African home buyers focussing on Montclair and Woodlands

Montclair and Woodlands in the southern part of Durban are experiencing a strong demand for homes, particularly among African buyers, says Rodney McKenzie, area principal for Pam Golding Properties.

"Entry level homes are being snapped up by such buyers who represent mainly a younger generation of Africans who prefer to move into previously 'white' residential areas, yet with Umlazi within easy reach they are able to retain contact with their township roots - and families and friends.

“Most of these are upwardly mobile, first-time buyers tending to move away from the extended family home concept and usually seeking two or three bedroom homes," he says.

PGP Montclair office manager Fay Hoosen says: "A benefit for buyers in the Montclair/Woodlands area is that transport is easily accessible with railway stations and bus routes within walking distance, while government hospitals are also in close proximity.

"In catering for this market, all our agents are black and our top agent, Rosemary Mhlongo reports that the price range of homes most in demand is between R300 000 and R600 000, with the average selling price approximately R500 000. Probably around five out of seven transactions are for flats, simplexes or duplexes, which clearly illustrates a preference to live in cluster homes, which are affordable and appealing, particularly in terms of security.

"It's no exaggeration to say that currently and almost daily, Mhlongo receives a signed offer to purchase. However, we are finding that the National Credit Act is still bedding down and as a result some bond applications are not being approved, but we believe this situation will stabilise, particularly as more and more buyers become familiar with purchasing property," says Hoosen.

Properties in the Montclair region are affordable, ranging from R300 000 for a two bedroom flat to R800 000, which would buy a three bedroom home with swimming pool. The more affluent Yellowwood Park area attracts black buyers who earn above average incomes.
Loading comments
More news articles
Guidelines to securing a home loan
29 May 2018
Many young South Africans are working hard to achieve their dream of purchasing their first home. However, the process can be challenging due to the daunting application process, which can take up to 2 years and is often enough to discourage prospective buyers.
read more
Things you should consider before upgrading to a new home
23 Apr 2018
The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
read more