Strong Demand Drives up Durban North Prices
Category News
Durban homebuyers looking for a luxury lifestyle continue to favour Durban North and Virgina, which offer them gracious homes and proximity to beautiful beaches, high-end shopping malls and excellent schools as well as the King Shaka International airport.
And as a result of this unstinting demand, prices in these upmarket suburbs have shown much faster-than-average growth over the past five years, says local Chas Everitt International franchisee Greg Harris, who recently opened a new office in Balmoral Drive.
Quoting the recent Financial Mail/ Lightstone best suburbs survey, he notes that Virgina currently ranks as Durban’s top-performing suburb in the R3m category, with a 152% increase in prices over the past five years.
“Meanwhile the latest Lightstone area report ranks Durban North as the sixth most effective residential property area in the country. This is no mean feat and is a clear indicator of its viability as an investment area.”
The most popular homes in Virginia and Durban North, he says, are generally large family establishments with extensive gardens and entertainment areas offering sea views, and the average price of such properties is well over R3m, with many breaking the R10m ceiling.
“And now, as a member of the Leading Real Estate Companies of the World® (LeadingRE) network, we can showcase the exceptional lifestyle on offer in these areas to a huge audience of potential buyers around the world.”
Recently invited to join LeadingRE, Chas Everitt International is already also participating in its luxury real estate programme, Luxury Portfolio International®, which markets top-end homes to more than three-million high net worth individuals around the world and achieves more than US$44-billion worth of sales a year.
“This programme gives us access to award-winning online channels such as www.luxuryportfolio.com and hugely influential publications such as the Wall Street Journal,” says Harris, “and enables us to show off the best of Durban’s high-end homes and lifestyle to potential buyers in a way that no other network could.”
The biggest attractions of Durban North and Virginia, for both locals and out-of-town investors, include easy access to the office parks nd upmarket malls of Umhlanga and La Lucia, proximity to the airport and, of course, the presence of top schools such as Durban North College, the Northlands and Virginia primary schools and the Danville Girls’, Northwood Boys’ and Northlands Girls’ high schools, he says.
Other local attractions – apart from the city’s magnificent northern beaches - include the championship Beachwood Golf Course, regular food and craft markets, the famed Japanese Gardens, the Umgeni River Bird Park and the Maritime Museum.
Not surprisingly, most buyers here currently are wealthy professionals and executives well-established in their careers, but a younger generation is now starting to move in and buy up older homes to renovate, says Harris.
“Lightstone statistics show that 50% of buyers in Virginia in the past year and 35% of buyers in Durban North have been under the age of 35 and it seems that most of these buyers are so sure of a good return on their investment that they are prepared to spend considerable sums on extensive modernisation and refurbishment.
“This will of course add further value to much of the stock in the areas and no doubt contribute to continued strong price growth.”
Issued by Chas Everitt International
For more information contact
Greg Harris on 082 414 7490
Or visit www.chaseveritt.co.za
Author: Barry Davies
