Property sought after in Durban Central
Category Suburb Focus
Durban, the land of sun, sand and surf is often thought of in terms of lazy December vacations, and while it certainly has plenty to offer on that front, it also happens to have a thriving residential property market.
Buying a slice of paradise
When it comes to Durban Central, Lightstone data reveals that the average price of a sectional scheme unit is around R700,000 while the rare freehold properties range between R1.8 and R2.2 million. While Durban Central services a wide price range – from upper market properties in Morningside to emerging market residences in Berea - buying a slice of paradise in the area needn’t cost you an arm and a leg says Terence Hogben, Manager of Leapfrog Durban Central; “We’re finding that the R1 million to R2.5 mark is the hottest, above that the market is very much slower...”
Terence also notes that the emerging market is becoming quite active with properties falling within the R500,000 to R700, 000 range being snapped up very quickly. In fact the market has been so busy that Hogben and his team are moving to larger offices soon to accommodate demand for trusted real estate agents.
Hogben advises first time buyers to build up slowly to their dream home; “You’re likely not going to find everything you want in your first home but it’s imperative to get into the market and start working towards your perfect property as sitting on the sidelines could make it harder for you to enter the market later”.
Making room for a new generation
With almost 95% of its available residences in sectional schemes Durban Central is definitely for the younger crowd - Lightstone indicates that the majority of recent buyers are between 18 and 35 while most current owners are between the ages of 36 and 49. “Since opening our doors in 2013 we’ve definitely found the area is very popular with entry level buyers and young families – in fact the market is currently quite cut throat due to a shortage of stock,” says Hogben.
According to Terence the demand for properties in the area is high but that properties only fly off the market, even in the higher price brackets, if priced correctly. “Properties in Durban Central tend to be older and so we’ve found that home owners have often completed a number of renovations to their homes and thus want to push the selling price up. As with anywhere else in the country this strategy only works if the property price falls within the parameters of what buyers are willing to pay,” explains Terence.
For more information on the Durban Central property market contact Terence Hogben on 031 303 4387 or at terence.hogben@leapfrog.co.za
Author: Leapfrog Property Group
