Durban North homes rose 56% in price between 2010-2015 – Lightstone
Citing Lightstone statistics, Pam Golding Properties reports average selling prices of freehold and sectional title homes in Durban North have risen by 56% and 34.5% respectively between 2010 and 2015.
Area principal Carol Reynolds attributes the rise to its prime, central location, highly reputable schools, and stately homes.
Added to this is the redevelopment of the commercial Broadway precinct and proliferation of new restaurants.
Many of the homes in Durban North were built over 50 years ago and have been refurbished.
An average family home currently costs approximately R3.275 million, with sectional title homes averaging R2.3 million. “Homes under R4 million literally sell within a few days of listing. In Upper Durban North homes fetch prices from R4 million to R15 million,” she says.
With a limited amount of space, opportunities for new development are infrequent, although at present the agent has a potential development with four stands on it.
Compared to uMhlanga, Reynolds says Durban North still offers good value for such a prime location. In uMhlanga, residential property is now selling for between R20 000 and R35 000 per square metre for brand new builds, and around R15 000 – R20 000 in Durban North. Existing homes are priced at around R8 000 to R10 000 per square metre in Durban North and approximately R10 000 to R15 000 per square metre in uMhlanga.
The agency is also currently marketing an R8.95 million home in Upper Durban North (photograph), built in 1916. The home sits in a mature half-acre garden in a 24/7 guarded cul de sac on the crest of a hill, with commanding sea and city views.