06 Feb 2013
This can be attributed to the fact that it is situated at the foot of Field’s Hill and has easy access to major transport routes for those travelling to Durban’s Central Business District.
Adrian Goslett, CEO of RE/MAX of Southern Africa says Pinetown offers first-time buyers affordable housing within reasonable proximity to the centre of Durban and the area has become particularly popular among younger buyers.
Figures from Lightstone show that almost half of the recent buyers are younger than 35 years old. Generation X buyers (36 to 49 years old) have been making their mark on the property market, as have the slightly older generation of buyers aged between 50 and 64 years old, representing 27.78 percent and 19.44 percent of the market respectively.
Goslett says the area caters for the younger buyers in that the properties consist of 89 percent sectional title units and 11 percent freestanding homes. He explains that many younger buyers buy sectional title units because of their lock-up-and-go characteristics, along with the fact that they are more affordable, easy and less costly to maintain.
It is interesting to note that while the younger generation is most active among the buyers, the largest percentage of recent sellers are aged 65 years old and older and account for 35 percent of the sellers, he says.
Sectional title units have repeatedly performed well and during 2012 they outsold freestanding homes by ten to one. A particularly good year for sales was 2004, with 284 sectional title units sold compared to 14 freestanding homes. Although demand for sectional title units has remained consistent, the average pricing has not seen any significant increases since 2006.
Goslett says over 72 percent of all property sold in Pinetown between January and December 2012, fell within the R400 000 to R800 000 price bracket, making it the most sought-after price range. Approximately 22 percent of the property sold during the same period was purchased for under R400 000, while only 5.5 percent of properties were sold for between R800 000 and R1.5 million.
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