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House price growth in Durban's Kloof

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03 Jan 2013

Located 25 kilometres from the Durban city centre is the tranquil, leafy suburb of Kloof, which is often described as one of the most attractive residential areas in the hilly terrain above the city.

This Hillcrest home has three bedrooms and two bathrooms. The living area opens onto a covered patio and it also has a self contained guest suite. It is on the market for R3.1 million - click here to view.

The area got its name because of a deep ravine which is formed by the Molweni stream of high cliffs and it borders Winston Park, Gillitts, Forest Hills and Hillcrest, all collectively known as the Upper Highway Area.

Kloof is known as a mist-belt with winding roads and tree-surrounded mansions with amenities such as up-market shopping malls and the Kloof Country Club, which is regarded as one of the best in the KwaZulu-Natal region.

According to Adrian Goslett, CEO of RE/MAX of Southern Africa, property pricing in Kloof has seen remarkable growth since 2003, although many would argue the properties are still largely undervalued.

In 2004 the average price of a freehold home was R975 000, while in 2012 the average price of a freestanding home was close to R1.729 million.

This four bedroom, two bathroom house with two lounge areas is on the market for R2.350 million - click here to view.

Although a predominately mature suburb consisting of large homes, sectional title unit developments can be found. According to Lightstone, the property market stock consists of 74.56 percent freestanding homes and 25.24 percent sectional title units.

During 2012, 130 freestanding homes and 71 sectional title units were sold. Almost half of the recent buyers (45.64 percent) were between 36 to 49 years old, while the recent sellers were evenly spread among three different ages groups namely 36 to 49 years old (30.77 percent), 50 to 64 years old (33.48 percent) and 65 years or older (30.77 percent). More than 36 percent of the homeowners in the area have lived in their homes for 11 years or more.

Goslett says due to the fact that Kloof is perched 550 metres above sea level, the area offers a retreat from the humid city of Durban.

He says coupled with the area’s aesthetic value, this has lead to a strong demand for property and many residents choosing to live in Kloof and commute to their workplace in the city.

He adds that about 43 percent of property sold between December 2011 and November 2012 was priced from R1.5 million to R3 million, which is reasonably higher than the regional average of R800 000.

Although rarely on the market, there have been larger homes sold during the same period that were priced over the R3 million.

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