Wide-sweeping redevelopment of Westville's major commercial and retail centres, including the landmark Pavilion Shopping Centre, is evidence of a new wave of confidence in the suburb that is already experiencing a resurge of activity in its residential property market.

That, along with the value for money it offers relative to Durban's other upmarket suburbs, has seen residential property sales volumes rise by 23 percent for the period February 2006 to January 2007, according to the latest figures released by PropValues. 

PropValues, an online property valuation tool developed by Prop Data, coordinates property sales from its subscribers and is thus able to establish property price trends in residential markets.  According to managing director Scott Allnatt, Westville recorded 21 percent growth in property values on average during the above-mentioned period.  This, he said, had brought the average price of a house in Westville to R1 378 261.
While well over the R1 million mark, it was nevertheless substantially below that of Umhlanga Rocks, which had reached R2.5 million, and Ballito, where it had just tipped the R2 million mark.

Further indication that Westville's market was emerging strongly from a relatively suppressed state was that the average house price had risen by 21 percent since February 2006, Allnatt said.  Further, he noted that the length of time that properties were spending on the market prior to being sold had dropped from 74 days on average in December 2006 to 42 days in January 2007.  This, along with the gross rand value of sales in the suburb having risen by 34 percent in this period, all combined to present a picture of a sought-after suburb showing sustainable growth going forward, he said.

Mike Bennett, managing director of PropProp, said demand for Westville property had been strong from the beginning of the year, driven in part by buyers wanting to be close to "highly regarded" schools such as Westville Boys and Girls High.  An additional attraction to the suburb was the new Varsity Campus, which had been built on part of the grounds of the Westville Country Club.  This had not only rejuvenated the club but had also created a complete educational experience in the area for children, from pre-primary to university. 

He said, too, that the area offered good comparative value for money.  "A R1,4 million home in Westville will cost R2 million in Umhlanga," he said. As a result, stock in Westville was moving far more quickly than it had a few months ago with the result that supplies were dwindling.  According to Bennett, who describes Westville as a "mature, upmarket suburb", a substantial amount of listings are coming from long-time residents who are downsizing and moving into retirement complexes in places such as Hillcrest.

He added that the tree-lined suburb with its rolling hills and easy access to Durban central, the burgeoning Gateway commercial zone and Pietermaritzburg, was likely to see stronger property price growth than many of Durban's other upmarket areas during the course of 2007 and 2008.  .

Shelley Cooper of EG Cooper Estates in Westville said that whereas the Christmas period was traditionally a quiet one for the Westville market, activity levels during last year's festive season were unexpectedly high. Show attendance figures had improved and the outlook for continued value gain was good. 

Attributing this to a regeneration of consumer confidence in the face of a stabilizing interest rate along with the strong rand and gathering excitement around the 2010 FIFA World Cup, Cooper said pricing was likely to move upwards to be more in line with that of Durban North and the Berea in the future.

Tony Hickman, principal of Seeff Properties Westville, said the high quality of the schools in Westville, from pre-primary, junior and senior primary to its high schools, was a major draw card. 

So popular was the area becoming that development land was now selling for a premium and as scarce as hen's teeth.  Take-up of sectional title units was particularly strong, with his branch having successfully marketed and sold out five exclusive complexes, comprising four to 18 units each, in recent years.  According to Hickman, most purchasers were retirees and "empty nesters" who had been living in larger homes, and while wanting to downsize, were determined to stay in the area.

Currently marketing a development positioned in the centre of Westville adjacent to the post office, prices of up to R2.2 million per unit were being achieved.  "In addition, any units coming up for re-sale in existing complexes are snapped up immediately," he said.  "This again highlights the popularity of the area and reinforces that 'once a Westville resident, always a Westville resident".

Written and distributed by Ingrid Smit
Tel: (041) 581 8143 / 082 657 6530

On behalf of Scott Allnatt of PropData
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