Financial gain isn't the only factor that attracts buyers to this area.
The average price of a freestanding home in Virginia in Durban North has increased by R1m since 2006. According to Lightstone statistics, buyers would have expected to pay R1,7m for a home in the suburb back then; however, this figure had increased to R2,7m in 2015.
Durban North is perfectly situated and its residents are able to enjoy the amenities offered by Durban itself as well as those in nearby La Lucia and Umhlanga. The suburb also currently supports the Virginia Airport, although plans are afoot to move the facility southwards to Scottburgh. The valuable seafront land will then be sold off for residential purposes.
At this stage, the majority of property falls under the freehold banner, while a small proportion (4,15%) is made up of sectional-title units. Last year, there were 25 freehold sales, but no sectional-title units changed hands. No sales have been recorded so far this year, although it's worth remembering that Lightstone data only reflects sales which have been registered at the deeds office and not pending transactions.
These days, the suburb attracts a younger market, with 76% of recent buyers falling within the 36 to 49 age bracket, while 50% of recent sellers were aged 65 and older.
As those who already live in the area know, the suburb is an ideal spot to raise a family. There is a strong sense of community, a wealth of good schools and excellent shopping facilities. The area literally has it all right on its doorstep: the sea, entertainment, dining and natural beauty spots. For those looking to relax, Umhlanga beach is a mere 3,6km away, and the Beachwood Golf course is just a kilometre away.
- Netcare Umhlanga Hospital
- Gateway Private Hospital
- Life Mount Edgecombe Hospital
- Netcare Parklands Hospital
- Ethekwini Hospital and Heart Centre
- Virginia Preparatory School
- Glenashley Preparatory
- Northwood School (a boys’ high school)
- Northlands Girls’ High School
- Danville Park Girls’ High School
Things to do:
The fact that Virginia is so close to Durban means that residents can take advantage of everything the city has to offer including going for a run or a cycle along Durban's Golden Mile or visiting uShaka Marine World. Alternatively, those who head north will find the Gateway Theatre of Shopping which offers a host of entertainment, as well as the excellent La Lucia Mall.
This article originally appeared in Neighbourhood, Sunday Times.