Local estate agents comment on the property market in Greyville, KwaZulu Natal.
What types of properties are available, and what is the average selling price in the Greyville area?
The mixed zoning of the area allows for business, retail office and residential opportunities. Commercial properties range from R2m to R30m for entire commercial buildings. Presently, 35% of the residential properties in the Greyville area are freehold and approximately 65% are sectional-title schemes. Depending on the location of the property you could pick up cheaper investment flats from about R350,000 for a one-bedroom. Three-bedroom apartments range from R675,000 to about R1m, depending on the complex or position of the building. Rental demand is strong as it is centrally located to the CBD, schools and shopping facilities in the Morningside/Essenwood area.
What type of buyer is interested in investing in the area?
From a property perspective, we have noticed that there has been a trend for commercial enterprises to purchase freehold properties, thus on the one hand escalating property prices, whilst on the other reducing the residential demand. There is still a diversity of properties on offer, ranging from lower-priced studio apartments, to upmarket freehold homes. The area in the lower segments tends to cater for the more budget-oriented buyer, while property prices escalate as you go further inland. Because of Greyville’s accessibility to good schools, shops, arterial roads and transport the Greyville area will always be in high demand.
Have sales in the Greyville area been fairly consistent over the years and does the area appeal to first-time buyers?
Greyville has gained popularity in recent years because it is very centrally located and offers good value for money. This node of Durban, borders on Morningside which is a very popular area, and hence Greyville is becoming more desirable. First-time buyers can purchase two-bedroom apartments for under R1m, making the area highly attractive. Proximity to the Florida Road precinct, the beaches and the popular Avondale Spar adds value to the lifestyle offering in Greyville. Those buying in this area include young first-time buyers, investors seeking good returns and people who want to scale down by moving into apartment complexes.
This article originally appeared in Neighbourhood, Sunday Times.
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