Young career-minded homebuyers feeling the vibe in Rosebank

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 a massive 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.

Return to offices

Says Dippenaar: “Certainly, the return-to-work trend is picking up, with many large corporates offering flexible hours or even three to four days a week in the office, however, there is a call to return to corporate headquarters on some level in most large organisations. 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.”

Dippenaar says for the younger set, Rosebank Mall and surrounds offer a plethora of eateries and menu options across various price ranges, as well as coffee shops, while the Gautrain Station is also a significant advantage for those commuting into Johannesburg’s inner city, or out towards Tshwane.

“The vast majority of residential sales fall into the R1m to R2m price category, which will acquire a loft, one-bedroom or two-bedroom apartment, although there are other, more upmarket apartments selling from R2m to around R3.5m and beyond. There are also luxury penthouse units in the newer-built apartment complexes, which sell for over R3m,” says 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 R8.2m in early 2023 and another at Park Central for R8m 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.”

Buy-to-let appeal

Dippenaar adds that two-bedroom, two-bathroom apartments have long been the sweet spot for buy-to-rent investment, although there is also an appetite for one-bedroom and three-bedroom apartments.

“Apartments with reasonable levies are always attractive to buy-to-let investors. Rosebank offers a host of suitable apartment complexes, with many of the newly developed apartment complexes also offering their own amenities such as gym, conference rooms and swimming pools over and above all of the amenities available in the immediate locale.

“Investors will consider apartments at entry-level pricing which attracts young professionals, or even students who are at the universities in Johannesburg, as well as higher priced units in complexes with more amenities or services, as those will attract corporate tenants.”