Residential real estate giants Pam Golding have reported that properties throughout Durban have been selling at an unprecedented pace, with some properties selling within an hour of being listed.
Durban is undergoing a remarkable property boom at present, which has culminated in homebuyers throughout the city, showing a great appetite for properties.
One of the most sought-after areas is the trendy Florida Road in Morningside which has been transformed into a vibrant hub, full of sidewalk cafes, boutiques and restaurants.
Pam Golding’s Durban Area Principal, Michelle Burger, in Durban comments: The success of the Florida Road hub has impacted positively on residential property in the vicinity.
“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.
“Interest has picked up in the marketplace across the board, with buyers putting in offers, including cash acquisitions of two four-bedroom homes which sold for R3.3 million and R3.146 million respectively.
Both the Windermere and Morningside areas remain consistently strong, which has resulted in a number of residential developments being brought to the market in recent years.
What makes Dutrban’s property boom interesting is that the majority of homebuyers are in fact young and first-time buyers, many of which are seeking modern apartments in a convenient, central location with easy access to major transport routes.
Durban has been in the headlines recently with the city being named Africa’s Leading City Destination and Africa’s Leading Meetings and Conference Destination, while the Port of Durban was hailed as Africa’s Leading Cruise Port.
The city’s central area is due to receive a massive R62 billion capital investment as it transforms into a key commercial hub, Durban’s beachfront areas have a “vastly untapped potential”.
Commenting on the Durban South Beach beachfront development of 2-bedroom apartments, Michelle adds: “People like the lifestyle and are upbeat regarding the nearly-completed promenade improvements. In addition, one of my new agents has had great success in selling share block bachelor units in a block called Park View, ranging in price from R80 000 to R150 000.”