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Good prices pull young buyers to Pinetown

A great location and affordable family homes are attracting an increasing number of young buyers to Pinetown, west of Durban, and the area is being rejuvenated as a result. “In the past, Pinetown was regarded by many as mostly industrial but it is becoming an increasingly popular residential node, and not only for those working in local businesses,” says Tomi Svorinic, co-owner of the local Sotheby’s International Realty franchise. “Many young families and newly-qualified professionals are moving here because it is much more affordable than the neighbouring areas of Westville and Kloof while offering the same respite from the heat and humidity of Durban. At the same time, it is not too far from the city, where many residents work, and has many good schools.” These include the Pinetown and John Wesley primary schools, St Benedict’s and highly-rated Pinetown Boys and Pinetown Girls high schools. There are also several local shopping centres and the giant Pavilion Mall is just 10km away.

All medical and other professional services are also available locally.   The average house price in Pinetown, Svorinic says, is around R800 000, for which a buyer can expect to get a home with at least three bedrooms, two bathrooms and one or two garages, on a large stand. For first-time buyers, there is also a wide selection of one and two-bedroom apartments to choose from at prices from around R450 000 to R550 000, while three-bedroom flats and townhouses in secure complexes generally range from about R550 000 to R700 000, although luxury units can sell for well over R1m.  “What is more, the houses and apartment blocks in Pinetown are generally in good condition, and if homes are well-priced, the banks usually have no problem at all in finding sufficient value to secure the home loans that buyers need.” Indeed, he says, there has been a steady increase in the number of buyers who have been able to secure 100% bonds this year – and a decrease in the number of home loans being declined due to homebuyers having blemished credit records.  Currently, home sellers in Pinetown are mostly growing families looking to upgrade to bigger properties, or retirees seeking to downscale who are not under severe pressure to sell quickly. Nevertheless, notes Svorinic, the average listing time for homes that are “priced right” is only around 12 weeks – well short of the current national average.

 ISSUED BYSOTHEBY’S INTERNATIONAL REALTY


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