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BUSINESS IS BOOMING IN NORTHERN KZNTrudy van der Vlies, Broker/Owner of RE/MAX Marine which represents the northern KwaZulu-Natal (KZN) areas of Richards Bay, and surrounding Empangeni, Kwambonambi, Esikhawini and Ngwelezane, says that the bustling town of Richards Bay and its surrounds are fast becoming the north coast holiday destination of choice for many South Africans. "Richards Bay is one of the closest seaside destinations from Gauteng, the climate is warm and tropical all year round, and real estate in the area offers great value for money." Adrian Goslett, CEO of RE/MAX of Southern Africa, explains that this particular area has been enjoying rapid industrial expansion over the last few years, and as a result, the tourism and real estate industry in the area are flourishing. "Richards Bay offers visitor's entrance to Zululand, marking the northern tip of the Dolphin Coast. Its white sandy beaches stretch approximately 350km - from the mouth of the Tugela River in the south, to the Mozambique border in the north. The coastal plains include endless unspoilt beaches and coastal conservation areas, and incorporate the largest estuarine system, as well as the largest harbour in Southern Africa." Van der Vlies says that with regards to the real estate market, sales volumes have been excellent since the beginning of 2010. "There has been a good and consistent general demand for property in the area, and the prices achieved have been fair considering that there is a surplus of stock on the market. An entry level home, such as a two-bedroom apartment, for example, will generally fetch in the region of R390 000 to R540 000. The average three-bedroom, two-bathroom home, with a single garage, will sell in the region of R800 000 to R950 000. And at the upper-end of the market, modern homes set on large stands and featuring top-end finishes, will fetch between R1,4m and R4m." She says that the majority of her clients are first-time buyers or bargain hunters, and that most of them are looking for bargain buys and "fix-uppers" that they can renovate and improve over time when they have the money. She says another market trend is the high demand for properties that are conveniently located near to the various CBD areas in the region. "Many young people want to live within walking distance from the CBD areas and all the accompanying amenities and facilities these nodes have to offer." On the whole, van der Vlies says she is incredibly optimistic about what the future holds for the area: "We are expecting productivity throughout 2010, and with foreigners from all over the world soon to visit our shores for the FIFA Soccer World Cup, we are sure there is going to be an increase in future foreign sales. Over and above this, with the interest rate holding at a very low 10%, it is currently an excellent time to invest in property. So much so, in fact, that we have already noticed a growth in prices since the drop in interest rates, not only on owner-sold property, but also properties that are being sold at auction."
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