“Demand along the north coast has always been strong among family buyers, and remains so largely due to the fact that there are excellent schools in the region ranging from pre-primary school all the way up to senior level. The schools, who often prioritise their intakes based on the family’s residential address, offer an extremely high level of education, which is what many of the family buyers are looking for,” says Gavin.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says that when buying property, location is always going to be one of the most important aspects to think about. This is because location will impact on the potential return on investment and lifestyle the property offers. But perhaps more importantly, aside from the convenience of being close to amenities such as shops and medical facilities, proximity to good schools plays a major role in how buyers choose where to live.
According to Gavin, other influences that have ignited buyers’ interest in the region is that it is so well positioned and central to both the Durban CBD and the Umhlanga Ridge business district as well as Gateway. The Umhlanga Ridge business precinct has continued to grow dramatically, which has opened up more employment opportunity and brought more and more business men and women to the area. “Property buyers will often purchase homes that are close to their place of work, especially if their business is relocated. Durban North is conveniently situated outside of the CBD node, but is a close enough commute for those who work in the business district,” says Gavin.
Gavin says that family buyers in the area are looking for homes that feature large, level stands which measure around the 1000m2 mark with three or four bedrooms and have staff accommodation on the premises. He says that the average price that buyers are paying for these family homes across all suburbs in Durban North, Umhlanga and La Lucia is around the R2,2 million bracket. “There are some really good value-for-money homes in the region that will be perfect for a family to live in and they will be a good investment over the long term. Given the current market, growth in terms of the property’s value is fairly conservative, however, Durban North homes remain fantastic long term assets.” says Gavin.
A four-bedroom, three-bathroom home is currently being marketed by RE/MAX Panache at R1,790 million. This family home features a study which could be used as a fifth bedroom, an entertainment area with a swimming pool and a separate large self-contained flatlet on the property.