KZN's Queensburgh property market going from strength to strength
Historically known as a railway town, Malvern in Queensburgh has gone from strength to strength and has become a very popular and sought after suburb especially amongst young professionals.
Jan Vermeulen, Seeff's MD in Queensburgh, says a lot of the older homes in Malvern have been transformed into multi-million rand properties by renovating and extending the existing properties.
"Malvern is following the trend of suburbs like Melville in Johannesburg and Observatory in the Cape where older properties are renovated and extended to more modern homes.
Depending on the plot size of the property, new developments are also sometimes built on existing stands. These homes are becoming increasingly sought after by especially young professionals.
Malvern is also centrally located, close to schools and offers the community two shopping centres. It is only 15 min away from the Pavillion Shopping Centre and provides easy access to the N2 and N3 freeways to places of employment in Durban".
Vermeulen says full title properties in Malvern cost between R 1 350 000 and R 1 500 000 and sectional title properties sell for between R 1 000 000 and R 1 200 000.
There are also some large and upmarket homes listed for between R2 000 000 and R6 799 000.
"The higher the price the smaller the buyer pool is. Homes in this price bracket are mansion style larger homes of between 600 - 800m2 - much bigger than the average home in Queensburgh. Buyers often consist of doctors, lawyers and successful business owners, among others".
Vermeulen says selling prices in the entire Queensburgh are predicted to show great growth within the next five years as the area is expected to remain sought after especially with new development complexes being in demand amongst the younger generation.
"We have generally noted that a lot more first-time home buyers entering the market in Queensburgh.
I believe that many people have recently decided to invest here because of factors like the decreased fuel price, the many people who have recently transferred from Gauteng to KZN and the fact that while Queensburgh is only 15 minutes away from Durban and Pinetown, properties here are much more affordable than in those areas."
Vermeulen adds that prices in the greater Queensburgh area range from R520 000 for a two bedroom apartment or simplex and from R800 000 for a three bedroom home.
"Anything under R1 million with good property offerings sells within a week. We have also noted many properties coming onto the market in the R1.3m to R1.6m bracket in the Malvern, Escombe and Northdene areas.
These homes generally have three bedrooms and two bathrooms - either with a granny flat or with the potential for creating one".
Vermeulen continues that on the rental side there is great demand for two and three bedroom properties in Queensburgh at monthly rentals from R5500 up to R10 000 for larger, more modern units.
"There has always been a great demand for rentals in Queensburgh, but stock is a problem - especially in the more affordable price range.
Two and three bedroom simplexes with two bathroom units at rentals from R6000 per month are in especially high demand, but there is definitely a shortage of these, as most stock coming in takes the form of apartments and duplexes with one bathroom.
Families are looking for properties with a garden for the children to play in within a secure environment. There is also a great demand for rentals situated near shops and schools."
Vermeulen concludes that another 'hot item' on the list in Queensburgh at the moment is land.
"There are great opportunities for new developments in Queensburgh, which is reflected in a large appetite for land of 1000sqm and bigger - at prices from R500 000 to R2m."
Pics attached
Picture 1: This four bedroom home in Malvern in listed for R6 799 000.
https://www.seeff.com/results/
Picture 2: This five bedroom home in Malvern is listed for R2 350 000.
https://www.seeff.com/results/
Picture 3: This three bedroom townhouse in Escombe is listed for R1 400 000.
https://www.seeff.com/results/
20 Nov 2019
Author Tanya Van Buuren Botma