15 Jan 2013
Adrian Goslett, CEO of RE/MAX of Southern Africa says there are a number of reasons why buyers are interested in purchasing property in Durban North. He says many buyers invest in the area because it is central to both the Durban CBD and the Gateway and Umhlanga Ridge business parks.
“The majority of buyers consider the commute to work before making a purchasing decision, and, as a result, many tend to live fairly close to their office.”
He says there has been a large migration to the Durban North region as the business areas nearby have expanded. Durban North, he says, is also well placed in terms of access to the King Shaka International Airport and other major transport routes.
Goslett explains that many family buyers are attracted to the area because the schools in the region offer a high standard of education from junior to senior level.
He notes that one and two bedroom entry level apartments will cost in the region of R750 000, while mid-level three bedroom homes are selling on average for around the R2 million price bracket. These homes would predominately offer large stands ranging from 1 000 square metres to 1 300 square metres.
Upmarket Durban North homes range from approximately R4.5 million and go all the way up to the R15 million mark. Most are modern with good security, great entertainment areas and in some cases, fantastic ocean and city views.
Along with the greater Durban area, the region forms part of the eThekwini Metropolitan Municipality, which was created in 2000.
According to Lightstone, a property statistics provider, the property market stock in the area consists of 95.15 percent of freestanding homes and 4.85 sectional title units.
Goslett notes that buyers from the younger age groups are particularly interested in older properties in the area, where money needs to be spent on renovations.
These buyers realise that property in Durban North is valuable and any investment will be paid back with solid long-term appreciation. Many of the entry-level buyers are in the 30 to 35 age group with most purchasing their first homes.
This is supported by Lightstone data, which shows that 73.72 percent of recent buyers in the area are between the ages of 18 and 49 years old.
The largest percentage of recent sellers, 32.8 percent, falls within the 36 to 49 year old category, many of whom have sold and re-invested in the area.
According to Goslett, the property market in Durban North is poised quite interestingly, as while most regions have experienced a strong buyer's market this region is slowly moving into a period where well priced properties are beginning to attract competing offers in certain price ranges.
He notes that for the first time since the recession hit, agents in the area are experiencing multiple offer scenarios on property transactions.
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