South Coast market on the upswing as buyers return

One of the last areas to recover from the 2008/ 09 property price crash, the KwaZulu-Natal South Coast is finally picking up some momentum as a steady stream of investors, retirees and even holiday-home buyers re-enter the market.

This immaculate Mediterranean-style home in Uvongo is for sale through Harcourts Hibiscus for R1,9m. It has three bedrooms, three bathrooms, spacious living rooms, a large undercover patio, a pool and a well-established tropical garden.

That’s the word from Joe Foxcroft, owner of the Harcourts Hibiscus franchise that covers the area from Hibberdene down to Port Edward, including the seaside resort town of Margate.

He says that over the past three years the market has improved substantially and that this is clearly evident now from the increase in the number of property registrations and the fact that repossessions have fallen off sharply.

“Developers are also returning to the area and experts are predicting a full recovery by 2017, with price increases to match. As it is currently, though, there is still plenty of choice for buyers, and they are shopping around for the best prices.

“A well-proportioned three-bedroom family home can still be acquired here for less than R1m, but while buyers used to look at about four or five homes before making a choice, they will now view around 20.”

Foxcroft says about 40% of buyers currently are “locals” from Durban or elsewhere in KZN who are looking for a weekend getaway spot or an investment unit to rent out. “The rental market is very active and rentals for one-bedroom units now start at around R3500 a month while those for luxury units can go up to R15 000 a month.

“In high season, short-term rentals of sectional title apartments range from around R650 to R1000 a day, and suitable apartments close to the beach can be purchased for between R900 000 and R3,5m.”

He says well-priced houses and apartments for retirees and holiday-home buyers are available in all the towns along this stretch of coast, including Hibberdene, Margate, Manaba, Shelly Beach and Uvongo, while Southbroom also offers more upmarket homes at prices ranging from just under R2m up to R14m.

“For buyers who are brave enough to get their feet wet, these properties come with panoramic views and are set in idyllic locations, replete with pristine beaches and a range of top golf courses, water parks, diving and fishing spots, hotels and guest houses all just a short drive away.”

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