBURB FOR Q4 2019
The RE/MAX National Housing Report for Q4 2019 revealed that Morningside was the most searched suburb on the RE/MAX of Southern Africa website for the second quarter in a row. Considering the area’s vast popularity, it is not difficult to understand why.
“I am not surprised that Morningside topped the list of the most searched suburbs. It is definitely the most well-known and sought-after suburb around the hub of Sandton. It also caters for everyone, from the CEO’s leading the business giants in Sandton to the entry-level buyers trying to climb the corporate ladder. With around 850 properties currently on the market, buyers have a huge variety of options in every price bracket,” explains Frikkie van Eeden, Broker/Owner of RE/MAX Advantage.
According to one of the leading local real estate experts, Michelle Shane of RE/MAX Advantage, Morningside works for all budgets both large and small. “A one-bedroom, lock-up-and-go sectional title apartment starts from R800,000. On the other end, buyers can purchase a world-class penthouse with sensational views and top of the range finishes for up to R70 million. Clusters and freehold houses start from approximately R3.5 million and up. The area has proved to be a superb investment over the years, with many investors choosing ‘buy-to-let’ properties in the area,” she explains.
The suburb also seems to be attracting young buyers. According to Lightstone Property, 38% of buyers during 2019 where under the age of 35 and the majority of owners (39%) hold onto their homes for eleven years or more – which highlights the long-term appeal of this area. “Buyers who purchase in Morningside will have easy access to highways, Sandton City, and Gautrain station. Many of the best schools in the country are also on their doorstep,” says Shane.
This plethora of nearby attractions is what makes Morningside a great place to buy investment property even in a down market. “When the economy is performing well, the capital growth of the home spikes. In the tougher times, you have the massive workforce of Sandton looking for a place to rent. In my opinion, long-term investment buyers should jump on the opportunity of the current ‘buyers market’ we are experiencing. Properties can be picked up for seriously good prices with very good rental yields and the possibility of very good capital growth when the ‘ship’ finally starts to turn,” van Eeden advises.
Speaking to the concern of when the tides are expected to turn, Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, believes that the housing market will remain more or less stable in 2020, reflecting marginally higher rates of house price growth and higher numbers of transactions. “I believe the luxury market will continue to feel the pinch within this tight economy and the majority of transactions will continue to fall within the affordable price ranges. House price growth is expected to remain moderate until we see a turnaround in our economic outlook,” Goslett concludes.