Sunninghill falls under the ever-growing Sandton, and is a very convenient locale to enjoy the promising future of a new CBD in the Greater Johannesburg area.
In addition, the following amenities are within easy reach of Sunninghill: Sunninghill Hospital, the Vodacom World of Golf, Montecasino, Fourways Crossing and Mall.
Month-on-month, Sunninghill has seen consistent transactions in the market, having transferred properties every month since January 2005 for both the free hold as well as the sectional title market. The market dropped to record lows of five transactions for free hold. Interestingly, this figure fell in January 2008 the latest recorded amount for the Sunninghill area.
Anne Mendelsohn, Seeff property agent for the Sunninghill area, says the market in Sunninghill is busy from a seller’s perspective, “as we have double the amount of properties to sell in the area compared to the number we had last year”.
Sectional title has performed marginally better having recorded 13 transactions for the month of January 2008, yet still the current state of the market is applicable to a trend seen throughout Johannesburg’s higher-priced suburbs, as sellers are stuck on the market for longer periods than desired. This is due to a buyer’s market that is hesitant in view higher interest rates and a post-National Credit Act (NCA) buying environment.
“There are buyers around but they are more particular and with more stock on the market it is taking longer to get an offer. Also, the offers are about 20% below asking price,” adds Mendelsohn.
The average amount of transactions, taken on a monthly basis, was 14,54 for free hold and 34,83 for sectional title; these averages were recorded from Deeds Office data over a two-year period. More recent figures show that the number of transactions taking place in both markets are under two-year averages.
Yet the area remains popular with “younger yuppie buyers who either work as accountants or doctors/nurses”, says Mendelsohn.
The rolling average, two-year price for free hold amounted to R1,400,278, and the average sectional title unit offering over a similar period was R693,647. The average free hold price can be seen to represent an almost doubling up on sectional title offerings.
In terms of sales revenue, the highest return was in August 2007, which witnessed R54,770,884 in total sales.
Authored By: James Monteiro
Published By: Property 24