While Meer en See remains the most expensive area in Richard’s Bay, sporting an average price of R1,688m for freehold properties and R660,000 for sectional title, it is seen as being too far away from the CBD and schools. This has contributed to enhancing the attractiveness of a few other suburb in the coastal city.
This is according to Sharon Mattison, manager of Leapfrog Property Group Richard’s Bay, who said there was a noticeable increase in housing renovations in Arboretum and Veld and Vlei, narrowing the price margin between these areas and Meer en See.
“There’s an almost equal split between sectional title and freehold properties in Arboretum, selling for an average of R705,000 and R1,16m respectively, and the newer simplexes in the Arboretum / CBD area are certainly driving these prices,” she said, noting that 43% of recent buyers were between the ages of 18 and 35, indicating that the area is attractive to first-time buyers and young families.
“When it comes to Veld en Vlei around 80% of the properties are freehold, selling for around R1,125m. The area currently caters to an older group with the majority of recent buyers being between 36 and 49 years old.”