Why Buy In The Upper Highway
Category Area Review
The decision to head west, and move up the hill to the green of the Upper Highway isn’t a difficult one. Begin by comparing property prices, sizes and value...then add in the superb schooling, cooler temperatures and family lifestyle. Decision made.
The Upper Highway isn’t a single suburb with a single identity. It’s a vast area comprising a number of quite different suburbs, from exquisite horse-country terrain to compact or stylish, contemporary homes in golf and gated estates. The range of properties, prices and amenities is wide, and there really is something for everyone’s pocket and lifestyle. But common to the entire Upper Highway, is a cooler climate, a wealth of long-established, reputable private and government schools, and a lingering village and community lifestyle.
The higher reaches of the Upper Highway are tantamount to being in the country, and large horse-friendly properties in the villages of Summerveld and Alverstone will normally be in the R15m range. First time homeowners though will find affordable homes in Crestholme and Waterfall for around R850 000. In many of the gated estates such as Cotswold Downs, Plantations or, indeed, Le Domaine retirement village, you’ll find a broad range of property sizes and prices, from R10m to R1m.
Many Upper Highway families remain in the area for life, either up- or downscaling over the years. Families from Pinetown and other Old Main Line suburbs, too, upscale to the Upper Highway, not even 20 minutes out of the city, 30 from Umhlanga and 40 to Pietermaritzburg. The regional growth of business parks, retail and commercial opportunities means many aren’t driving far from home – it’s possible to work there too.
Property prices in the Upper Highway fare very well when pitted against the northern suburbs – take Cotswold Downs, where buyers get excellent value in comparison to a similar home or plot of land at Mount Edgecombe, Zimbali or Simbithi; similarly, a property at retirement village Le Domaine fares well in comparison to similar retirement offerings along the north coast. CEO of Wakefields Real Estate, Myles Wakefield, looked at the figures: “For the 1st seven months of 2014, average selling prices at Le Domaine increased 16% in comparison to the same period in 2013 - with no stock available, the downturn in the economy has had no impact at all there. At Cotswold Downs, the average selling land price for the 1st 9 months of 2014 increased 15.4% in comparison to the same period in 2013.”
“An analysis of property prices in the Upper Highway area from August 2012 to August 2014, proved interesting,” says Myles. “From the 2012 average property price of R1,517m, it went to R1,860m. That’s 22,57 percent over 24 months, or nearly 12 percent per annum. What’s particularly interesting, is that the figure for north Durban over the same period was slightly lower – 22,49 percent – but it’s a clear indication that areas worst affected by the 2008 downturn, have increased the most over the last two years. The increase for the entire KZN region was 12% over the same 2 year period - which ties up with the FNB property barometer price increase.”
From an investment perspective, it’s clear why these figures make the Upper Highway increasingly popular. Combine that with the steadily increasing retail, commercial and entertainment component, and it’s making the area very self contained. Construction on shopping centres such as the new Wavecrest Shopping Mall in Waterfall, shows supreme confidence by the developers in the growth of the region – at 40 000 square metres plus, it’ll be larger than the popular La Lucia Mall.
The quality and volume of excellent schools in the Upper Highway is unsurpassed elsewhere. The region has, on the one hand, well-established private schools with long histories and solid reputations, such as Kearsney, St Mary’s, Highbury, Thomas More and others, and on the other, numerous reputable government schools.
The Upper Highway, just as elsewhere, is experiencing a shortage of homes in gated complexes, particularly in the R1,4 to R1,8m range. As Myles Wakefield says, “They can sell on the same day they come on to the market. And because of the demand, prices have escalated more than freehold homes.”
Of course, some complexes have shown bigger growth than others. Cotswold Downs is a good example, where security, golf, scenery and contemporary architecture has made it one of the leading estates – prices reflect the demand, and some will be as much as 50 percent more than a similar property in a less desirable position or estate. Ditto for retirement village, Le Domaine, where stock is in very short supply. But there will always be a demand for freestanding homes, and in older suburbs like Kloof, you’ll find dream properties in which to raise families.
Estate living or freestanding home, residents in the Upper Highway choose the area for all the same reasons. And it’s a significant drawcard that it has as many affordable homes and units for buyers at entry level, as it does luxurious ones for those at the more affluent end.
Author: Anne Schauffer
