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Soweto home sells for record price

Posted on November 18 2016

The iconic home of the late Dr Johnny Mosendane, a well-known public figure in Soweto, has been sold for R2.5m, a new record price for the township, home to about 40% of greater-Johannesburg’s population.

In July last year the home was put on the market at R3m.

Trish Luthuli, new business executive at Pam Golding Properties (PGP) in Gauteng, said on Thursday that the five-bedroomed property, situated in Rockville, Moroka, was designed by renowned architects Michael Sutton and David Walker in 1979. It has won various architectural awards.

The all-brick design has split-level reception rooms with a wood-burning fireplace, unusual barrel vaulted ceilings and sky roofs. It has a swimming pool and expansive gardens.

We are tremendously excited about the sale of late Dr Mosendane’s home, which is a well-known landmark within the Rockville community,

said Luthuli.

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.

In Luthuli’s view, there are a number of reasons for this, including 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.

There is a growing urban population and black middle class within Gauteng and this translates into an ongoing demand for affordable homes to buy or rent, according to Luthuli.

We do not believe this trend is likely to abate anytime soon. We also note that many middle class and wealthier individuals have been returning to Soweto from Johannesburg’s residential suburbs over the last number of years, because they miss the colour and vibrancy of the sprawling metropolis,

she added.

Others would never dream of 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.

Read full article: http://www.fin24.com/