RE/MAX Suburb Trend Report – Durban North

Area history

Durban North, which located close to the business hubs of Umhlanga Rocks and the Durban CBD, is located on the eastern side of the KwaZulu-Natal coastline on the north side of the Umgeni River is the coastal area of Durban North. Along with the greater Durban area, the region forms part of the eThekwini Metropolitan Municipality which was created in 2000.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa says that there are a number of reasons why buyers are interested in purchasing property in Durban North. He notes that many buyers invest in the area because it is central to both the Durban CBD and the Gateway and Umhlanga Ridge business parks.  “The majority of buyers consider the commute to work before making a purchasing decision, and, as a result, many people tend to live fairly close to their office.  There has been a large migration to the Durban North region as the business areas nearby have expanded.  Durban North is also well placed in terms of access to the King Shaka International Airport and other major transport routes. Many family buyers are attracted to the area because the schools in the region offer an extremely high standard of education from junior to senior level,” says Goslett.

He notes that a one and two-bedroom entry level apartments in Durban North will cost in the region of R750 000, while mid level three- bedroom homes in Durban North are selling on average around the R2 million price bracket.  These homes would predominately offer large stands ranging from 1000m2 to 1300m2. Up-market Durban North homes range from approximately R4,5 million and go all the way up to the R15 million mark.  Most are modern with good security, great entertainment areas and in some cases, fantastic oceanic and city views. According to Lightstone, a property statistics provider, the property market stock in the area consists of 95.15% of freestanding homes and 4.85% sectional title units.

Goslett notes that buyers from the younger age groups are particularly interested in older properties in Durban North, where money needs to be spent on renovations. These buyers realise that property in Durban North is valuable and any investment will be paid back with solid long term appreciation. Many of the entry-level buyers are in the 30 to 35 age group with most purchasing their first homes. This is supported by Lightstone data, which shows that 73.72% of recent buyers in the area are between the ages of 18 and 49 years old.  The largest percentage of recent sellers, 32.8%, falls within the 36 to 49 years old category, many of whom have sold and re-invested in the area.

Property price trends

Demand for property

According to Goslett the property market in Durban North is poised quite interestingly, while most regions have experienced a strong buyers market this region is slowly moving into a period where well priced properties are beginning to attract competing offers in certain price ranges. He notes that for the first time since the recession hit, agents in the area are experiencing multiple offer scenarios on property transactions.

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