KZN continues to enjoy ongoing demand from buyers seeking a beautiful climate and a relaxed beach lifestyle. Indeed, the past few months have seen increased activity levels in some of our most popular estates, like Izinga Park. So how do our Umhlanga estates compare with those in the rest of the country?
Izinga is a highly sought-after node that attracts buyers seeking security and convenience, being located within the heart of Umhlanga Rocks. Prices have remained stable over the past few years in the older pockets of Izinga, with the median price of freestanding homes being R7 million in 2016, and the median price in 2022 currently sitting at R7,6 million. (Data supplied by Lightstone).
Izinga Park has enjoyed positive growth over the past few years with the median price in 2018 being 13,1 million and the median price for 2022 being R17 million. Activity levels have recovered post covid and we expect the upward trajectory to continue. The beauty of Izinga Park is that the homes are new and in excellent condition, which means that they are move-in-ready.
Hawaan Forest Estate has gained a reputation for its beautiful location near the Umhlanga beachfront, with views overlooking the forest reserve and ocean. Hawaan is also popular because of its contemporary architecture. Homes in Hawaan have enjoyed positive growth over the past few years, with prices for freehold homes growing from a median of R6,7 million in 2016, up to R9,3 million in 2022.
Mount Edgecombe is a very established golf estate and offers a secure lifestyle. Pricing has also enjoyed some inflation over the past few years, albeit at a slower pace than both Hawaan and Izinga, with the median price for freehold homes being R6,2 million in 2016 and reaching over R7 million in 2022. Prices have continued to hover around R7 million between 2018 and 2022.
Heading north to Sandton, Dainfern golf estate is an older estate, which has not enjoyed the same growth as the estates in KZN. Prices here averaged R5,5 million in 2016 and the median continues to plateau at R5,5 million in 2022.
Moving down the coast to Thesen Islands in Knysna, a popular beach lifestyle estate surrounded by the ocean: homes in Thesen Islands have risen in price from a median of R8 million in 2018 up to R10,2 million in 2022. Inflation of approximately 6,5% pa, similar to the inflation enjoyed by Izinga Park and Hawaan Forest Estate.
Val De Vie in Paarl offers a tranquil lifestyle in the winelands, surrounded by olive farms and vineyards. Homes in this estate have ranged from a median price of R7,6 million in 2017 up to R9 million in 2022. Val De Vie has tracked similar growth to the estates in KZN, reflecting the trend of people to semigrating from urban areas to either coastal or mountainous nodes.
Silverhurst Estate in Constantia is a very established and sought-after estate in the heart of the Southern Suburbs. Homes in this estate were fetching prices of R15 million in 2016 and prices peaked at R25 million in 2019. The median has now returned to R14,4 million for 2022. This is however indicative of the fact that there is slow turnover in this estate with only one sale thus far in 2022, and hence the data has been skewed. On the whole, homes in this estate range in price from around R14 million up to north of R25 million.
Based on the aforegoing, it is encouraging to see that new, modern estates in Umhlanga, continue to rival the estates in the Cape in terms of capital growth and demand. The KZN market has therefore shown commendable resilience, bouncing back quickly after the setbacks it has experienced in the past few years. Onwards and upwards for KZN!
BY: CAROL REYNOLDS, AREA PRINCIPAL, PAM GOLDING PROPERTIES
For further information and professional advice from the market leaders, please call PGP on 031 573 6000.
CAROL REYNOLDS BIO: Carol is a qualified Advocate with a Masters degree in Psychology. She has over twenty years’ property experience and her Durban North / Umhlanga office has won top franchise within the Pam Golding Group for the past few years.
