Please note that you are using an outdated version of Internet Explorer which is not compatible with some elements of the site. We strongly urge you to update to a newer version for optimal browsing experience.

Young upwardly-mobile buyers are investing in Durbanville

31 May 2019

The vast majority of residents in this Cape Town northern suburb have not yet realised that a paradigm shift is underway in the ‘profile’ of Durbanville - a precinct which had long been regarded as an upmarket residential area for older and retired people is rapidly changing to become an ‘in-spot’ for younger, upwardly-mobile people.

This three-level family home in Sonstraal Heights, Durbanville, has four bedrooms and bathrooms, a cinema room, braai room, billiard room with built-in bar, braai lapa with a jacuzzi, pool and more. It is selling for R4.999 million - click here to view.

This is according to Rowan Alexander, Director of Alexander Swart Property, who adds that this trend will be boosted even further when the new independent university begins to take in students in 2022.

When comparing actual statistics from Lightstone property analysts to people’s perceptions, Alexander says it becomes clear that business leaders have not fully awoken to the growing prestige of the area and the transformation taking place on their doorsteps.

This three bedroom, two bathroom home in Pinehurst, Durbanville, has a fireplace, patio, low-maintenance garden and more. It is on the market for R2.149 million - click here to view.

He says the most revelatory statistic refers to the age of recent buyers. Lightstone reports that 41% have been under the age of 35 - a huge influx considering that among the longer-staying owners, only 9% are in this age group. Similarly, 23% of current owners are pensioners of 65 or older, but only 7% of recent buyers fell into that category.

“The perception of the general public is that Durbanville is inhabited by old people, but this is no longer the case,” says Alexander.

This home in The Crest, Durbanville, has three bedrooms, two bathrooms, double automated garage and mountain views. It is on the market for R1.999 million - click here to view.

Alexander adds that Lightstone calculate the average household income in Durbanville to be between R80 000 and R100 000 per month. As prices remain high, it can be assumed that the younger generation moving into the area are also in this income range.

This property in Eversdal Heights, Durbanville, has four bedrooms, two bathrooms, as well as a separate dwelling. The property is on the market for R3.395 million - click here to view.

He says the total value of Durbanville residential properties sold in the last 12 months stands at R3.8 billion. Freehold properties still comprise the largest number (9 722 or 39.09%), but freehold properties in estates are a very fast-growing section (8 831 or 35.51%).

Sectional title units in estates comprise 8.54% of the total, and other sectional title units 16.8%. 1 798 residential properties were sold in the last 12 months (some 12% of the total) indicating that the sales momentum in Durbanville remains high.

“This is an area in which people, especially the upwardly-mobile younger generation, feel confident,” says Alexander.

Print Print
Top Articles
‘Sluggish with pockets of excellence’ sums up the Western Cape Winelands property market, but while sales are down there are great opportunities at lower prices for savvy buyers.

With its appealing subtropical setting, Tzaneen in Limpopo has property options to suit every budget with prices ranging from R400k up to R35m.

The property market in Stellenbosch, Western Cape, continues to be 'healthy' with high demand for student accommodation and average growth of 8.4% in rental returns.

Loading

Your browser is out of date!

It looks like you are using an outdated version of Internet Explorer.

If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.

For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.


Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724