The favourable bond rates continue to impact the market very positively and demand for homes in Durban continues at pace since coming out of the lockdown last year.
Well-priced properties continue selling within 12-16 weeks and with being 95% of the asking price being achieved for sole mandate sellers, says Roger Hoaten licensee for Seeff Berea.
'Buyers looking to downscale or upgrade Durban'
Pam Golding Properties says they have seen a lot of first-time buyers looking to invest in Durban. Some of their buyers include those who are either looking to downscale or upgrade. “For around R2 million or even less you can get a three or four-bedroom property, with good security and usually two parking bays and close to many amenities.”
Durban has currently *1 392 new property listings, according to Property24 Trends Data, with an average asking price of R1.299 million. The average sale price per erf for 2020 was about R975 000, while Section Scheme Units average sale price for the same period is R695 000.
The latest residential listings on Property24 show that three bedroom homes are most widely available, at an average list price of R1 600 000. Sellers in the area fall within the 50-64 years (32%), while buyers are predominantly in the 18-35 and 36-49-year age group at 38% respectively.
Click here to see all the latest trend data for Durban
'Central Durban North not as expensive'
Just 15-minutes north of the city of Durban, on the northern side of the Umgeni River Mouth, is the upmarket area of Durban North.
“Many are moving within the area due to lifestyle changes. We often notice young families moving into Durban North, and older families then selling their homes and moving into smaller, secure complexes when their children have left home.”
For around R2 million, you can get a freehold three to four-bedroom family home in Central Durban North, and if you are looking to buy into estates you can expect to pay anything from R7 million to R20 million.
Durban North has currently *55 new property listings, according to Property24 Trends Data, with an average asking price of R3 699 500. The average sale price per erf for 2020 was about R3.5 million, while Section Scheme Units average sale price for the same period is R2.25 million.
The latest residential listings on Property24 show that four bedroom homes are most widely available, at an average list price of R3 992 000. Sellers in the area fall within the 50-64 years (43%), while buyers in the 36-49 fall in (56%) - followed by 26% within 18-35year age group.
Click here to see all the latest trends data for Durban North.
Trendy Berea
The Berea in Durban is one of the most popular areas for family houses in the R2 million to R4 million range. The Berea is an area that comprises suburbs including Windermere, Musgrave, Essenwood, Morningside and Glenwood which lies on a ridge above the city of Durban, says Hoaten.
Hoaten says the area is very trendy with open-air restaurants and luxury shopping centres.
“Many of the properties have spectacular views over the city and out to the ocean. With excellent schools, an easy commute to the city and surrounding suburbs as well as proximity to the University of KwaZulu-Natal, several state-of-the-art hospitals and places of worship, the Berea appeals to a wide target market, from families to professionals across various price brackets.”
There are currently *430 new property listings in Berea, according to Property24 Trends Data, with an average asking price of R1.65 million. The average sale price per erf for 2020 was about R1.875 million, while Section Scheme Units average sale price for the same period is R900 000 million.
The latest residential listings on Property24 show that three bedroom homes are most widely available, at an average list price of R2.137 million. Sellers in the area fall within the 36-49 years (32%), while buyers in the 18-35 fall in (41%) - followed by 36% within 36-49 year age group.
Click here to see all the latest trends data for Berea.
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*Property24 Listings Data Disclaimer: The trends detailed in this article are based on Property24 listings, current at the time of publishing, and property transfer data supplied by Deeds offices, which typically take 3-4 months to reflect. Suburbs are listed according to Property24's geographical database. In some areas this will include both commercial and residential properties. The age demographic data of buyers, sellers and stable owners is determined over a six-month period. These Property Values should not be used as a substitute for independent professional advice and is subject to Property24.com Terms and Conditions.
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