More Residents, Too Little Stock in Ballito
Category News
Once a vacation destination for the well-heeled from other provinces, Ballito is now attracting so many permanent residents that estate agents are experiencing significant shortages of homes for sale.
“It’s like boom time in Ballito,” reports Greg Harris, owner of the local Chas Everitt International franchise. “There has been a huge population increase here, from around 12 000 residents in 2005 to more than 30 000 now, and this has really put pressure on the supply of residential property as well as the infrastructure.”
At the moment, he says, buyers are especially attracted to secure estates like the Simbithi Eco-Estate and Brettonwood Coastal Estate which have been developed on land that was previously used for sugar cane farming.
“Tourists are also being drawn here by the new hotels and resorts that have gone up in the past few years, and we find that they often end up shopping for property while they are here.”
Growth along this picturesque part of the KwaZulu-Natal coastline was previously hampered by a lack of infrastructure, but that is also now a thing of the past, says Harris. “Various developments, like a new town centre, a taxi rank, a larger clinic and several new schools are on the cards, making it possible for families to make Ballito their permanent home. In fact, according to property data company Lightstone, 54% of recent buyers in Ballito were between 36 and 49, which is the age-group of people with school-going children.”
“In addition the northwards push out of Durban is continuing and the home prices in Ballito are still considerably lower than in Umhlanga. The main entrance to Ballito from the N2 highway is also currently being upgraded, including a spaghetti junction to ease traffic, the widening of the road to four lanes in Ballito Drive and proper pedestrian walkways.”
Commercial development in Ballito has also been massive in recent times, he notes, with a 30 000sqm lifestyle centre currently under construction at a cost of R3,2bn, to add to the four shopping malls that already exist.
“And local property prices have risen on the back of the increased demand. The average price for a freehold home in 2014 was R2,119m and is already up to R2,542m in 2015. Sectional title homes now average R1,615m, up from R1,569m last year.
“A 1000 square metre stand with no sea view costs between R600 000 and R1m, while a stand with a sea view would cost between R1,4m and R2,5m.”
A perennial favourite among retirees, Ballito also offers seniors a choice of several secure developments now, including Tinley Manor, part of the Palm Lakes development, which will consist of 500 units, the sectional title Forest Village at Brettonwood and the Savanna development in the Simbithi Eco Estate.
Issued by Chas Everitt International
For more information, contact
Greg Harris on 032 586 0154
Or greg.harris@everitt.co.za
Or visit www.chaseveritt.co.za
Author: Barry Davies
