Home prices rising in Bluff as stock shortage grows

The Bluff in KwaZulu-Natal has long been recognised as an area offering homebuyers good value for money - and there is now such a serious shortage of homes for sale here that even wealthy buyers with cash-in-hand are hard pressed to find something to suit their needs.
“The Bluff suburbs are known for their central and convenient location as well as their older, generously-proportioned homes on sizeable stands, spacious townhouses and apartments with splendid views,” says Wondera Erasmus, franchisee for Harcourts Brighton Beach, “and demand has increased so much in recent times that it now outstrips supply by a long way.
“There has been an influx of first-time buyers looking for one and two-bedroom flats and townhouses in the affordable price ranges - one-bedroom flats priced at R500 000 to R650 000, and two-bedroom townhouses priced between R650 000 and R950 000- in particular.
“But we are currently experiencing a major stock shortage of all property types in the R800 000 to R2,5m price range. And even buyers that can afford to pay more and buy in the higher price brackets are struggling to find suitable homes in the most sought-after suburbs.”
Rental demand is also very high and there is also a shortage of rental stock in all price brackets, she says.
An established area which forms the gateway to the South Coast of KZN, the Bluff encompasses the suburbs of Brighton Beach,Grosvenor,Ocean View,Wentworth,Fynnlands and Marlborough Park, and Harcourts Brighton Beach also operates in Treasure Beach,Merebank,Merewent,Jacobs and Clairwood.
Homeowners in all these areas have seen their properties experience good growth in recent years, Erasmus says, and can now sell them for a solid profit. “And we anticipate that Bluff prices will continue to appreciate as there is hardly any development land left. There are just a few properties which can be subdivided and sites where the existing buildings could be demolished to make way for clusters.”
However, many existing owners are reluctant to sell, she notes. “The Bluff’s proximity to the University of Natal, UNISA, the Jacobs industrial area and the harbour, as well as a medical centre and all major shops, make it a convenient location for people from all walks of life.
“And now the long overdue upgrade of the beaches would seem to be imminent, with the proposals for enhancing each beach along the coastal belt at an advanced stage of planning. Intended to provide recreational amenities to the community, the upgrades will further increase the value – and appeal – of properties close to these beaches.”

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