Agents from the Seeff Property Group express optimism that a more effective and responsive government in KwaZulu-Natal, along with better service delivery, could greatly benefit the province’s property market.
The coastal areas, especially, have faced numerous challenges over the past three years, including riots, floods, and inadequate service delivery. Combined with weak economic growth and high interest rates, these issues have significantly impacted the KZN coastal property market.
Improved service delivery in regions such as the South Coast could provide the boost needed for the market to regain its pre-pandemic momentum. Consequently, now might be an opportune time for buyers to consider the coastal towns of the South Coast.
Although there was a surge in sales when interest rates were at a 7% low, price growth has remained subdued.
For those seeking good value and a healthy coastal lifestyle, the KZN South Coast is a solid option, with most properties priced below R1.5 million.
Buyers can find excellent value compared to other coastal regions, according to Joleen Giraudeau, manager for Seeff South Coast.
The South Coast, known for its warmer climate, boasts the highest number of Blue Flag beaches in KZN. It features small, popular tourist towns such as Amanzimtoti, Umkomaas, Scottburgh, Pennington, Hibberdene, Port Shepstone, Shelley Beach, Margate, Southbroom, and Port Edward.
The pandemic spurred a migration from the Durban metro to coastal towns as people sought a healthier lifestyle. These towns are also popular with out-of-town buyers for holiday homes and retirement.
Affordability and lifestyle are key advantages of the KZN South Coast property market, said Giraudeau. In the Mid-South Coast area, including towns like Scottburgh and Amanzimtoti, most sales are below R1.5m, with higher-priced properties taking longer to sell, according to Debbie du Toit, an agent with Seeff Mid-South Coast. Sellers with overinflated prices will need to adjust their expectations, she adds.
Nonetheless, prices have reached R1.75 million (Dunewood), R2.4 million (Cod Crescent), and R3.5 million (Douglas Road) in Pennington, where buyers can find freestanding houses for under R1 million.
Tracey Cronje, an agent with Seeff Hibiscus Coast (covering areas like Shelley Beach, Ramsgate, and Port Edward), notes that while sales have slowed, the year began positively. Affordability remains a strong point in the area, with most sales ranging between R1.1 million and R1.5 million, and average rentals between R7,000 and R10,000 per month.
Recent high-priced sales include R3.045 million in Shelley Beach (Bay Hill Estate), R2.8 million in Ramsgate (Wedge Road), and R2.3 million in Port Edward (The Estuary).
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