The Station Road Precinct is Durban’s trendiest spot right now. Find out from agents what this means for property in the area.
What is the average selling price of property in the area, and what types are available?
An analysis of the types and selling prices of property in the Windermere area (from the stadium up to Innes Road) reflects the broad diversity of price and type of property that has become characteristic of the greater Berea area. Starting at an average price of approximately R650,000 for a one-bedroom sectional title apartment and rising to R2,5m on average for a freehold four-bedroom-house, the area also features a nominal number of share block developments. A closer analysis reveals that roughly 81% of the market comprises sectional title units and the balance is freehold properties.
What do you love about the Station Drive Precinct?
There are so many things to love about the area. It’s so central and easily accessible. The area is trendy and vibey with options for 17 to 70-year-olds. It’s amazing how they have managed to upgrade all these stunning old, character-filled buildings, each having a charm of its own. Whether it is a spectacular coffee, great meal or just a browse around the shops, all can be done in this new precinct. It’s wonderful that it’s also within walking distance to the newly upgraded JT Ross office block. With easy access from the main Umgeni Road and parking right outside, I have no doubt that this area will continue to be a destination of choice.
What type of buyer is typically drawn to this area?
The area is becoming quite trendy, so there is more appetite from first-time buyers and investors than we have seen in a while. The area offers good value, and hence first-time buyers are able to enter the market in these nodes. Most of the buyers are first-time buyers and we are seeing a few investors picking up good value units. The rental market is growing as the interest rate cycle continues its upward trend and buyer affordability wanes, thus investors are snapping up well-priced units in the area, particularly closer to Lilian Ngoyi Road and the Station Road Precinct.
This article originally appeared in Neighbourhood, Sunday Times.
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