Although not nearly as well-known as the holiday towns to the north of Durban, sales in the leafy green suburb of Glenashley are on the increase. Surrounded by good schools and the ever growing business opportunities of nearby Umhlanga, La Lucia as well as the recently relocated King Shaka Airport, this somewhat older lady of the north is once again coming into her own.
Recent statistics released by Lightstone reflect that there have been a total of 48 transfers concluded in the area in the last 12 months. Rated as one of the more popular areas in the Durban region, those who wish to reside in this area will generally pay a premium to do so. This fact is backed up by the stats that indicate that 29 of the sales concluded in the area fell in the price category of R1.5-million to R3-million, with four sales concluded at R3-million and above.
Market stock in the area is dominated by the freehold sector of the market with 96.52% of property falling into this sector of the market. Of the 48 sales concluded only five of these sales fell into the sectional title category, indicating that freehold property seems to dominate. Glenashley’s stable ownership indicates that 47.72 percent of existing owners have resided in the area for 11 year and longer while only 23.31 percent of owners having bought into the area in the last 5 years.
Price averages have remained stable since 2007 indicating that investment in property in the area remains robust. Sales volumes have declined by approximately 20 percent since 2007, however, the total rand value of sale concluded in the last 12 months came in at a healthy R88-million.
Grant Gavin, broker owner of Re/Max Panache says that although historically Glenashley has never quite held the same esteem as neighbouring suburbs such as Durban North or La Lucia, this has started to change over the past few years.
“During this time a lot of private development has occurred in the area. People have bought older Glenashley homes and transformed them into modern family homes, comparable to those found in La Lucia or Umhlanga.”
He says that one of the drawcards for those investing is that the suburb is situated on a hill and offers fantastic sea views. Another positive aspect is that property prices in the area hold their value. “Although the statistics reflect that the average price paid for a home is close to R1.8-million, compared to the R2.3-million and R2.6-million average paid in Durban North and La Lucia respectively, a total of 53 percent of the properties sold in Glenashley achieved prices between the R1.5-million and R3-million mark.” The highest price of a property sold through Re/Max Panache was R3.95-million.
The suburb boasts a number of good primary schools including Glenashley Preparatory School and Glenashley Junior Primary School. Danville Park Girls High and Northwood School for boys is situated close by in Durban North. Crawford College La Lucia caters for those seeking a private education for their children.
Ideally located, close to some of the best beaches on the coast in nearby Umhlanga and surrounds, near to a number of top shopping facilities and good educational facilities, Glenashley it seems truly is the place to be.