The beautiful tree lined suburb of Kloof in KwaZulu-Natal has been attracting discerning buyers for years. Regarded by many as the perfect spot to live, the suburb is renowned for its large up-market homes and slightly cooler climate. Once a holiday retreat for the wealthy who wished to escape the high humidity of coastal Durban, the region started to attract permanent residents during the 60s and 70s.
Still thought of in the main as a village, the area has grown significantly. In the past, residents had to wind their way to nearby Durban to enjoy a shopping experience. However, these days the area boasts a number of up-market shopping centres with shops that cater for every taste.
Statistics recently been released by Lightstone reveal that there have been 215 transfers in the area in the last 12 months. This figure is up slightly from the 208 sales that were concluded in 2010. The average price paid for freehold property in 2011 increased by R124 000 to R1.897-million when compared to the average price attained the year before, which came in at the R1.773-million mark.
Sectional title property on the other hand has not fared as well and the figures reflect the average price paid for property in this sector of the market has declined. In 2010 the figure was R1.395-million, which dropped by just under R120 000, to R1.277-million, in 2011. Kloof has always been a popular choice for middle income earners and freehold property dominates market stock with 75 percent of property falling into this sector of the market. The area also seems to appeal to the older generation as 63 percent of existing owners are over the age of 50.
There are a number of excellent private educational facilities in the area, including Saint Mary’s Diocesan School for Girls, which has been educating young women from all over the country for over a century. It is also home to Highbury Preparatory School for boys and Kearsney College is situated in nearby Botha’s Hill.
Although the situation has improved, it appears that a number of homeowners in Kloof were hard hit by the recession and subsequent economic fallout. The stats reflect that in 2010 there were 31 sales in execution. This figure, however, has declined dramatically and the stats indicate that there were only two sales in execution last year, perhaps indicating that recovery is well under way.
The encouraging news is that although many residential areas across the country have had to deal with their fair share of ups and downs in the current economic climate, Kloof seems to have managed to weather the storm. Price averages have remained fairly stable and sales volumes are slowly but surely starting to rise once again. The outlook for those living their looks somewhat brighter as this popular suburb continues to draw a growing number of buyers.