DURBAN - Residential property buyers in Durban have been galvanised into action with realistically priced homes selling within a week or two.
An apartment in sought-after and trendy Florida Road in Morningside snapped up within an hour of the listing going live.
Michelle Burger, Pam Golding Properties area principal in Durban affirms that renowned Florida Road has transformed into a vibrant hub in high demand. Other factors that have contributed to the popularity of the area include high visibility of security via the Florida UIP (Urban Improvement Precinct) and that Florida Road is correctly tenanted, with a selective mix of restaurants and commercial which provides a huge drawcard for local residents.
"The success of the Florida Road hub has impacted positively on residential property in the vicinity," said Burger.
She added, "The property sold in record time was a two-bedroom, sectional title apartment which fetched R1.45 million. We are certainly seeing sectional title units much more in demand, with apartments in older blocks going from R900 000 to R1.3 million for two bedrooms".
According to Burger, the most popular price range in the area around Florida Road is from around R1.3 million up to around R1.5 million/R1.6 million. For example, a two-bedroom apartment-style duplex townhouse will fetch about R1.5 million. However, there are also larger homes in the vicinity priced up to R3.5 million plus
"The Windermere and Morningside areas remain consistently strong, while Glenwood has also experienced a slight uptick in house sales. In Morningside, where average prices have increased due to high demand, homes in the price band below R3 million are sought after, however, we are concluding sales in the higher price categories and are currently negotiating a sale for just below R9 million. Apart from Florida Road, addresses such as Montpelier, Innes and Lambert Roads remain popular," said Burger.
Burger said that due to the growing demand in the Morningside and Windermere areas, a number of residential developments have been brought to market in recent years – mainly taken up by young buyers seeking modern apartments in a convenient, central location with easy access to all major transport routes.
“In the city centre, investors remain interested, but always seeking a bargain, such as one-bedroom units selling for under R150 000.
Durban’s city and beachfront areas have vast untapped potential, and it is gratifying to see business and government working together to achieve these goals. The Durban promenade has been a wonderful success and we look forward to seeing the final stage completed.
Commenting on the Durban beachfront, Burger said that in South Beach, two-bedroom apartments remain in demand, mainly in the price band up to R700 000.