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BUOYANT PROPERTY MARKET IN GLENASHLEY
Category Property News
Proving that old school is cool, is the popularity of Durban North suburb Glenashley with its large properties and traditionally-built houses, many of which have been recently modernised.
The area is well established with good primary and high schools, plenty of shops and other amenities and easy access to both the hub of Umhlanga and the CBD via the M4 Ruth First Highway. “The suburb and homes are family orientated with their larger stand sizes and area offering such as sought-after schools and playgrounds,” say Charmaine Powell and Casey Holloway, co-owners, Harcourts Synergy.
According to Private Property data for June, Glenashley was the 13th most searched-for suburb in Durban with a median asking price of R3,95m. “The market here is quite active and consistent. Properties range between R3m and R5m although occasionally houses for around R2,7m do come on the market,” says Maurizio Dalle-Vedove, Glenashley area specialist, Lew Geffen Sotheby’s International Realty. These often need some renovation but it makes them attractive to buyers looking to create their dream home in this ideal location. “Many older homes have been bought and renovated into large, designer masterpieces with the highest price on our books currently R8,2m,” note Powell and Holloway.
“The shopping complexes in the area have also been extended and renovated, becoming quite a hub for a mix of businesspeople, families and trendy up-and-comers. The market is currently very buoyant and sellers who list at a fair price are seeing sales within a shorter period than the general market average of four and a half months. While we are feeling the effects of a buyers’ market, Glenashley is holding its value and is still very attractive to purchasers.”
The whole area enjoys interest, but the single-apartment building in the area, Glenashley Heights, is particularly popular. “It offers fantastic sea views, good security and is well situated on transport routes and close to shops, restaurants and the library,” say Powell and Holloway. “The promenade which runs parallel to the beach, is also in demand and there are some impressive freestanding homes here.”
Author: Lew Geffen Sotheby's International Realty