select
|

RICHARDS BAY CBD BUZZING WITH BUY-TO-LET INVESTORS

The Richards Bay CBD is abuzz with buy-to-let property investors who are snapping up two bedroom apartments in the R450 000 price range, says Phil Hammill, area principal for Pam Golding Properties.
 
"With a monthly rental income of R3800, these apartments provide a very sound investment," says Hammill. "Since the start of 2010 we've seen a return of investor purchasers to the residential marketplace, which bodes well for the rest of the year. A new development, "979 on Pearls", comprising 44 two bedroom apartments, is about to be launched in the CBD, with units selling for R495 000 – also ideal for the investment buyer," he says.
 
Arboretum, an older area of Richards Bay, is also experiencing increased activity with homes priced right, and around the R800 000 mark, selling easily. For this price you'd be able to acquire a three bedroom house with a single garage and large garden.  In Meerensee, a suburb located closer to the beach, there's a great deal of interest with most buyers looking for neat, well-priced houses under R1 million, as well as up to around R1.3 million. Says Hammill: "Only tip-top properties are selling, so now's a good time to renovate bathrooms and kitchens before selling, and paint the house in neutral colours."
 
Mtunzini attracting home buyers
 
With the new King Shaka International Airport just 50 minutes' drive from Mtunzini - which is 42km from the industrial hub and port of Richards Bay and 35km from Empangeni, this village is also attracting interest among home buyers. These include Johannesburg business people looking to purchase a R2-3 million family holiday home with sea views and sound investment potential.
 
"Mtunzini is essentially a lifestyle village which draws a high number of Gauteng buyers as well as business executives transferred to Richards Bay and Empangeni – who choose to live in Mtunzini and commute to work each day via the N2. Once the John Ross highway is completed, the travel time will be greatly reduced," says Hammill.
 
"There is a huge demand for rental homes in Mtunzini, where rental prices are still lower when compared to both Richards Bay and Durban. A three to four bedroom house with a sea view is in the region of R7000-R7500 a month while one without a sea view is approximately R5500-R6000. Three bedroom flats are priced from R3000-R4000 including lights and water. We find that rentals are popular as potential buyers want to experience the village first, and are also waiting for better priced homes in a better location," he says.
 
At the 175ha Zini River Estate, situated on the uMlalazi River adjacent to a nature reserve, and with half the available land in the development dedicated to conservation, construction of homes is under way. This project comprises three phases, with 272 freehold stands ranging in size from 1400-8000sqm. There are some well positioned plots available for resale in the estate, priced from R680 000 to R880 000 for a 1500 square metre stand on an elevated site to R1.14 million for a double stand of approximately 4000sqm. This estate has an electronically monitored perimeter fence, guarded entrance and regular security patrols.
 
Iliza Bay, which is a 11ha development within the estate, has proven extremely popular with all 60 three and four bedroom cottages sold, priced for R1.3 million and R1.65 million respectively. With a clubhouse and swimming pool for use by tenants, Iliza Bay is sought after among a broad cross-section of buyers from young married couples to retirees.
 
Issued by Gaye de Villiers


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK