CEO's Message Mar
Category CEO's Message
Greetings,
Our recent luxury property sales figures indicate that buyers are returning to the security of long-term investments in the residential property market. Due to improved economic and market conditions, buyers are feeling less financial pressure and are looking to the future instead of adopting the ‘wait and see’ attitude that prevailed after the downturn of the global economy.
We successfully concluded 17 significant transactions of homes above the R5 million bracket in the third and fourth quarters of 2014. This is a sure sign that consumer confidence is on the rise. The areas we are seeing the most activity in are Umhlanga, Morningside, Westville, Hillcrest and Durban North.
Our Tyson Properties Umhlanga office attributes the success and growth of the area to excellent location management by the Umhlanga UIP project (Urban Improvement Precinct), the world-class promenade, the bustling café culture in the Umhlanga Village and the number of burgeoning business parks which are attracting more people to move into the area.
An ultra-modern residence at The Executive Estate in La Lucia Ridge recently sold for R9.5 million. This three bedroom home offered exceptional views of the ocean and the city and a separate teenage pad. The exclusive Hawaan Forest Estate in Umhlanga also continues to attract interest. One of the most recent home sales in this indigenous estate reached a price of R7.9 million – this contemporary, spacious home offered four bedrooms and forest and sea views. Closer to the Umhlanga central business district, a penthouse apartment in the Gateway precinct sold for R5.5 million.
The Tyson Properties Morningside office says that their office has seen some significant luxury sales in recent times and that buyers in this area are looking for space and quality. A five bedroom, freestanding home in Marriot Road – offering magnificent, panoramic views, a pool pavilion, a billiard room, gym, wine cellar and sumptuous finishes throughout sold for R8.2 million. Another modern freestanding home in Mentone Road sold for R7.15 million while a three bedroom apartment in Musgrave Road sold for R6.1 million.
The Tyson Properties Westville office said the appeal of both Westville and Cowies Hill lies in the picturesque green hills, tree-lined streets, large gardens and wide views of the city. The area offers quiet suburbia, large homes on spacious plots and a great infrastructure, including some of the best schools in the province. The office recently recorded the sale of a luxurious R9 million family home in Rockhaven Road which offered four bedrooms, exquisite finishes, large grounds as well as two separate apartments. Another gracious character property, in Haven Road, reached a price of R5.2 million. This home was originally the home of the Danish consul in Natal. It offered modern conveniences, travertine tiles, Rhodesian Teak wooden floors, Burmese Teak wall panelling and lead-light windows.
This is great news for the property industry. I believe that the toughest years of the recession are behind us and that the industry has emerged from a negative cycle. Tyson Properties saw their best year ever in 2014 and we expect 2015 to be even better.
Looking ahead to 2016 and 2017 we foresee that improved market conditions and increased buyer confidence will accelerate growth and propel the industry forward. Property prices will continue to rise as a result of a marked improvement in buying activity and fewer homes being available to buy.
Our luxury sales figures are a clear indication that the market is seeing considerable improvement and increased momentum. The time to invest in property is now, on the back of a recovering market.
Chris
Author: Tyson Properties
