|
|
Select a year
News Search
DURBAN NORTH PROPERTY PERFORMING WELLChris Pearson, Broker/Owner of RE/MAX Address talks about the upswing in the Durban property market North Durban areas including Umhlanga, are some of the best performing areas in the country at the moment, according to Chris Pearson, Chairman of Durban-based RE/MAX Address. Pearson, with more then 10 years of service with the company and 31 years experience in the real estate industry, was awarded with the RE/MAX Circle of Legends trophy in February this year for outstanding sales performance during 2009. Receiving the Circle of Legends award was a great honour for Pearson, especially since he is only the second person to receive it, outside of North America and Canada. It was last presented in 2006 when South Africa was in the height of the property boom. He says receiving this award has motivated him to keep going and never stop. "You have to be consistent at being consistent," he says, "you have to have a passion for the business of selling real estate, you need to be able to think out of the box and must be actively involved with your troops in the trenches." Overall, success for Pearson means taking a disciplined, holistic approach to life and creating balance. Commenting on the general property market in Durban and its surrounding areas, Pearson notes that demand for residential property has picked up steadily, which is an indication that confidence is returning to the market from all buyer segments. "Established areas like the suburbs of Berea, North Durban and Upper Highway areas remain popular as they often retain their value better than the newer areas," he says. "Investing in property in active areas is always a better option for this very reason, no matter whether it's residential or commercial." Depending on location, buyers interested in investing in Durban property can expect to pay between R550 000 and R800 000 for a two-bedroom apartment in the Berea, Glenwood or Morningside areas of Durban, while similar apartments in the CBD would sell for approximately R400 000 to R550 000. "Mid-level homes in and around Durban can be found for approximately R1,2m. Again this is dependent on the location, as homes in this price range in Berea or Morningside would be difficult, if not impossible to find," says Pearson. He says that there are a number of expensive homes, priced from R2,5m upwards on the market in the affluent areas. RE/MAX Address has just sold a R12m home in Umhlanga, which Pearson says demonstrates that buyer appetite in the upper reaches of the market is increasing. Pearson points out that market activity in the upper echelons of the buying market has increased due to the fact that these buyers don't have as many issues with mortgage finance as other buyer profiles. Adrian Goslett, CEO of RE/MAX of Southern Africa says that while the effects of a lack of mortgage finance may hinder the buying process to a certain extent, the market is showing solid growth overall with an increase in sales volumes compared to a year ago. Pearson believes that the slow but steady recovery of the market is a good thing. "Steady and solid progress in the property market recovery means that no bubble or false expectations will be created." He expects the interest rate to remain steady for the next 12 to 18 months. RE/MAX Address operates in the residential and commercial market segments of the Umhlanga, La Lucia, Durban North, Berea, Morningside, Glenwood, Kloof and Hillcrest areas of KwaZulu-Natal, among others.
|
||||||||||||||||||||||||||||||