Affluent home buyers buoy residential property market in areas north of Durban

Accessibility to schools, beaches, shopping and other amenities, as well as proximity to King Shaka International Airport, has seen the residential property market in the areas north of Durban flourish over the past decade.

Pam Golding Properties’ sales in suburbs such as Durban North, uMhlanga and Sibaya are buoyant, comprising approximately R104 million for October (2023) alone, which excludes sales in new residential developments, says Carol Reynolds, the agency’s area principal for Durban Coastal.

“Traditionally, the months of October and November are great months as people flock to our areas for the good schools and convenient lifestyle – including buyers who had moved further afield, returning to perennially popular suburbs such as Durban North, which is an ideal location to raise a family,” says Reynolds.

“Johannesburg and other Gauteng buyers often look to buy in estates because of the security, but also tend to acquire the larger mansions in the upper Durban North node. Interestingly we have seen a resurgence of interest in spacious, grand mansions which are priced in the R10 million plus price bracket, many of which are located in upmarket estates in uMhlanga and Sibaya. Currently we are seeing interest in a luxurious mansion in Signature estate in Sibaya which is listed at R37 million.

“There is definitely an ongoing migration of affluent home buyers to the areas north of Durban. Our Durban North market in particular is a relatively stable market that continues to attract families with school-going children. The homes in this area are spacious and grand with high ceilings and impressive proportions, while the gardens are level, well suited to children and an outdoor family lifestyle. We recently sold a very appealing home in Durban North to a German family who were also seeking the convenient lifestyle this area offers. The five-bedroom, five-bathroom home sold for R5.65 million.”

Meanwhile uMhlanga has several upmarket estates which also attract families, given their generous proportions and proximity to both schools and the beach, as well as Gateway shopping centre and hospitals. Says Reynolds: “Hawaan Forest Estate – with its scenic nature trails – is very sought after, with homes selling from R10 million to R20 million and upwards, with a luxury home currently on the market priced at R32 million, while Izinga is also gaining in popularity, with prices starting from approximately R5 million for entry-level duplexes, and with more luxurious homes priced from R8 million upwards.

“In addition, we have a sizeable pool of investors who support our off-plan, sectional title residential developments. York is now more than 70% sold, with units ranging from R1.8 million for a one-bedroom apartment to R9 million for a spacious three-bedroom unit with panoramic sea views. This development rests on La Lucia Ridge and enjoys convenience as well as exceptional ocean views, making it highly desirable for investors as there is consistently strong rental demand in the area, given its easy access to the La Lucia office parks and Gateway shopping centre.

“Good news for investors and primary residential buyers is a new beachfront development that will launch in early 2024, which is a unique opportunity to invest in arguably the best location in KwaZulu-Natal as it is set on the only remaining beachfront site along the sought-after uMhlanga strip. There is literally no other land available at all.”

Reynolds adds that generally, the areas north of Durban are already abuzz with tourists and locals. “The new Oceans Mall has become very popular, Gateway and La Lucia Mall continue to attract plenty of footfall, so despite the challenges faced in the past year our market is resilient and has bounced back. Umdloti has been repaired after the floods and is regaining its former popularity while the new Umdloti Marine Walk Shopping Centre in the Salta Sibaya development has given the Umdloti and Sibaya precincts a boost.”

For further information contact Pam Golding Properties via durbannorth@pamgolding.co.za or visit www.pamgolding.co.za

Posted by The Know - Pam Golding Properties