Durban’s lush suburb of Kloof has always been a favourite with affluent, English-speaking property purchasers, but market activity is reported to be slowing as families tighten their belts across the nation. While property values in the area have remained largely stable in spite of decreasing turnover however, one property type appears to be holding its own a little better than others.
“Security estates and Blue Zones in Kloof have become highly sought-after,” reveals David Hitch, the Rawson Property Group’s franchisee for the area. “There is always demand for well-priced stock in these areas, and we have a shortage of options under R3million across the whole suburb.”
Meadow Lane is reported to be particularly popular, with houses commanding prices up to R10million.
“Homes around the golf course also have top tier prices, and are in high demand,” says Hitch.
The reasons behind the appeal of Kloof homes extend beyond the mere peace of mind that comes with great security, however.
“Kloof is quite a special part of Durban, in that it’s set away from the humidity and heat, but has easy access to the beach, the mountains and the city, and encompasses its own lush, green, park-like spaces,” says Hitch. “There are excellent schools nearby, great hiking and cycling routes, and a wide variety of facilities at Kloof Country Club for sports-lovers and golfers. The homes are also large, with gardens averaging at around 4000m2, and styles range from traditional colonial to modern renovations.”
The additional safety and reduced maintenance requirements of Kloof’s security estates certainly add to the appeal of this elegantly outdoorsy suburb, but buyers willing to look outside the estates and patrolled “blue zones” could be in for a bargain.
“Areas like kloof may not be as heavily patrolled as other parts of Kloof, but they are still safe and beautiful, and offer homes from as little as R1.4million for a two-bedroomed simplex,” says Hitch. “A four-bedroomed family home will, on average, cost about R2.4million, so there is definitely great value to be had in the Kloof area.”
As for investment potential, Hitch reports appreciation to be slow, but ongoing.
“The property market is sluggish, nationally, and Kloof has been affected to a degree,” he says, “but prices are still inching up, and should bounce back well when we hit the next upswing.”
In the meantime, he suggests holding off on buy-to-let purchases, and concentrating on the long term potential of this established, attractive and stable area.
“With bond costs, maintenance and rates where they are at present, you’re unlikely to be able to cover costs with rent,” he explains. “The true value of these properties lies in their long-term growth, which can be maximised through smart upgrades and sound maintenance.”
