Affordability and ease of access are two of the main factors driving property in these popular areas.
Always popular with buyers, sales in Queensburgh and Malvern have been steadily growing and the demand is having a positive effect on prices.
Lightstone statistics indicate that the average household income of those living in these neighbouring suburbs ranges from R24,000 to R37,000 per month. The average price of property sold in 2014 was R930,000 for a freehold home and R713,000 for a sectional title property.
A total of 160 properties have changed hands within the last 12 months and there have been 89 freehold and 87 sectional title registrations so far this year. The average price paid for a home has risen quite significantly during this time, with a freehold home selling for an average price of around R1,2m, while sectional title units are now selling for an average of R776,000. A total of 44 freehold properties and 52 sectional title units have been registered with the Deeds Office so far this year.
Mike McKenzie, principal: Tyson Properties Queensburgh, says although sales are strong across the board, there is a huge demand for properties sited within complexes.
Supply and demand have seen prices increasing steadily over the past year. This is due to many of the younger generation from Chatsworth and other outlying suburbs moving to the area. Well priced homes are often snapped up very fast.
Jan Vermeulen, lincensee: Seeff Queensburgh says some 35% of purchasers in this area are first-time buyers. "A large percentage of those looking to buy are searching for lock-up-and-go options and as such, units in complexes are much in demand.
Properties in these suburbs are also fairly priced. This, coupled with the fact that the area is situated close to arterial routes such as the M7 and M13, is a major attraction. Westville is a mere 15 minutes away, while Pinetown and Durban are also not only easily accessible, they too are relatively close to home.
As things stand, 34% of homes in the area are sectional title properties. The ongoing demand for homes in this sector could change this picture if developers take advantage of the obvious gap in the market.
This article originally appeared in Neighbourhood, Sunday Times.
