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Why Illovo is One of Johannesburg’s Most In-demand Suburbs

Why Illovo is One of Johannesburg’s Most In-demand Suburbs

Illovo’s unbeatable location, vibrant lifestyle and strong investment appeal has seen it becoming one of Johannesburg’s most sought-after suburbs.

“One of Johannesburg’s most prestigious and established suburbs, Illovo has undergone a transformation in recent years and experienced exponential growth. It has gone from a quiet neighbourhood into a bustling mixed-use area,” says Candice Andrews, Houghton Branch Manager at Adrienne Hersch Properties.

“Illovo’s proximity to both the Sandton and Rosebank CBD’s, Melrose Arch, Hyde Park and major transport routes, as well as its location along the Gautrain bus route, has made it one of Johannesburg’s most desirable areas among buyers and investors,” she says.

Andrews says buyer demand in the area, particularly among young professionals and families, is on the up.

“Illovo was ranked as one of the fastest growing suburbs in the country by the South AfricanWealth Report in September 2017 and according to figures by Lightstone, 41% of buyers for the period May 2017 to April 2018 were between the ages of 18 and 35. These figures are a strong indication that Illovo has emerged as a key hub for young professionals and families.”

Andrews says one-bedroom flats in the area can generally range from R1.1 million to R2.5 million on the higher end of the spectrum. While two and three-bedroom flats can fetch anywhere from R1.8 million to R3.3 million. Sectional title townhouses are selling for between R2.3 million to R3.8 million and high-end cluster homes are achieving prices from R5 million to R13 million depending on size and age.  Freestanding homes in the area sell for between R5.5 million to R14 million.

She says in spite of a challenging year for the property sector in 2017, prices in Illovo remained stable.

“With a robust outlook for the market for 2018 and far more positive market sentiment, we anticipate prices in the Illovo area to outperform neighbouring areas. Buyers are refurbishing the older apartments and homes which is also further driving up prices in the area.”

Andrews says buyers are attracted by Illovo’s “live where you work appeal”.

A big consideration for buyers is an easy commute to work, she says. “Illovo offers you the opportunity to be at the centre of everything. A new mini CBD has sprung up in the area in recent years with several high-profile tenants along Fricker and Oxford Road. Sandton, Rosebank and Melrose Arch are also a stone’s throw away.

“Illovo is situated close to a number of excellent private and public schools including St David’s Marist Inanda, Pridwin, Hyde Park High, Kingsmead and Fairways Primary School. The area is also ideally located close to top medical facilities, places of worship and shopping centres including Thrupps Illovo Centre, Illovo Square, Blubird Shopping Centre, Sandton City, Rosebank Mall and Hyde Park Shopping Centre.”

She says younger buyers are also drawn to Illovo’s trendy restaurants, boutique-style fashion and lifestyle stores and lively bar scene.

Another major attraction is that the area caters to those after an active lifestyle with gyms, yoga studios, Wanderers Club, Discovery Soccer Park, the Atholl Park Run and James & Ethel Gray Park all situated nearby, adds Andrews.

Illovo remains a standout growth area in Gauteng for property investment, she says. “As a connector between the Rosebank and Sandton CBD’s, we anticipate development in Illovo to climb significantly over the next few years. We also expect competition among buyers and investors looking to get a foothold in the area to further increase in 2018 and 2019.”

Source: https://www.property24.com/articles/why-illovo-is-one-of-johannesburgs-most-in-demand-suburbs/27337

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