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Toti residential market picks up

17 Jun 2008
The residential property market in Amanzimtoti, just south of Durban, is showing definite signs of picking up.

"After being fairly quiet for some months we're finding that activity is definitely increasing. We believe that buyers are becoming accustomed to the more stringent demands of the National Credit Act (NCA) and adjusting - albeit with reluctance - to the recent higher interest rates," says Terry Cousins, area principal for Pam Golding Properties (PGP).

"Buyers are generally viewing numerous properties and being particular regarding their selection. Most of them are seeking permanent residences, mainly at the lower end of the market under R1m."

While PGP markets a broad range of properties priced up to around R5m, currently there are good opportunities to be had in the R2m plus price range.

"Such buyers are either seeking to upgrade while remaining in the area. In addition, Amanzimtoti or 'Toti as it's commonly referred to by locals, is somewhat of a dormitory town for the nearby flourishing industrial area of Prospecton. As a result we see numerous people moving here on transfer from other areas - those employed at major operations such as Toyota, SAB Miller etc - seeking houses and apartments," Cousins says.

Being a coastal town, Amanzimtoti experiences a strong demand for homes with sea views, and in this regard PGP has received an offer of R4,8m for a large, upmarket house in the sought after area of Amanzimtoti Berea - a prime, elevated location.

Cousins says positive factors impacting on the Amanzimtoti area includes a huge Value Centre which is to be constructed on the site of the old Umbogintwini golf course and alongside that the Galleria Shopping Centre which will be almost the size of the Pavilion Shopping Centre in Westville, Durban. These developments will stretch along the inside of the freeway from Oppenheim Road through to Moss Kolnick Road.

In addition, the Southgate industrial area is now fully tenanted, boosted by the fact that Toyota's suppliers tend to be located within a 30km radius of the factory.

"We also see the relocation of the airport as favourable to us, with land becoming available either for a port or industrial area which will in turn translate into increased job opportunities, greater demand for housing and generally a boost for our local economy," he says.

Cousins remains upbeat regarding new residential developments in the area.

At Milkwood Gardens on the Amanzimtoti Berea, 22 luxury units comprising three bedrooms, three bathrooms and double garage priced from R1,4m are currently on the market. This secure complex is well located with easy access to both English and Afrikaans primary and high schools, as well as the CBD and N2 freeway. The units are a minimum of 215sq m in size and the complex is walled with electronic gate access.

At another development, Milkwood Coastal Eco-estate set in the seaside resort of Illovo Beach, just south of Amanzimtoti, 98 upmarket one, two and three bedroom units priced from R570k are being marketed - with 20 units already sold. The units are tiled throughout and the estate is walled with electronic gate access.

This development is set on prime land, with numerous existing indigenous trees and the developers' intention is to remove all alien species and replant trees and bushes indigenous to the area. At Antigua Estate in Amanzimtoti, PGP are marketing 68 two and three bedroom apartments and simplexes priced from R490k. Each unit offers spacious bedrooms, bathroom, parking for two cars and a private patio or balcony. The estate will have 24-hour security, electric fencing and access controlled entrance, while the gardens will be landscaped indigenous.

Cousins says due to the increased demand rental rates have increased.

"We do, however have rental stock across a broad price range, starting from R3k to R3,200 for a one bedroom flat, R3,300 to R4k for a two bedroom flat and between R4,500 and R6k for a three bedroom flat. Townhouses and simplexes are priced from R4k to R5k for two bedrooms and from R5k to R8k for three bedrooms.

"For a house rentals range from R4,500 to R5,300 for a three bedroom, one bathroom home with carport and from R5k to R8,500 for a three bedroom, two bathroom home with pool and double lock-up garage, to between R6,500 and R11k for a four bedroom, two bathroom home with double lock-up garage, pool and other appealing features."

Image 1: Artist's impression of the homes at Milkwood Gardens located in the Amanzimtoti Berea area.

Image 2: Artist's impression of the homes at Milkwood Coastal Eco-estate in tranquil Illovo Beach.

For more information contact 031 903 5690 or send an email.

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