Johannesburg’s property market is showing signs of revival, after a barren six years in which it reported muted sales growth. Having lost a lot of clout to the Cape Town market, it reported a noticeable increase in sales in 2024.
According to trade information company Lightstone’s data, sales volumes of just under 35,000 in 2024, were an improvement compared with the six-year low of just under 32,000 in 2023.
The average price of property transactions in Johannesburg has remained relatively static over the past six years, rising slightly from just under R1.3m in 2019 to just more than R1.3m in 2024, with a peak of more than R1.4m in 2023.
Meanwhile, the total value of sales has fluctuated during this period but has stabilised at about R47bn in both 2023 and 2024, said Lightstone.
The rise in sales volume matches what is seen in the Stats SA residential property index. In August, Johannesburg’s house price inflation showed a 0.7% increase, marking its first growth since early 2023. Meanwhile, Tshwane had an even bigger boost, with prices rising 1%.
“Lightstone analysed purchases processed between R30,000 and R50m in Johannesburg for the period 2019-24. While Johannesburg’s residential property market has faced challenges in recent years, we have seen a promising uptick in sales volumes in 2024,” Lightstone said.
Hayley Ivins-Downes, managing executive for the real estate cluster at Lightstone, said the increase in activity compared to 2023, even if modest, signals that there may be more optimism in the market ahead, despite the overall decline since 2019.
“Though the average property price in Johannesburg has remained relatively consistent over the past six years, we did notice a slight decline in 2024. This fluctuation, combined with stable sales values, highlights the market’s ability to adapt to shifting economic conditions,” said Ivins-Downes.
Some of the quickest-selling areas in Johannesburg include Discovery in Roodepoort, where properties are snapped up in just 52 days on average. Right behind it is Amorosa, also in Roodepoort, at 54 days, and Bassonia in the southern suburbs, with homes selling in 57 days, Lightstone said.
Bryanston in Sandton topped the list for the most properties sold, with 157 homes changing hands, averaging 108 days on the market. Parkhurst came in second, with 84 properties sold in an average of 70 days, while Douglasdale followed closely in third, with 79 properties sold, averaging 77 days to sell.
High-value areas
“Houses in super luxury areas were consistently on the market for the longest time in each of the six years, while mid-value areas spent the shortest amount of time on the market in 2019 and 2021, affordable in 2020, 2023 and 2024, and high-value areas in 2022,” Lightstone said.
Lightstone recorded that properties listed at R5m or more took longer to sell each year, though the difference was marginal in 2024. In terms of quicker sales, properties priced between R500,000 and R1m had the shortest time on the market in 2019.
The price range with the fastest turnover shifted each year, from under R500,000 in 2020 to R1m to R1.5m in 2021, a mix of R1m to R1.5m and R1.5m to R2m in 2022, R1m to R1.5m in 2023, and R1.5m to R2m in 2024.
“The extended time properties have spent on the market since 2019 is indicative of broader trends in buyer and seller behaviour. In 2024, we saw particularly strong activity in affordable and mid-value areas, underscoring how different price segments are performing in today’s market,” said Ivins-Downes.
In March, Standard Bank Home services highlighted signs of revitalisation in SA’s affordable housing market, noting a steady demand for properties priced at R350,000-R700,000.
The bank reported a double-digit increase in activity within the affordable housing market over the past four years, driven by continued urbanisation and the growing demand for accessible housing in metropolitan areas.
“This segment continues to show resilience, particularly in Gauteng and the Western Cape, where demand remains strong despite economic pressures,” Standard Bank Home Services head Toni Anderson said.
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