Schools impact home buyers
SCHOOLS impact home buyers’ needs as they often opt to live in suburbs close to top schools. Fortunately, in Durban, there is still sound value for money to be had and as a result, we are experiencing an influx of young professionals.
According to Lightstone statistics, young adult buyers (up to 35 years of age) comprised over a third of recent home buyers in Glenwood (33%), Umbilo (34%) and Morningside (36%).
Areas such as Glenwood, Umbilo, Windermere, lower Morningside and North and South Beach offer a wide range of homes to suit a variety of budgets, as well as access to good schools.
In Glenwood, homes are older, solid and spacious and often only require cosmetic updates, with a mix of houses and sectional title apartments priced between R900 000 and R1.5 million, lower Morningside prices range from R1.2 million to R1.8 million and from R3.5 million to R8 million in Upper Morningside, Essenwood and Musgrave, while in Windermere homes are priced mainly between R1 million and R2.5 million, with units in a brand new, upmarket townhouse development in Lambert Road selling from R2.56 million.
In Umbilo, entry level homes can be had between R700 000 and R1.2 million, while in South Beach residential accommodation ranges from R500 000 to R900 000 and between R1 million and R2.5 million in North Beach.
In Essenwood and Musgrave, new sectional title developments are springing up, offering security, contemporary comfort, lock-up-and-go convenience and proximity to eateries and shopping centres.
Work from home has also created a higher demand for homes and complexes with outdoor and entertainment areas.
In Westville, with its spacious, treed gardens, areas such as Berea West, Sydenham, Asherville and Sparks Estate and in Pinetown, the suburbs of New Germany, Manors, Sarnia and Farningham Ridge attract buyers drawn by schools.
Children living in the catchment area of these schools and coming from feeder schools are placed first, adding to the importance of buying in the right location.
The University of KwaZulu-Natal has campuses in Pinetown and Westville, making properties with extra accommodation attractive options for home buyers and investors.
In New Germany, home to solid, older residences, prices are between R800 000 and R1.6 million, with newer apartments in complexes averaging between approximately R800 000 and R1.2 million.
In Manors and Farningham Ridge, a mix of high end and entry level homes sees prices range from R1 million to R1.7 million. In Sarnia, a developed suburb with an appealing lifestyle, the price bracket between R1.5 million and R2.5 million is ideal for family buyers, while the more populated areas of Sparks Estate and Asherville, with their strong sense of community, tend to retain homeowners who never leave.
About a third of properties are sectional title and while there are affordable options for young families – in the price range from R850 000 to R1.1 million, Asherville also has some high-end properties priced between R1.5 million and R3 million.