Situated close to Northdene, Queensburgh and Hillary outside Durban, Malvern is showing positive signs and is well on the way of recovering from the property slump.
Malvern is a mere 15 minutes drive southwest of Durban, situated within close proximity of major shopping centres, including the Pavilion in Westville and boasts four primary schools and two high schools.
Statistics recently released by Lightstone reveal that there have been 150 property transfers in the area in the last 12 months. The average price paid for a freehold property was R895 000 and the sectional title average came in at R636 000. With reasonable property prices and convenient access to the CBD, the area does seem to appeal to the younger set, with 40.96 percent of recent buyers in the area falling into the age category of 18-35 years.
The area offers a wide range of property across all price categories and market stock in the area is made up of 66 percent freehold property and 34 percent sectional title property. An Internet search reveals that starter homes can be purchased for as little as R395 000 for a small bachelor apartment. However, many upmarket homes in the area would be attractive to the discerning buyer as there are a number of properties available in the upper-price ranges, offering all mod cons of upmarket living.
What is interesting is that 48 percent of property owners in the area have owned their property for longer than 11 years; however, 31 percent of recent sellers that have sold their property have lived in the area for less than five years. Sales activity in terms of the predominant price band for property reflects that the majority of property sold fell in the band between R400 000 and R1.5-million. Price averages have remained stable since 2007; however, in 2008 and 2009 sales numbers steadily decreased which resulted in less overall monetary turnover and property sales in the area.
Standard Bank holds the largest market share in terms of approved mortgage bonds in Malvern and approved bonds of just over R43-million in 2011. The resultant drop in turnover becomes glaringly apparent when this figure is compared to the R86-million loaned by the same institution in 2007.
That said, the stats do indicate that recovery is on the horizon in terms of the number of sales concluded since 2009. During that year only 102 sales took place. The fact that 150 deals were transferred last year clearly shows that Malvern is once again coming into its own.
The suburb is also ranked in the top 100 KwaZulu-Natal suburbs in terms of average property valuation within the eThekweni Municipal region. Geographically situated slightly inland from the main coastal belt, the climate in Malvern offers those who cannot handle Durban’s infamous seaside humidity, some relief. With a fair selection of hospitable pubs and restaurants, shopping centres and medical facilities, life in Malvern seems to offer its residents an affordable lifestyle without compromising on amenities.