Property In Durban North

Author: Reshall

Author: Reshall

Old spacious homes with large gardens, swimming pools and garages are the norm in Durban North, the sought-after suburb that is ever popular with both the well-heeled and the upwardly mobile, particularly those with young children. Donovan and Angela Vernes bought their Durban North family home in 2004 for R1.2m. The Verness house has four bedrooms, two bathrooms and a double garage. The property also has a granny flat on its generous erven. Although the house needs a little work, Angela says the couple bought it because it was great value for money and its in Durban North. One of the main reasons we decided on property in Durban North is for close proximity to good junior schools. Theres Chelsea, Virginia, Glenashley and La Lucia plus a lot of really good preprimary schools, such as Christopher Robin and Headway. Durban North is also very convenient. Its close to the city and has excellent shopping and entertainment facilities. Think Pick n Pay Hypermarket, La Lucia Mall and Umhlangas Gateway Theatre of Shopping (said to be the largest shopping centre in Africa complete with a skate park, wave house and The Rock, which offers the worlds highest indoor climb). For those who like their adventure outdoors, the beach is just down the drag and so is Beachwood Mangroves Reserve and Umgeni River Bird Park. But I think whats very attractive about property in Durban is that people look after their homes. Residents really care. So you raise your children among people who subscribe to the same sort of lifestyle as you do, says Angela. This pride of place is evident all around. For the most part, properties are immaculately maintained as are the tree-lined streets. And so its no wonder that return on investment in Durban is so strong. Last year when the Verneses were contemplating a move to Australia, they received an offer of R2.5m for their home. The move wasnt to be, so theyre staying put for now. Angela says that crime is a concern, and crime levels in Durban are high. On the upside, though, the suburb has an active community policing forum and a large number of Sun Cell Watch subscribers who are committed to fighting crime in their neighbourhoods. Grant Gavin, co-owner of RE/MAX Panache in Durban, says that the demand for property in Durban is strong. The Broadway precinct has seen huge development over the past year and a half. The area has also been upgraded, with plenty of old houses converted into business premises for firms of attorneys and doctors practices etc. Grant says that value for money is the areas biggest selling point. There has been a move towards gated-estate living, for which you pay a premium. But for the same price you can get stand-alone home in Durban North, which has always been a very sought-after suburb. He says the average Durban home has three bedrooms, two bathrooms, a swimming pool and a garage on a nice-sized plot [1000sqm]. Such a property will set you back around R2.1m. Grant is spot on. According to municipal valuations, the average house in Durban is valued at R2 099 264m. According to Deeds Office data, 90 properties in Durban changed hands this year. Of those, 79 were freehold 96% of market stock in Durban North is freehold and 11 were in sectional title schemes. There are about 2300 properties in Durban North. Only 97 are in sectional title schemes. The average selling price of a freehold property over the past year was R1.9m and the average selling price of a sectional title property in 2009 was R1.2m. Grant says sectional title properties in Durban are in high demand, with two-bedroom properties going for about R1.4m. There were 11 sales in the greater-than-R3m price band in Durban this year the average selling price being R4.8m. Grant says the market in Durban is picking up nicely, though there is a shortage of stock in certain price bands, particularly above R2m. Having grown up in Durban and lived there for eight years, Grant knows the area intimately. He says good schools, quality of life and proximity to the city are all big draw cards for those electing to live in Durban. Mike Stanley, who owns Stanleys Property, is an independent estate agent who specializes in property in the Durban North area. He describes the suburb as wholesome and with much to offer. He says the only thing that its short of is frail care residential facilities Milldene Park Retirement Village being the only one of its kind. Mike says there is a lot of stock on the market in Durban North but a lot of it is overpriced by about 20%. The normal time for a well-priced house to sell is one month. Of course in a brisk market, it can take a week. But if its priced too high, it can take a year. It seems that you cant go wrong buying to let in Durban either. The rental market has done well, says Grant. In developments like Sedgefield Estate, a two-bedroom simplex will fetch a rental of R6500. Thats the minimum.About the Author:

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