Seaward Estates Update (The Bugle)

Seaward Estates, situated in the heart of Ballito, bordering Zimbali Coastal Resort to the south and covering a geographical area of approx. 100ha is a popular and convenient gated community, which trades in a very affordable price bracket. It is a similar size to Brettenwood Coastal Estate and twice the size of Dunkirk Estate. At capacity it will host 800 homes, most of which have been developed at this stage. The average price of transactions within Seaward over the past 12 months is R1,624,670, which is very comparable to neighbouring Avon Hills in Ballito with an average value of R1,655,556 or Palm Lakes Estate which has a current average valuation of R1,367,299.

It is interesting to note that the demographics of Seaward property owners are shifting to younger people. The age analysis of recent (over the past 12 months) buyers and sellers indicates that as many as 28,81% of new buyers at Seaward are aged between 18-35; 42,37% are aged 36-49; 25,42% are aged 50-64 and only 3,4% are aged above 65. The recent sellers age analysis however indicates that 14,9% of sellers are aged above 65; 23,4% are aged 50-64; 46,81% are aged 36-49 and 14,89% (half as many as the buyers) are aged between 18-35. Seaward is a great affordable option for young families wanting to be close to all the Ballito amenities. 

If we consider the 203 registered property transfers that occurred within Seaward from 1^st January 2010 to 7^th October 2012, eliminating all those transfers between development companies or between family members, we get a sense of what this market is like. The 40 sectional title scheme transfers over this period ranged in price from R700,000 to R1,900,000 with the top rate per square meter being R10,109. The 163 freehold transfers over the same period ranged in price from R196,320 (vacant land) to R2,7m home between Seaforth Drive and San Jerez street with a good outlook over the 22ha conservation area. Demand for homes within Seaward is sensitive to pricing and homes which are over-priced will typically not attract any interest as there are many similar comparatives at correct market pricing. 

A new development recently launched within Seaward is to be known as San Bernadino. It will consist of 13 homes with a typical configuration of 3 bedrooms, 2 bathrooms and a double garage, with sizes ranging from 152 sqm to 167 sqm, and pricing from R1,750,000 to R1,870,000 including vat (a nice savings on transfer duty). For a brand new option below the R2m threshold this type of opportunity should be at the top of your shopping list.

(Author: Andreas Wassenaar, Published in The Bugle, 10Oct2012)