Richards Bay CBD is abuzz with buy-to-let property investors who are snapping
up two bedroom apartments in the R450 000 price range, says Phil Hammill,
area principal for Pam Golding Properties.
"With a monthly rental income of R3800, these apartments provide
a very sound investment," says Hammill. "Since the start of
2010 we've seen a return of investor purchasers to the residential marketplace,
which bodes well for the rest of the year. A new development, "979
on Pearls", comprising 44 two bedroom apartments, is about to be
launched in the CBD, with units selling for R495 000 also ideal
for the investment buyer," he says.
Arboretum, an older area of Richards Bay, is also experiencing increased
activity with homes priced right, and around the R800 000 mark, selling
easily. For this price you'd be able to acquire a three bedroom house
with a single garage and large garden. In Meerensee, a suburb located
closer to the beach, there's a great deal of interest with most buyers
looking for neat, well-priced houses under R1 million, as well as up to
around R1.3 million. Says Hammill: "Only tip-top properties are selling,
so now's a good time to renovate bathrooms and kitchens before selling,
and paint the house in neutral colours."
With the new King Shaka International Airport just 50 minutes' drive from
Mtunzini - which is 42km from the industrial hub and port of Richards
Bay and 35km from Empangeni, this village is also attracting interest
among home buyers. These include Johannesburg business people looking
to purchase a R2-3 million family holiday home with sea views and sound
"Mtunzini is essentially a lifestyle village which draws a high number
of Gauteng buyers as well as business executives transferred to Richards
Bay and Empangeni who choose to live in Mtunzini and commute to
work each day via the N2. Once the John Ross highway is completed, the
travel time will be greatly reduced," says Hammill.
"There is a huge demand for rental homes in Mtunzini, where rental
prices are still lower when compared to both Richards Bay and Durban.
A three to four bedroom house with a sea view is in the region of R7000-R7500
a month while one without a sea view is approximately R5500-R6000. Three
bedroom flats are priced from R3000-R4000 including lights and water.
We find that rentals are popular as potential buyers want to experience
the village first, and are also waiting for better priced homes in a better
location," he says.
At the 175ha Zini River Estate, situated on the uMlalazi River adjacent
to a nature reserve, and with half the available land in the development
dedicated to conservation, construction of homes is under way. This project
comprises three phases, with 272 freehold stands ranging in size from
1400-8000sqm. There are some well positioned plots available for resale
in the estate, priced from R680 000 to R880 000 for a 1500 square metre
stand on an elevated site to R1.14 million for a double stand of approximately
4000sqm. This estate has an electronically monitored perimeter fence,
guarded entrance and regular security patrols.
Iliza Bay, which is a 11ha development within the estate, has proven extremely
popular with all 60 three and four bedroom cottages sold, priced for R1.3
million and R1.65 million respectively. With a clubhouse and swimming
pool for use by tenants, Iliza Bay is sought after among a broad cross-section
of buyers from young married couples to retirees.
For further information contact Phil Hammill of Pam Golding Properties
Richards Bay on 035 7890800 / 082 612 4790