With 96% of residential property in Rosebank, Johannesburg comprising convenient sectional title apartments, savvy, young career-minded individuals and investors are moving into the area to capitalise on all the benefits of this vibey, central location with a host of entertainment and other amenities on tap.
Whether they are seeking proximity for full-time or hybrid work scenarios, or work from home, Rosebank is not only easily accessible to commercial centres, including nearby Sandton, it’s also close to all the entertainment and leisure action, says Alisha Dippenaar, Pam Golding Properties area manager based in Hyde Park in Johannesburg’s northern suburbs.
Lightstone statistics show that 53% of existing owners have owned residential properties in Rosebank for less than five years, highlighting the impact of the numerous new developments in attracting new residents to the area.
Furthermore, the vast majority of recent buyers were middle-aged (36-49 years) or young adults (18-35), suggesting that first-time buyers and young professionals are entering the property market in Rosebank to take advantage of the convenience and lifestyle offering of the suburb.
“Certainly, the return-to-work trend is picking up, with many large corporates offering flexible hours or even 3-4 days a week in the office, however, there is a call to return to corporate headquarters on some level in most large organisations," said Dippenaar.
"Far fewer people are working fully remotely, which is having a positive impact on the demand for accommodation to buy and to rent.
“The headquarters of Standard Bank and several other large corporates are situated in Rosebank, while there is also the Rosebank clinic with its numerous doctors and specialists, so living in the area is ideal for staff.”
The vast majority of residential sales fall into the R1 million to R2 million price category, which will acquire a loft, one-bedroom or two-bedroom apartment, although there are other, more upmarket apartments selling from R2 million to around R3.5 million and beyond. There are also luxury penthouse units in the newer-built apartment complexes, which sell for over R3 million, said Dippenaar.
“Generally, across the suburb, prices per square metre average at R26 500, but the range is from R12 500 in older buildings to over R38 000 per square metre in newer, serviced apartment buildings.
“For example, Deeds Office records across the marketplace reveal that a serviced penthouse apartment in The Tyrwhitt sold for R8.2 million in early 2023 and another at Park Central for R8 million in early 2024.
“In some circumstances, working professionals residing in the Western Cape or Eastern Cape require a ‘base’ in Johannesburg for partial use, and Rosebank is an excellent option in this regard. They will sometimes buy or rent an apartment.”
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