Durban home buyers looking for a luxury lifestyle continue to favour Durban North and Virgina, which offer them gracious homes and proximity to beaches, high-end shopping malls and excellent schools, as well as the King Shaka International airport.
This home in Durban North has nine en suite bedrooms, air conditioning, an undercover veranda and landscaped garden. It is selling for R5.999 million - click here to view.This is according to local Chas Everitt International franchisee, Greg Harris, who says as a result of this unstinting demand, prices in these upmarket suburbs have shown much faster-than-average growth over the past five years.
Quoting the recent Financial Mail/ Lightstone best suburbs survey, Harris says Virgina currently ranks as Durban’s top-performing suburb in the R3 million category, with a 152% increase in prices over the past five years.
“Meanwhile, the latest Lightstone area report ranks Durban North as the sixth most effective residential property area in the country. This is no mean feat and is a clear indicator of its viability as an investment area.”
He says the most popular homes in Virginia and Durban North are generally large family establishments with extensive gardens and entertainment areas offering sea views, and the average price of such properties is well over R3 million, with many breaking the R10 million ceiling.
“And now, as a member of the Leading Real Estate Companies of the World® (LeadingRE) network, we can showcase the exceptional lifestyle on offer in these areas to a huge audience of potential buyers around the world,” he says.
This four bedroom house in Virginia, Durban, offers two reception rooms, a study and patio. It is on the market for R5.895 million - click here to view.Harris says the biggest attractions of Durban North and Virginia, for both locals and out-of-town investors, include easy access to the office parks and upmarket malls of Umhlanga and La Lucia, proximity to the airport and, of course, the presence of top schools such as Durban North College, the Northlands and Virginia primary schools and the Danville Girls’, Northwood Boys’ and Northlands Girls’ high schools.
Other local attractions, apart from the city’s northern beaches, include the championship Beachwood Golf Course, regular food and craft markets, the famed Japanese Gardens, the Umgeni River Bird Park and the Maritime Museum.
Not surprisingly, he says most buyers in this area currently are wealthy professionals and executives well established in their careers, but a younger generation is now starting to move in and buy up older homes to renovate.
“Lightstone statistics show that 50% of buyers in Virginia in the past year and 35% of buyers in Durban North have been under the age of 35, and it seems that most of these buyers are so sure of a good return on their investment that they are prepared to spend considerable sums on extensive modernisation and refurbishment.
“This will add further value to much of the stock in the areas and contribute to continued strong price growth,” he says.
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