Durban North’s rock solid property market instils confidence in home buyers
Homes under R4 million sell in days
With average selling prices of freehold residential property and sectional title homes increasing in value by 56 percent and 34.5 percent respectively from 2010 to 2015 (Lightstone statistics), Durban North’s property market strikes a chord with home buyers and instils investor confidence, particularly in the higher income group.
This is according to Carol Reynolds, Pam Golding Properties area principal for Durban North, who says this conveniently positioned area consistently continues to hold its own as a high demand area, largely due to its prime central location, highly reputable schools and stately homes – both ultra-modern as well as grand mansions.
“With the vibey Broadway precinct having been redeveloped as a commercial hub, Durban North has evolved into a standalone live, work, play node. New restaurants are cropping up in the area and there is a notable hive of activity, making the suburb ideal for convenient living.”
“This area attracts families looking for well-proportioned homes on level, established gardens, who are prepared to pay for quality and location. Many of the homes were built over 50 years ago and have been refurbished with careful attention to maintaining the original character and façade of a bygone era.”
Reynolds says currently an average family home costs approximately R3.275 million, with sectional title homes averaging at R2.3 million. “Homes under R4 million literally sell within a few days of listing. In Upper Durban North homes fetch prices from R4 million to R15 million. With a limited amount of space, opportunities for new development are infrequent, although at present we do have a potential development with four stands on it, which will require marketing to end-users due to the high price of land in Durban North.
“However, Durban North still offers good value for such a prime location. For example, residential property in uMhlanga is now selling for between R20 000 and R35 000 per square metre for brand new builds, and around R15 000 – R20 000 in Durban North should such rare opportunities arise. Existing homes are priced at around R8 000 to R10 000 per square metre in Durban North and approximately R10 000 to R15 000 per square metre in uMhlanga.
“At the top end of the market Upper Durban North fetches prices from R4 million to R15 million and here our agents Stella Simes and Bryan Tuck are marketing a stately home steeped in history – a rare find in any cycle of the market. Built in 1916 and therefore 100 years old, this superbly constructed residence is, as legend goes, one of the original farmhouses in the area. It is priced at R8.95 million.”
The distinctive red bricks used to construct the house were supposedly fired in Scotland and used as ballast on a ship travelling to Durban. Originally built by the Campbell family but now modernised and beautifully presented, the home proudly sits in a mature half-acre garden in a 24/7 guarded cul de sac on the crest of a hill in Upper Durban North, commanding spectacular sea and city views.
High ceilings, lovely wood floors and natural light characterise this inviting home, with ground floor comprising a study, several reception rooms and a fitted pub. The expansive covered view patio, leading from a modern farm style kitchen, overlooks a very appealing pool and entertainment area. The first floor accommodates four comfortable bedrooms, three bathrooms (main en suite) and a pyjama lounge or fifth bedroom. With their own entrance, the garden includes a second two-bedroom, two-bathroom house, a one-bedroom garden cottage and one bedroom, one bathroom staff accommodation. Other features of the property are a koi pond, double auto garage, staff quarters and laundry/ironing room.
Adds Reynolds: “This exceptional property in a highly desirable area is well suited to a connoisseur with an appreciation for class, elegance and historical value.”
For further information contact Stella Simes or Bryan Tuck of Pam Golding Properties Durban North on 031 5736000 or 084 556 5842 or 083 252 3536 respectively.