Luxury sales in Durban’s affluent suburbs are on the increase as buyers are returning to the security of long-term investments in the residential property market.
Luxury sales in Durban’s affluent areas are on the increase. This upmarket Marriot Road home in Berea sold for R8.2 million. The home boasts opulent living areas, a tennis court, swimming pool with a pool pavilion and change rooms, a luxury fitted bar, wine cellar and more.This according to Chris Tyson, CEO of Tyson Properties, who says the company has seen a number of sales of upmarket properties in the recent times, which is a great indicator that consumer confidence is on the rise.
“Purchasing a luxury home is a long-term buying decision and increased sales figures of upmarket homes is a positive sign for the local market.”
He says as a result of improved economic and market conditions, buyers are feeling less financial pressure and are looking to the future instead of adopting the ‘wait and see’ attitude that prevailed after the downturn in the global economy.
Tyson says that the company successfully concluded 17 significant transactions of luxury homes above the R5 million bracket in the third and fourth quarters of 2014.
“The areas we are seeing the most activity in are Umhlanga, Morningside, Westville, Hillcrest and Durban North.”
These suburbs are fast becoming choice lifestyle destinations for buyers because they offer established infrastructure, good schools as well as a social and business environment, says Tyson.
Tyson Properties Principal, Gareth Bailey, says he believes that Umhlanga has much to offer buyers and investors and that property values will continue to increase in coming years.
This four bedroom four, bathroom house in Umhlanga Ridge has a wraparound veranda and balcony offering views of the ocean. It has a pool set in a tranquil garden, and is on the market for R6.5 million - click here to view.“This is thanks to excellent location management by the Umhlanga UIP project (Urban Improvement Precinct), the world-class promenade, the bustling café culture in the Umhlanga Village and the number of burgeoning business parks which are attracting more people to move into the area,” says Bailey.
An ultra-modern residence at The Executive Estate in La Lucia Ridge recently sold for R9.5 million. This three bedroom home offers exceptional views of the ocean and the city plus a separate teenage pad.
The exclusive Hawaan Forest Estate in Umhlanga also continues to attract interest. One of the most recent home sales in this indigenous estate reached a price of R7.9 million. This contemporary, spacious home offered four bedrooms and forest and sea views.
Closer to the Umhlanga central business district, a penthouse apartment in the Gateway precinct sold for R5.5 million.
The suburb of Morningside, bordered by Berea on one side and the Umgeni River on the other, is another sought-after location, and the office has seen a number of significant sales in recent months.
Tyson Properties' Morningside principal, Kim Woods, says that part of the appeal of the Berea and Morningside area is that it is trendy and eclectic and has a mix of architectural styles from large Edwardian and Victorian style homes to modern homes and apartment blocks.
“These suburbs are ideally situated close to the Durban CBD, the beachfront and the major highways and the demand is high. Our buyers are looking for space and quality.”
This three bedroom three bathroom home in Hillcrest has a study and open plan kitchen and dining area. The pool area has a built-in braai and entertainment area with stunning views. It is in the market for R3.95 million - click here to view.A five bedroom, freestanding home in Marriot Road offering magnificent, panoramic views, a pool pavilion, a billiard room, gym, wine cellar and sumptuous finishes throughout sold for R8.2 million.
Another modern freestanding home in Mentone Road sold for R7.15 million, while a three bedroom apartment in Musgrave Road sold for R6.1 million, she says.
Tyson Properties Westville Principal, Lee Ellis, says the appeal of both Westville and Cowies Hill lies in the picturesque green hills, tree-lined streets, large gardens and wide views of the city.
“Westville offers quiet suburbia, large homes on spacious plots and a great infrastructure, including some of the best schools in the province,” he says.
His office recently recorded the sale of a luxurious R9 million family home in Rockhaven Road which offered four bedrooms, exquisite finishes, large grounds as well as two separate apartments.
Another gracious character property in Haven Road reached a price of R5.2 million. This home was originally the home of the Danish consul in Natal. It offered modern conveniences, travertine tiles, Rhodesian Teak wooden floors, Burmese Teak wall panelling and lead-light windows.
A little further inland, a beautiful, renovated Midlands farmhouse with a large entertainment area for teenagers and quality staff accommodation on 100 hectares of land also sold for R9 million.
Tyson says he believes that the toughest years of the recession are behind us and that the industry has emerged from a negative cycle. Tyson Properties saw their best year ever in 2014 and the company expects 2015 to be even better.
“Looking ahead to 2016 and 2017 we foresee that improved market conditions and increased buyer confidence will accelerate growth and propel the industry forward.”
Property prices will continue to rise as a result of a marked improvement in buying activity and fewer homes being available to buy, says Tyson.
He says the company’s luxury sales figures are a clear indication that the market is seeing considerable improvement and increased momentum.
“The time to invest in property is now, on the back of a recovering market.”
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