Hillcrest, long a quintessential KwaZulu-Natal village, has now settled into a new role as a premier dormitory destination for Durban commuters.
This 5 bedroom townhouse in Hillcrest is elegant and north facing for all seasons, offering solid wood floors, a sweeping staircase and central fireplace. It is selling for R5.9 million - click here to view.
Murray Aberdein, owner of the new Harcourts Suburban Spaces real estate office in Hillcrest, says buyers with young families are targeting secure townhouses and fast taking up the available stock.
He says until quite recently, prospective buyers could pick and choose between up to 40 available units, but now they are lucky if they get to choose between five. He says prices have also firmed slightly to between R1.5 million and R2.5 million, depending on location and security measures.
New stock is now required to keep pace with growing demand, he says. “Development of new units came to a standstill during the recession, and although there is now talk of much needed new developments, finance remains a headache since developers no longer have ready access to bank finance and often have to foot the bill themselves for the entire development from start to finish.”
Aberdein says older family homes offer excellent value at prices ranging between
R2 million and R4 million, however, freestanding homes currently find much less favour among buyers, mainly because of perceived security issues.
This 4 bedroom townhouse in Kirtlington estate offers country surrounds where families can walk, run, cycle and horseride. It is on the market for R5.295 million - click here to view.
He says the situation is likely to change, though, as the stock of townhouses decreases and buyers become more educated about increased home security measures, including the closed circuit television monitoring by security companies that has recently been instituted in the suburbs.
Aberdein, who joined the Harcourts group in March this year after running a successful independent estate agency for five years, says the growth of his business echoes the fast-paced development of Hillcrest from village to a mid-size town.
He says Hillcrest went through a lot of growing pains regarding infrastructure, which are being addressed on an ongoing basis. The town has seen major progress in the past 15 years with phenomenal price growth in the period - a home sold for R300 000 in the late 1990s is now worth about R2 million, he says.
"Hillcrest is marching to a quick beat now and consumers deserve property services that will keep up.”
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