Stock will dwindle in Dbn Queensburgh - Market News, News
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28 Apr 2010

Stock Will Dwindle in Dbn Queensburgh

Durban’s Queensburgh will in all likelihood have a stock shortage in 2010 as demand increases from a wide variety of buyers.

So says Roslind King, Re/Max agent for the area, who adds that gradual price rises will also be on the cards. “Houses and simplexes between R800k and R1m are selling very well at the moment and will pick up even further as the year progresses.”

Jan Vermeulen, owner of Seeff Queensburgh, says his agency showed a growth of 149% in gross sales for 2009 versus 2008, with total gross sales for 2009 in excess of R40m. “2009 saw a lot of properties in the middle to lower price brackets (between R180k and R650k) being sold.”

He says the area offers very affordable property, ranging from three-bedroom flats at R275k, three-bedroom simplexes from R600k, and three-bedroom houses from R650k.

King and Vermeulen agree that the buyer profile is very diverse. “We’re seeing a lot of Chatsworth residents scaling up to Queensburgh. At the same time, first-time buyers with young families and older couples are also buying various kinds of properties. But investors are currently few and far between in the area.”

Vermeulen says in his opinion 2009 was a mix of investors, young couples getting married and buying their first home together, and clients in their mid 30s who were just entering the property market or selling and moving to a larger family home.

“I think the public in general knew that 2009 was the turning point in the market, and it was the time to buy if looking for a quick bargain or a property below R650k. With banks slowly letting down their ‘guard’ and starting to offer 95 - 100% bonds, this really made a difference to buyers, especially since not everyone has large cash deposits to put down.”

King says the highest sale they’ve had is a house priced at R1,65m. “Obtaining finance is still a big problem for many prospective buyers. Most of them also can’t raise the required deposits and this is impeding large-scale growth in sales.”

What does Vermeulen think is on the cards for 2010? “I believe 2010 is going to see prices increase – not dramatically, but we will see more properties on the market in the R750k to R1m price range, which in turn will bring a different type of buyer to the forefront.

“In line with the upward trend and the increase in sales that we have seen since mid-2009, December 2009 was a busy month for us, and January 2010 was even busier. January 2010 saw us conclude 11 sales, with more sales awaiting bond approval. 2010 has really started well for us - and we certainly anticipate an increase in sales during the year.” – Eugene Brink

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