Those entering the property market, such as professionals and young couples, are attracted to this value-for-money established neighbourhood, which is an easy commute to and from the commercial centres of Sandton and Rosebank and is close to schools,
Property values in Killarney have largely remained unchanged over the past year, as the neighbourhood seems to ably duck the headwinds of a struggling realty market.
Firzt Realty Company property professional Firoze Cassim reports selling prices have remained static over the past year, averaging R1.5 million to R1.7m.
“This price bracket represents the affordable range for first-time and younger buyers,” he says, noting that 69% of new buyers in the area for the past year were below 50.
“The suburb is an ideal choice for first-time buyers, young professionals and couples,” he says. By current projections, Killarney might well record value growth soon. Over the past three months, property sales have averaged R1.655m, an increase on the R1.532m recorded in the past 12 months. Over the past year, 105 sales were registered, with 16 sales in the past three months, says Cassim.
“Seventy-five to 90% of sales is in the R800 000 to R3m range,” he says. Few sales can be found at the top end, namely more than R3m, with only two such sales in the past year, he says. The highest price in the past year was R4m, with a penthouse currently on the market for R10.75m an exception. As of last week, 112 apartments were on sale in the area, down from 138 in April, pointing to reduced activity, says Cassim.
“There’s a large selection for buyers to choose from, ranging from one-bedroom apartments from R800 000 to R1.5m, two-bedroom apartments priced at between R1.5m and R3m and three-bedroom apartments from R1.6m to R4m.”
Killarney offers buyers a choice of affordable apartments in a cosmopolitan suburb an ideal investment for short-term rentals, says Cassim. As office developments in Rosebank and Sandton grow, creating the need for more affordable accommodation close by, Killarney has become more attractive.
“Its easy access to the M1 makes it an ideal location for professionals working in commercial centres such as Sandton, Midrand and the Joburg CBD,” says Cassim, who lists attractions such as schools, places of worship and proximity to Wits University. Better transport facilities, such as the Gautrain and upgrades to the M1, make commuting to and from Killarney quicker and easier and are having a positive effect on demand for property, he says.
The installation of fibre has also made the area more appealing, with many professionals working from home. Killarney was established in the early 1930s, with most apartment blocks built between then and the 1970s.
Cassim says the buildings exhibit various architectural styles, including the iconic colonial-style Whitehall Court next to Killarney Park. “There are also Edwardian, 1960s and 1970s-style buildings, such as Park Avenue, and art deco buildings, such as Gleneagles,” he says.
Mohamed Bhayat’s favourite places and things to do
1 Rosebank Mall
I work just behind the mall and it’s convenient for most of my needs, from shopping, banking and groceries to food requirements. 50 Bath Avenue, Rosebank. 0117885530
2 Killarney Country Club
It’s friendly and convenient. I also love the atmosphere, which is great. I go there now and again. 60, 5th Street, Houghton Estate. 011 442 7411
3 Akhalwayas Fast Foods
A pleasant atmosphere. Shop 78, Killarney Mall, 60 Riviera Road. 011 646 7036
4 The Rooftop Restaurant
Great food and service, well recommended for events. 99 Oxford Road, Rosebank. 073 002 8908
5 The View-Transvaal Scottish Regimental Association HQ
Great restaurant, cosy, groups, wine. 18 Ridge Road, Parktown, Joburg. 011 643 2961
6 Vaal River
It’s a good getaway, where you can go fishing. 4 Golf View Drive, Kibler Park. 082 360 1309