Durban’s lush suburb of Kloof has always been a favourite with affluent, English-speaking property buyers, but market activity is reported to be slowing as families tighten their belts across the nation.
This three bedroom, three-and-a-half bathroom home in Kloof has open-plan living areas leading to a covered patio, pool and well-kept garden. It is on the market for R6.5 million - click here to view.Property values in the area have remained largely stable in spite of decreasing turnover, however, one property type appears to be holding its own a little better than others, says David Hitch, Rawson Property Group’s franchisee for the area. “Security estates and ‘blue zones’ in Kloof have become highly sought after. There is always demand for well-priced stock in these areas, and we have a shortage of options for under R3 million across the whole suburb.”
He says Meadow Lane is reported to be particularly popular, with houses commanding prices up to R10 million.
“Homes around the golf course also have top-tier prices, and are in high demand,” says Hitch.
The reasons behind the appeal of Kloof homes extend beyond the mere peace of mind that comes with great security, he says. “Kloof is quite a special part of Durban, in that it’s set away from the humidity and heat, but has easy access to the beach, the mountains and the city, and encompasses its own lush, green, park-like spaces.”
This two bedroom, two bathroom home in Kloof offers access to a communal pool, braai area and kids' playground. It is on the market for R1.23 million - click here to view.“There are excellent schools nearby, great hiking and cycling routes and a wide variety of facilities at Kloof Country Club for sports lovers and golfers. The homes are also large, with gardens averaging at around 4 000sqm, and styles range from traditional colonial to modern renovations.”
Hitch says the additional safety and reduced maintenance requirements of Kloof’s security estates certainly add to the appeal of this elegant yet outdoorsy suburb, but buyers willing to look outside the estates and patrolled ‘blue zones’ could be in for a bargain.
“Areas like Wyebank may not be as heavily patrolled as other parts of Kloof, but they are still safe and beautiful, and offer homes from as little as R1.4 million for a two bedroom simplex. And a four bedroom family home will, on average, cost about R2.4 million, so there is definitely great value to be had in the Kloof area,” says Hitch.
As for investment potential, he says appreciation is slow, but ongoing.
“The property market is sluggish nationally, and Kloof has been affected to a degree, but prices are still inching up, and should bounce back well when we hit the next upswing,” says Hitch.
In the meantime, he suggests holding off on buy-to-let purchases and concentrating on the long-term potential of this established, attractive and stable area.
“With bond costs, maintenance and rates where they are at present, you’re unlikely to be able to cover costs with rent. The true value of these properties lies in their long-term growth, which can be maximised through smart upgrades and sound maintenance,” says Hitch.
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