Ongoing semigration to north of Durban
THE semigration of South Africans to appealing locations which offer a better lifestyle continues apace, with the areas north of Durban attracting on an ongoing basis a cross-section of home buyers including families, young professionals and retirees alike.
Further fuelled by a shift to remote working and a fundamental change in the way we live and work, coupled with interest rate cuts at near 50-year lows, the market for residential property across all price bands has proven to be one of the country’s more resilient sectors – in particular this warm and scenic coastal region.
We are fortunate to live in a very desirable pocket of the country where there is ongoing demand. The North Durban coastal belt offers exceptional schools, good infrastructure, office parks, shopping malls and excellent hospitals, and all of this in a sought-after strip with warm, clean beaches and some of the best surf in the country.
Most notably, family homes priced under R5 million are selling quickly while developments are attracting a significant amount of investor interest.
We have noticed a positive influx of Johannesburg buyers shopping in our sunny climes, while local property developments in particular, have attracted investment interest from outof-towners. The ‘Kent’ in La Lucia, is now 80% sold out, with a mix of local and upcountry buyers. This residential development ticks all the boxes for both end-users and pure investors, and is ideal for young professionals who work in the area and are seeking ‘green’ features, convenience, location and sea views.
In Durban North’s residential property market there’s a clear trend towards lifestyle as a priority, and as a consequence many buyers look for spacious homes with beautiful gardens and outbuildings that can be converted into offices, enabling them to work from home as they navigate the ‘new normal’, or for additional accommodation for extended family members.
The suburb epitomises convenience for home buyers. In central Durban North, homes sell quickly if correctly priced, with the ever-popular three or four-bedroom family home with outbuildings and level gardens performing well in the price band between R3 million and R5 million. This central area is very popular because of its proximity to schools, the beach and the burgeoning business hub in La Lucia/uMhlanga, and also benefits from the Broadway precinct, a self-sufficient business node in itself, making Durban North the ideal place to live, work and play.
An interesting trend is that given the work-from-home norm that has arisen as a result of the pandemic and lockdown, homes are being renovated and upgraded, with many home-owners using their outbuildings not only for additional space for themselves or for multi-generational living, but in order to generate a passive rental income to subsidise their monthly income.
Being a very well-established suburb, with some houses over 100 years old, with tremendous potential for reconfiguring these spacious homes, many of our buyers will undertake a full renovation when they purchase in the area. Often these homes are in such good condition that the most popular renovations involve breaking down internal rooms to open up the living spaces to create flow, and then upgrading the kitchen and bathrooms. We are also seeing a number of outbuilding renovations.
Perhaps surprisingly, the upper end of the market here has been more active than it was prior to lockdown, however, buyers are discerning regarding price. Mansions in upper Durban North carry a great deal of prestige and are extremely spacious and beautifully maintained, attracting interest in the R8 million to R10 million mark. However, buyers have a good selection to choose from in this price bracket so residences need to be correctly priced in order to sell.