22 Aug 2012
This is according to Siva Govender, Broker/Owner of RE/MAX Executives, whosays that because the area is situated inland from the CBD, it has attracted many tenants who work in the Durban area, but want to escape the humidity of living in the coastal city.
She says the proximity to amenities such as the Pavilion Shopping Centre and the King Shaka International Airport, as well as the Durban city centre and Pinetown, have also attributed to the area’s allure among tenants and property buyers alike.
According to Govender, it is due to the growing demand for property in the region that the area has seen a lot of development over the past few years and now includes as many as 10 suburbs.
Another contribution to the area's growth is the fact that it is situated between the southern industrial hubs of Prospecton, Jacobs and Mobeni, as well as Pinetown’s industrial areas of Westmead and New Germany.
The rapid expansion of the region, coupled with its accessibility to employment hubs within the surrounding areas has made it a popular place in which to live.
“The growth in the area has meant that there is a wider range of rentable property and we are able to cater for tenants with a variety of different criteria,” says Govender.
RE/MAX Executives have both affordable flats and sectional title units for tenants who are just starting out, as well as more substantial homes for families. “In fact, currently the majority of lease agreements that our office handles are for families looking for freestanding homes.” Rental prices in the area start at around R3 000 per month for sectional units and go up to approximately R8 000 per month for freestanding homes depending on what is offered.
Among the properties available, RE/MAX Executives has athree-bedroom freestanding house that was built three years ago. The property has two bathrooms and a fully-fitted kitchen. It is fully fenced with a double garage and the rental price is R6 500 per month, excluding water and lights. It has been completely repainted and is ready for immediate occupation, says Govender.
She also says that due to the influx of tenants and rental demand, there are plenty of buy-to-let investment opportunities in the area’s rental market. With the interest rates at their low levels and property pricing coming down, there is no better time for investors to grow their portfolio if they have access to finance.
The rental market has continued to grow throughout South Africa. “Many consumers who are unable to qualify for bond finance have little choice but to enter the rental market and investors with buy-to-let portfolios have been able to capitalise on these market conditions, says Adrian Goslett, CEO of RE/MAX of Southern Africa.
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