What you will pay for property in Durban’s most popular suburbs

Private Property data reveals that there is strong interest from buyers in suburbs across the city. Here are the most popular suburbs and the property prices in them.

Durban was recently voted the South African city with highest quality of living in Mercer’s 20th annual Quality of Living Ranking. Although those who live in Joburg and Cape Town may vehemently disagree with the study, most Durbanites wouldn’t swap the coastal city for anywhere else in the country. Besides the enviable coastal lifestyle, Durban has a property market that has something for everyone, with a selection of properties spread across a range of different suburbs.

According to Private Property data for April, the median price of a property in Durban was R1 695 000, a 7% change when compared to a year ago.

The data also revealed the most popular suburbs for property shoppers in the city in April. We measure the most popular suburbs by looking at the number of views per sales listing on our website. The price data reflects the median asking price for properties in the suburb as listed on the Private Property website in the same month.

Property buyers were searching for property in suburbs across the city and at different prices, which indicates that there is a good level of interest right across the market. The reasons for their popularity range from security, amenities in the area, proximity to business hubs, good schools in the area and the selection of properties available.

Below is a list of the 20 most popular suburbs on Private Property in April 2018

most popular suburbs in durban - tableThe 20 most popular suburbs in Durban


Detailed price data for the 10 most popular suburbs in Durban

1. Malvern

Affordability and ease of access are two of the main factors driving property demand in this popular area.

Median asking price by property type:
House: R1 600 000
Flat: R860 000
Complex: R1 295 000

A typical property in Malvern is a 3 bedroom house, with a median asking price of R1 350 000. The monthly repayment on this home would be R11 725 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

2. Durban North

Great schools, a terrific location and a superb choice of property are all factors which have been drawing buyers to Durban North for years.

Median asking price by property type:
House: R4 547 500
Flat: R1 850 000
Complex: R2 585 000

A typical property in Durban North is a 4 bedroom house, with a median asking price of R4 750 000.The monthly repayment on this home would be R41 255 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

altTextDurban North is a popular suburb for families and young professionals

3. New Germany

Located close to employment in industrial areas, good schools and the commercial centre of Pinetown, this suburb appeals to first time buyers looking for well-priced property.

Median asking price by property type:
House: R1 095 000
Flat: R630 000
Complex: R955 000

A typical property in New Germany is a 3 bedroom house, with a median asking price of R1 065 000.The monthly repayment on this home would be R10 175 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

4. Phoenix

Phoenix is a major commercial and industrial area and offers affordable property for those who work in these areas and nearby Umhlanga.

Median asking price by property type:
House: R850 000
Flat: R369 000
Complex: R790 000

A typical property in Phoenix is a 3 bedroom house, with a median asking price of R859 500. The monthly repayment on this home would be R7 461 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

5. Morningside

An excellent selection pf property, green spaces, entertainment options and a central location make this one of the most popular suburbs in Durban.

Median asking price by property type:
House: R3 395 000
Flat: R1 200 000
Complex: R1 992 500

A typical property in Morningside is a 2 bedroom flat, with a median asking price of R1 100 000. The monthly repayment on this home would be R9 554 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

Florida RoadFlorida Road in Morningside has a number of trendy bars and restaurants

6. Sunningdale
The suburb in Umhlanga boasts a number of new developments to cater for demand from buyers who are attracted to the live, work, play lifestyle in the area.

Median asking price by property type:

House: R2 650 000
Flat: R2 049 000
Complex: R2 195 000

A typical property in Sunningdale is a 3 bedroom house, with a median asking price of R2 650 000. The monthly repayment on this home would be R23 016 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

7. Gillitts
Residents in this well-established suburb enjoy the quintessential country lifestyle and are drawn to the large properties.

Median asking price by property type:
House: R2 600 000
Flat: R1 785 000
Complex: R1 895 000

A typical property in Gillitts is a 3 bedroom house, with a median asking price of R2 425 000. The monthly repayment on this home would be R21 062 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

Gillitts aerial iamgeBuyers are drawn to the tree-lined streets of peaceful Gillitts

8. Waterfall
Another suburb that offers a country lifestyle, Waterfall is surrounded by stunning scenery making ti hugely popular with nature lovers, hikers, bird-watchers and bikers.

Median asking price by property type:
House: R2 650 000
Flat: R2 049 000
Complex: R2 195 000

A typical property in Waterfall is a 3 bedroom house, with a median asking price of R2 650 000. The monthly repayment on this home would be R23 016 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

9. Musgrave
Enjoying a central location within minutes of the beach, shops, the CBD, schools and places of worship, this suburb has a huge selection of properties – from studio apartments to grand homes overlooking the city.

Median asking price by property type:
House: R2 850 000
Flat: R1 265 000
Complex: R1 895 000

A typical property in Musgrave is a 2 bedroom flat, with a median asking price of R1 200 000. The monthly repayment on this home would be R10 422 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

10. Kingsburgh This suburb in the south of Durban boasts spectacular sea views and a beach lifestyle.

Median asking price by property type:
House: R957 500
Flat: R1 195 000
Complex: R950 000

A typical property in Kingsburgh is a 3 bedroom house, with a median asking price of R795 000. The monthly repayment on this home would be R6 905 per month, over 20 years at the prime interest rate of 10% and payment of a 10% deposit.

Have a look at Durban in all its glory below:


Background

This report is compiled using search activity and median asking prices of residential properties listings on Private Property’s website in April 2018. To maintain consistency over time and assist comparison between areas, data is only presented for areas with 100 or more listed properties and grouped by the following common attributes of residential properties in South Africa: • type (houses, townhouses or flats)

Some effort is also made to exclude outliers from the analysis. A feature of Private Property’s Report is that it provides insights based on current asking prices rather than the eventual sale prices of property transactions. This is an important distinction, as the two measures provide slightly different insights into the property market.

Private Property’s median asking price data provides a view of all properties being offered for sale on its website. This has the advantage of including insight into many more properties than are eventually sold in each quarter. Although asking prices are usually slightly higher than sale prices, they have an advantage of being available to analyse well in advance of the eventual transactions. Care must be taken when interpreting prices of listings on Private Property’s website, as it differs from some analysis of sale prices that track individual properties as they are offered for resale over time.

 

Sourcehttps://www.privateproperty.co.za/advice/news/articles/what-you-will-pay-for-property-in-durbans-most-popular-suburbs/6382