You can still buy a South Coast home for under R1m
One of the last areas to recover from the 2008/09 property price crash, the KwaZulu-Natal SouthCoast is finally picking up some momentum as a steady stream of investors, retirees and even holiday home buyers re-enter the market.
This two bedroom, two bathroom townhouse for sale in Margate is situated in an access-controlled complex offering various amenities including a library, gym, tennis court and braai areas. The home has a covered patio and single lock-up garage. It is selling for R675 000 - click here to view.
This is according to Joe Foxcroft, owner of theHarcourts Hibiscus franchise covering the area from Hibberdene down to Port Edward, including the seaside resort town of Margate.
He says over the past three years the market has improved substantially, which is clearly evident from the increase in the number of property registrations and the fact that repossessions have fallen off sharply.
“Developers are also returning to the area and experts are predicting a full recovery by 2017, with price increases to match. As it is currently, though, there is still plenty of choice for buyers, and they are shopping around for the best prices,” says Foxcroft.
“A well-proportioned three bedroom family home can still be acquired here for less than R1 million, but while buyers used to look at about four or five homes before making a choice, they will now view around 20.”
Foxcroft says about 40% of current buyers are “locals” from Durban or elsewhere in KZN who are looking for a weekend getaway spot or an investment unit to rent out.
“The rental market is very active and rentals for one bedroom units now start at around R3 500 a month, while luxury units can earn up to R15 000 a month,” he says.
This four bedroom, three bathroom home selling in Margate has an entertainment room that flows onto an expansive deck with a swimming pool and built-in braai. It is on the market for R980 000 - click here to view.
“In high season, short-term rentals of sectional title apartments range from around R650 to R1 000 a day, and suitable apartments close to the beach can be purchased for between R900 000 and R3.5 million.”
He says well-priced houses and apartments for retirees and holiday home buyers are available in all the towns along this stretch of coast, including Hibberdene, Margate, Manaba, Shelly Beach andUvongo, while Southbroom offers more upmarket homes as well, with prices ranging from just under R2 million up to R14 million.
“For buyers who are brave enough to get their feet wet, these properties come with panoramic views and are set in idyllic locations, replete with pristine beaches and a range of top golf courses, water parks, diving and fishing spots, hotels and guest houses all just a short drive away.”