Home to some of the oldest and stateliest Victorian and Edwardian houses in Durban, the Berea also boasts a diverse selection of Art Deco and modern freehold homes, sectional title estates and flats.
With the excellent schools, easy commute to the city and the proximity of the University of KwaZulu-Natal, Berea appeals to a wide target market. This means Berea attracts a steady stream of buyers in various price brackets, which has ensured steady growth over the years.
“Property prices in Berea have always been on the rise,” says Mahomed Jooma, sales agent, Rawson Property Group’s Berea franchise.
Even now, with interest rate increases and other economic pressures affecting consumers’ buying power, demand is higher than supply, and properties are still experiencing growth.
Jooma says that the most sought-after properties in the Berea are lock-up-and-go flats, with buy-to-let investors particularly active in the under-R750,000 range (below the transfer duty threshold). “Property investment can be a good hedge against the devaluation of financial assets, which makes buy-to-let a very attractive option, especially if you can get away without having to pay transfer duty.”
That said, capital growth in Berea – and across the country – is unlikely to be as high as it was in 2015, says Jooma.
This article originally appeared in Neighbourhood, Sunday Times.
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