There is ongoing demand for property on the KwaZulu-Natal coastline north of Durban, says Carol Reynolds, Pam Golding Properties area principal for Durban Coastal.<\/p>\n
\u201cDespite the lockdown, the residential property market in this perennially sought-after region has shown resilience, and we are continuing to experience activity across all price bands.<\/p>\n
“Most notably, family homes priced under R5 million are selling quickly while developments are attracting a significant amount of investor interest.”<\/p>\n
The real estate firm has reported an influx of Johannesburg buyers shopping for homes in the area, while local property developments, in particular, have attracted investment interest from out-of-towners.<\/p>\n
\u201cAlthough sectional title and estate homes \u2013 including sectional title units within estates \u2013 have proven more popular in recent years, freestanding homes continue to sell, especially those in low-supply areas such as on the beachfront, particularly frontline apartments, for which there is a high demand as long as realistically priced,” said Gareth Bailey, who is also an area principal for Pam Golding Properties Durban Coastal<\/p>\n
While the market has been favourable, buyers and sellers are more informed than ever before and most have a good understanding of what constitutes a reasonable and acceptable market-related price.<\/p>\n
Bailey said that the uMhlanga Urban Improvement Precinct has helped keep uMhlanga town and beaches clean and safe, which has had a cumulative, positive effect over time, encouraging more restaurants to open in the area, while the new Oceans development will also include a shopping centre component.<\/p>\n
Reynolds said in Durban North\u2019s residential property market there\u2019s a clear trend towards lifestyle as a priority, and as a consequence, many buyers look for spacious homes with gardens and outbuildings that can be converted into offices, or for additional accommodation for extended family members.<\/p>\n
\u201cThis suburb epitomises convenience for home buyers. In central Durban North, homes sell quickly if correctly priced, with the ever-popular three or four-bedroom family home with outbuildings and level gardens performing well in the price band between R3 million and R5 million.<\/p>\n
“This central area is very popular because of its proximity to schools, the beach and the burgeoning business hub in La Lucia\/uMhlanga, and also benefits from the Broadway precinct, a self-sufficient business node in itself, making Durban North the ideal place to live, work and play.”<\/p>\n
Work from home<\/strong><\/p>\n Given the work-from-home norm that has arisen, renovations and upgrades are becoming a trend, with many homeowners using their outbuildings not only for additional space for themselves or for multi-generational living, but to generate a passive rental income, said Bailey.<\/p>\n \u201cApart from Johannesburg buyers seeking a better lifestyle, we enjoy a mix of local mainly family buyers either upgrading or downsizing in the area, as well as those relocating from other suburbs, such as the Berea.<\/p>\n “A major drawcard is the exceptional schools in the area, namely Danville, Fatima, Chelsea, Virginia, Northlands and Northwood.”<\/p>\n Perhaps surprisingly, the upper end of the market here has been more active than it was prior to lockdown, however, buyers are discerning regarding price, he said.<\/p>\n “Mansions in upper Durban North carry a great deal of prestige and are extremely spacious and beautifully maintained, attracting interest in the R8 million to R10 million mark. However, buyers have a good selection to choose from in this price bracket so residences need to be correctly priced in order to sell.\u201d<\/p>\n Reynolds said that prices of homes range from R1.5 million for two-bedrooms, to R2.5 million for larger apartments, while small homes in areas such as Glen Anil, Glen Hills and Park Hill sell between R1.5 million and R2.5 million.<\/p>\n Medium-sized, three or four-bedroom family homes in central Durban North range from R3 million to R5 million, and larger four to six-bedroom homes in the upper areas of Durban North fetch from R5 million to R10 million.<\/p>\n
\n