Prices of residential properties in gated communities in KwaZulu-Natal are continuing to rise steadily and the mean value of homes in Zimbali is now R8,1-million according to Andreas Wassenaar of Seeff’s Dolphin Coast agency.
He says that during the past 14 years properties worth more than R1,7-billion have been sold in that resort alone. Apart from Zimbali, there are a number of other secure estates in the Ballito region including Simbithi Eco-Estate, Brettenwood Coastal Estate, Dunkirk Estate, Hilltop Private Estate and Beverley Hills Estate.
“These estates have made it practical to own large freehold properties,” says Wassenaar. “The traditional suburbs of Ballito, Salt Rock and Sheffield Beach have not had the same growth as properties in gated communities,” he says.
According to Gary Wentzel, director of Seeff Umhlanga Rocks, 38 sectional title units worth more than R100-million were sold in this area in the last quarter compared with six full-title houses that sold for R18-million.
“During the past 12 months to June this year, a total of 221 sectional title units valued at about R670-million were sold compared with 22 full title homes valued at R76-million,” he says.
Apparently 40% of the buyers of sectional title units are aged between 36 and 49 while 30% of them are between 50 and 64. “About 30% of the current sellers of property in Umhlanga have owned their homes for the past 11 years or more,” he says.
In the adjacent suburb of La Lucia, sectional title units worth R69-million were sold in the last quarter compared with 24 full title properties worth R67-million. For the full year, 89 sectional title properties worth R185-million were sold and 74 full title properties worth R205-million changed hands.
Image: This R22-million four-bedroom, four-bathroom house straddles two sites on a plot of 2 543 sq m, boasting 980 sq m under roof. There is a home theatre, a gourmet kitchen, formal and informal lounges, with a dining room and bar. There is also an extended home office.
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