Opulence on the KZN coast
DESPITE the tough economic climate during lockdown, buyers have forked out over R20 million for high-end properties within Kwazulu-natal’s ultra plush Zimbali coastal resort and estate.
Zimbali estate on the north coast is regarded as one of the country’s most expensive neighbourhoods. Properties along Milkwood, Corkwood, and Cherrywood are the most sought-after addresses in the estate boasting sea-facing properties with opulent fine finishes.
The estate boasts over 500 of the country’s most exclusive homes in the R10 million to R20 million range and a further 150 priced upwards of R20 million to R70 million.
Andreas Wassenaar, of Seeff Properties Zimbali, said despite the challenging market, Seeff scooped two high-end sales during lockdown: a R20 million and R24.5 million for two super luxury beachfront homes.
“Some of the high-end properties that have been on the market for two or three years have now all suddenly traded. People realised with the lockdown they should spend more money on the place they want to live in and spend more time at than they would have before.
“There has been a lot of activity in the northern node across the range from the R2-3 million bracket like at Seaward Estate where people are looking for a home. People have realised they don’t have to be in Johannesburg. They can work from down here, more so now than we previously thought was possible. They can do their Zoom or Google Hangout meetings. They won’t be flying back and forth like they previously did. Buyers are always looking for value for money,” said Wassenaar.
He said along the KZN coast, Zimbali was the premium place with the highest price.
“At Zimbali, you have 200 homes priced at over R25 million, hundreds priced in the R10-20 million range. You don’t see that in other estates and areas. It’s got a strong market with a lot of value with billions invested. It was a great place to be during lockdown. People realised the benefits with the extreme lockdown what it was to have a place within a nice environment.
“There are people that will search out the very high quality places. Zimbali’s beachfront homes represent one of those opportunities and they will buy them now at prices they may not have got two to three years ago. They’re benefiting on the more aggressive pricing on things that are regarded as high value and that over time will escalate,” he said.
He said with property people make their money when they buy rather than sell.
“Whether at the top level at significantly reduced pricing or as an entry-level buyer, there is opportunity. The banks are willing and able to provide finance, and with historically low interest rates, there has not been a better time to invest,” said Wassenaar.
Vaughn Reiche, senior sales agent at Zimbali estates, said four properties sold for over R20 million, one just before lockdown, and the others during June and July.
“There has been a mixture of properties on the market from R4 million to R70 million. People have been unable to let out their properties to holidaymakers which hurt them a bit.
“People who are investing in properties have realised what facilities the estate has to offer and the beauty of our country. We are expecting a lot more activity,” said Reiche.
He said the most expensive home for sale in the estate was priced at R70 million. The five-bedroom house on a double beachfront stand has top of the range fixtures and finishings.
Farrah Williamson, Pam Golding Properties area principal in Ballito, said in June, they concluded their highest sale in Zimbali at just over R25 million.
“We are finding the property market in Ballito very active, and our selling prices in the sought after estates are holding their ground. We are pleasantly surprised by the activity and sales across all price ranges, especially in the over R10 million price range. Our Simbithi sales team concluded a sale for R16 million in the Simbithi Eco Estate,” said Williamson.
Carol Reynolds, Pam Golding Properties area principal for Durban Coastal, said there has been a pent-up demand post the hard lockdown.
“We are seeing buyer activity across all sectors. Since the lockdown eased, we have experienced a surge in sales, particularly in the under R5 million bracket. We have also noticed an increased rate of queries from Johannesburg. Some clients have advised that their employment has been remodelled to enable them to work from home, which means that they are now flexible enough to warrant moving to the KZN coast. Covid-19 has accelerated lifestyle as a priority and this has, in turn, attracted inland buyers to our coastal belt.
“For the first time in months, buyers are looking at large free-standing homes with gardens and space for work-from-home outbuildings,” said Reynolds.