RE/MAX Suburb Trend Report – Glenwood

Area history

One of Durban’s oldest suburbs, Glenwood, can be found on the lower Berea in KwaZulu-Natal.  The suburb extends from the Howard College Campus of the University of KwaZulu-Natal to Umbilo Road and features colonial-style homes on tree-lined streets. Although Glenwood is situated close to the Durban city centre, the area has managed to maintain its own individual style and feel. Many of the residents in the area tend to be academics, artists, designers and other creative people that enjoy the distinctly trendy, neighbourly vibe that can be compared with Melville in Johannesburg. Many of the old Victorian style homes have been converted into boutiques and restaurants, particularly those located along Davenport Road, which has greatly added to the appeal of the area. The suburb also has a variety of antique shops and cafes, along with the KwaZulu-Natal Society of Arts, a gallery committed to the promotion of contemporary visual arts.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that because of its location, the area has also remained popular with businessmen who work in the Durban central business district. Residents are able to enjoy a serene hideaway from the hustle and bustle of the city activity, while still having easy access to their workplace.  He notes that suburban revival has also had a positive impact on the demand for property in the area.

Area property information

Goslett says that the trendy vibe of Glenwood has attracted a significant number of younger buyers to the area and approximately 30% of recent buyers have been aged between 18 and 35 years old. However, while the younger buyers have made a remarkable impact on the property market in the area, the largest percentage of recent buyers has been from the 36 to 49 age group, which falls in line with buyer age trends seen across the country.

Figures from Lightstone, a property information and statistics provider, reveal that property in the area consists of 83.70% freestanding homes and 16.30% sectional title units. Approximately 39.49% of the property is owned by residents in the 36 to 49 age group, followed by those aged between 50 and 64 years old, who account for 34.25% of the existing homeowners. Around 35% of recent sellers were aged between 36 and 49 years old, with 29.41% of recent sellers older than 65 years old.

The average price of a freestanding home in Glenwood during 2012 was R1,256 million, while the average price of a sectional title unit was R410 000. These prices are around the same figures seen at the height of the boom period, which points to the fact that ideally placed property retains its value.

Property price trends

Demand for property

According to Goslett, the greatest demand for homes within Glenwood fall in the R800 000 to R1,5 million category. Approximately 44% of all property sold in the area from January 2012 to December 2012 consisted of homes within this price bracket.  While demand for homes in the R400 000 to R800 000 range and the R1, 5 million to R3 million is fairly equally divided, no homes were sold for more than R3 million last year. During 2012, 61 freestanding homes were sold, compared to eight sectional title units sold within the same period.

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