Essenwood estate agents discuss why this Durban suburb is such an attractive proposition for homebuyers and property investors.
Why should investors consider buying in Essenwood?
The right property in the right location, that meets the needs of a prominent target market, indicates a worthwhile buy-to-let investment property. Essenwood is very central, with places of work, schools and other amenities close by. The average one-and-a-half- to two-bedroom apartment or entry-level property, is ideal for students or young families. Due to reasonable rates and levy charges on these entry-level properties and an ever increasing demand for them, investors are able to minimise shortfalls and even generate positive cash flow off these units almost immediately.
Russell Weavill: Agent, Harcourts
What draws buyers to Essenwood?
While retaining its renowned olde-worlde charm, Essenwood boasts new developments and offers a variety of grand homes, apartments and secure complexes to suit all pockets and tastes. Excellent schools are to be found as well as lively restaurants, coffee shops and shopping centres and, of course, the idyllic Botanical Gardens. Essenwood also offers a very vibrant nightlife to suit all ages. Besides several places of worship, the proposed new mosque will undoubtedly increase demand in this very popular area. Another factor that adds to the appeal is the fact that it’s conveniently situated close to the CBD, North Coast, South Coast and inland.
What should buyers expect to pay?
The entry level for sectional title properties in Essenwood is around R1,8m with the most active segment being the mid-market where modern and spacious apartments are priced between R3m and R5m. The upper end of the sectional title market has grown significantly and there are often luxurious apartments on the market priced between R10m and R12m. Houses in Essenwood start at around R2m to R2,5m for an older, non-renovated home, while top-end homes in the suburb which cost between R8m to R10m, are usually beautifully renovated four-bedroom, three-bathroom family homes with top-end finishes and set on large stands.
Marco Accolla & Michelle Hing: Principals, Lew Geffen Sotheby’s International Realty, Berea
This article originally appeared in Neighbourhood, Sunday Times.
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