select
|

Glenwood, Berea - a gem in Durban

Area history

Situated on the lower Berea of KwaZulu-Natal is Glenwood. Regarded as one of Durban’s oldest, 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 individual style and feel. Many of the residents in the area tend to be academics, artists, designers and other creative people who enjoy the distinctly trendy, neighbourly vibe. 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.

Due to its location and proximity to the Durban CBD, the area has also remained popular with businessmen who work in the financial hub of the city. Residents are able to enjoy a hideaway from the hustle and bustle of the city activity, while still having easy access to their workplace.  Suburban revival has also had a positive impact on the demand for property in the area.

Area property information

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that the trendy vibe of Glenwood continues to attract a significant number of younger buyers to the area with around 34.78% of recent buyers between the ages of 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 is still those between 36 and 49 years old (41.3%), which falls in line with buyer age trends seen across the country.

According to Lightstone data, property in the area consists of 83.71% freehold homes and 16.29% sectional title units. Approximately 40.02% 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 34.56% of the existing homeowners. Around 38.78% of recent sellers were aged between 36 and 49 years old, with 25.51% of recent sellers older than 65 years old.

Goslett says that home prices saw exponential growth between 2004 and 2007, with the average freehold home price doubling during that period. He notes that from 2008 to 2011 prices remained fairly flat, but stable. During 2012, the market saw some upward movement and prices started to gain some momentum. Last year the average freehold home price overtook boom price levels and hit a record high of R1.325 million.

According to Goslett, between 2004 and 2007, sales volumes were relatively high; however, in 2008 the suburb experienced its lowest sales volumes to date. Sales picked up in 2009 and have continued to show growth. Last year the number of sales transactions in the area was almost as high as the level seen during the height of the property boom in 2007.

Property price trends





Demand for property

Goslett says that the greatest demand for homes within Glenwood fall in the R800 000 to R1.5 million category. Approximately 47.7% of all property sold in the area from February 2013 to January 2014 consisted of homes within this price bracket.  Around 6.8% of property sold during this period fell below the R400 000 mark, while those priced between R400 000 to R800 000 accounted for approximately 15.9% of the market. Homes priced between R1.5 million and R3 million accounted for 29.5% of homes sold during this period, while no homes were sold for more than R3 million last year.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Apr 2018
      Whenever changes in the political ecosystem of a traditional property market create uncertainty, smart investors begin to look elsewhere for new opportunities. Property experts at IP Global have analysed the trends and crunched the numbers to find new markets to explore in Europe and the United States.
    • 20 Apr 2018
      Energy and water self-sufficiency are increasingly important factors in home buyers’ choice of property – especially in Cape Town where the extreme drought of the past few years has made municipal supply costly as well as uncertain.
    • 19 Apr 2018
      During the last decade, rampant development has progressively transformed Cape Town’s property landscape with densification being the order of the day, but there are still one or two hidden gems like Scarborough which have retained their original character, offering an inimitable lifestyle and an attractive investment opportunity.
    • 19 Apr 2018
      The rental market is a cut-throat sector of the real estate market that waits for nobody. According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, first-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.
    • 19 Apr 2018
      Choosing to buy your first home instead of continuing to rent is a big decision that will usually take some time to put into action, but the sooner you can save up a sizeable deposit, the closer you will be to reaching your goal.
    • 18 Apr 2018
      Selling your home is no small task and as you will quickly find out, there are a lot of misconceptions about the process. Gerhard van der Linde, Seeff's MD in Pretoria East lists the top 5 misconceptions when you are selling your home.
    • 18 Apr 2018
      The Cape Town municipality is now installing water-management devices at properties that have been non-compliant with the new level 5 water restrictions and there are talks of fines between R5,000 and R10,000 for households that use too much water.
    • 17 Apr 2018
      The recent interest rate cut has stoked the coals in the first-time buyer’s market. At least for the next two months until the next interest rate announcement, homeowners are guaranteed lower monthly instalments than in the previous quarter. But, is it wise to take out a 100% bond just to enter the property market while interest rates are low?
        
    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