October 13, 2011. An article by writer Joan Muller in the October issue of the Financial Mail magazine will certainly warm the hearts of many Ridge readers.
The magazine, along with property data research group Lightstone, ranked SA’s top suburbs in terms of investment performance, comparing suburbs across the country’s four biggest cities in different price categories. What may surprise some is that Crestview, about 40 minutes drive from the Durban CBD, was the top performing suburb in South Africa in the R700 000 to R1.5 million price category, with a 34% increase in price growth over five years.
When it came to the top end (in terms of Durban area properties only) . . . R1.5 million to R3 million, a number of well known Ridge suburbs came to the fore over 1-year inflation, over three years and when measured over 5 years. Virginia, Prestondale, Somerset Park, Hillcrest Park and Herrwood Park came out tops.
Virginia has seen 5-year inflation in investment performance of 27.2%, Herrwood Park at 23.09%, Mount Edgecombe is at 22.27%. Over one year, Virginia has performed at 5.79%, just ahead of Prestondale.
That’s outstanding value, the best available in Durban, right here on The Ridge.