Always renowned for its excellent schools, Glenwood in Durban has become the place to be seen in recent years.
The trendy suburb of Glenwood has developed an almost bohemian feel over the last couple of years and the mix of trendy coffee shops, eateries and excellent schools continues to attract buyers to the area.
Having a university on your doorstep is always going to boost the buy-to-let market, but the variety of property on offer also appeals to those who aren't looking to rent affordable digs.
Many of the residents in the Glenwood area tend to be academics, artists, designers and other creative people who enjoy the distinctly trendy, neighbourly Art Deco vibe
says Craig Allsopp, franchisee: Rawson Properties Durban Glenwood. “Due to its central location and proximity to the Durban CBD, the area has also remained popular with businessmen who work in the city.”
He says residents are able to enjoy a hideaway from the hustle and bustle of city activity, while still having easy access to their workplace. Suburban revival has also had a positive impact on the demand for property in the area. Glenwood’s glorious mix – from student digs to marvellous mansions as well as older, more affordable homes – ensures there is a property in Glenwood for everyone.
Lauraine Lafferty, manager, RE/MAX address, says the suburb has a tremendous community feel about it and there is an effective community watch in place. “The property value in Davenport Road skyrocketed when the coffee shops and restaurants opened. This trend has expanded to Brand Road, which now also features a growing number of commercial enterprises.”
Lightstone data indicates that 85 properties have changed hands over the past 12 months. The average price for a freehold property is about R1,5m, while the average selling price of a sectional title unit hovered around the R500,000 mark.
However, Allsopp says at this stage the average selling price of a sectional title unit is R600,000. “The selling price all depends on the size of the property as well as where in the suburb the property is situated.”
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This article originally appeared in Neighbourhood, Sunday Times.