New statistics from Durban North show impressive growth
Category Residential Sales
If you are climbing up the career ladder and looking for a peaceful community in which to buy a new home for a growing family, there's a good chance that Durban North is on your radar.
So says Greg Harris, owner of the local Chas Everitt International franchise who adds that the suburb is located at the entrance to the North Coast and is a perfect introduction to the region.
"Each year, more residents move into the area and the high demand for prime real estate here has made it one of the most sought-after residential suburbs in the province."
He notes that Durban North's residential market dates back to the early '50s when the fashion was for beautiful large homes boasting expansive lush gardens.
"And many of these homes still stand today, although some have been upgraded and converted into guesthouses and others have been renovated and extensively modernised.."
Large freehold homes
Those thinking of moving into the suburb can thus expect to see mostly freehold home with plenty of garden space and some with Dutch and Victorian architectural origins, Harris says. "There are also more modern homes in the area with clean and minimalist designs, however, and wide balconies to maximise the uninterrupted sea views.",
He says that according to the latest statistics from property data company Lightstone, freehold homes make up 60% of the residential stock in the area and that most buyers moving into the suburb prefer these homes as they offer privacy, security, and roomy indoor and outdoor spaces.
"What is more, these figures show that over the past 10 years, the value of these properties has increased by an average of 73%, and we expect persistent high demand to push prices up by a similar amount over the next decade. There were 83 freehold homes sold in the area this year alone, at an average price of R3,7m.
This three-bedroom family house in the Durban North suburb of Glen Hills is ideal for a growing family.
Popular sectional-title homes
Harris notes that the number of sectional-title homes in Durban North is steadily growing, though, as developers respond to rising buyer demand for homes in access-controlled environments where common areas are maintained by a Body Corporate.
"And although sectional-title units make up only 5,4% of this market currently, they have experienced an average 81% increase in values over the past 10 years. This growth, which is significantly above inflation, is a result of low stock and high buyer demand, which resulted in 11 sectional-title units being sold over the past year, at an average price of R2,6mil."
Soaring vacant land values
Meanwhile vacant land is being snapped up for further residential developments in the are, he says, so it is no surprise that reports show massive increases in land values.
"Over the past 10 years, stand values have jumped from an average of R526 000to 1,84m - which is a 249% increase. Durban North is also densely populated with very little vacant land actually available, so stands are generally sold very quickly when they do become available. In the past year, there have been 10 sales at an average price of R1,9m."
Living in Durban North
For Harris, Durban North has many personalities that make it one of the best suburbs to live in. "On the one hand, it is all about work, with many commercial precincts and schools located in and around it.
"But it also has a playful side, characterised by dreamy beaches, rustic bars, and a mix of trendy and family-style restaurants. And no good suburb is complete without state-of-the-art hospitals, medical centres and shopping malls."
Health facilities handy for Durban North include JV Biokineticists, the Ethekwini Hospital And Heart Centre, the Netcare Umhlanga Hospital and the Busamed Gateway Private Hospital. Accessible shopping centres include the La Lucia Mall, Kensington Square, Northway Centre and the Virginia Shopping Centre."
From big freehold homes to secure sectional-titles, Durban North has something for everyone. To find out more about the homes for sale or to let in this flourishing suburb, speak to our Chas Everitt International Durban North team today on 031 561 5838.
Author: Chas Everitt International