The growing number of exclusive lifestyle estates on the KwaZulu Natal Coast has added a new dimension to the property market. Estates such as Zimbali, Simbithi and Hawaan for example are now ranked among the top estates in the country.
According to Andreas Wassenaar, licensee for Seeff Dolphin Coast, estates such as Zimbali and Simbithi are a primary target for high income earners, strongly boosted by the semigration and work from anywhere trend, but are also sought for second homes and investment properties.
These top-end estates also attract international buyers including those from wealthy African countries.
Wassenaar says Zimbali ranks with the Atlantic Seaboard as the top coastal areas for HNWI (high-net-worth) buyers and investors. The estate is home to 650 properties valued upwards of R10 million with 150 of these valued above R20 million.
Many wealthy individuals from Gauteng own property in the area as second homes. Others have settled their families in the estate and commute for business to Johannesburg and elsewhere. He says while factors such as two years of “Covid-chaos”, the 2021 July-Riots and recent floods have affected the market, Zimbali has held up well.
An assessment of the market over the last year shows that Zimbali achieved sales worth almost R487 million at an average price of R7,1 million, fairly evenly split between freehold and sectional title properties.
The average selling price for freehold homes is around R9 million putting the estate among the top end luxury suburbs in the country. The highest price achieved was R17,2 million (although somewhat lower than prior years). On the other hand, the highest price for sectional title property achieved is a notable R11 million while the average price stands at R5,25 million for a sectional title unit.
The Simbithi Eco Estate achieved a notable 134 sales worth close to R685 million last year. The average price stands at around R5,1 million. Just over half of all sales were freehold properties which sold at an average price of R6,1 million up to a notable highest price achieved of R22 million. Sectional title units sold at an average price of R3,9 million and a highest price of R10,6 million.
Both Brettenwood and Dunkirk also rank among the top luxury estates according to Wassenaar. Brettenwood Coastal Estate achieves sales worth almost R140 million while Dunkirk Estate clocked up R128 million in sales. Both offer luxury homes, generally in the R5 million to R10 million range.
Hawaan Forest Estate in Umhlanga now boasts a median freehold price of R9,3 million which puts it among the top estates in the country. According to Brett Botsis, licensee for Seeff Umhlanga, the estate boasts one of the best lifestyles and offers excellent investment value.
Aside from security and privacy, the estate is renowned for the ancient forest which borders the estate. It is home to 100 luxury homes with several vacant plots still available in the R4 million to R6 million range. House prices generally range from around R8 million to R26 million for a top-end home.
The South Coast has seen a flurry of buyers since the onset of the Covid-pandemic in 2020 which greatly boosted semigration to the area, according to Michelle Harris, licensee for Seeff South Coast. Better value for money and the proximity to Durban are advantages for the villages and towns of the South Coast.
She says they are excited that the South Coast now also has an eco-estate offering in Margate to meet the high demand for gated estates in the area. The 120-ha Serenity Hills Estate offers beautiful scenery, amenities and views of the Indian Ocean. It has a choice of freestanding homes in two to four bedroomed-options, priced from just R1.395 million (for a two-bedroomed unit).
Writer: Gina Meintjes