Historically an area which has always weathered the interest rate storm well, Pinetown, situated just 10 to 12 minutes west or inland of Durban en route to Pietermaritzburg, remains popular among home buyers due to its value for money and affordable residential properties.

According to Marcus Forbes, area principal for Pam Golding Properties, Pinetown has housing to suit almost all income brackets and there are often very sound investment properties available at good prices.

"Home sales in the R450 000 to R900 000 price range, in areas such as The Wolds, Ashley, Highland Hills, New Germany and Farningham Ridge remain as stable as ever and it's only in the price range above that where we find the selling period has lengthened,” says Forbes. “The fact is that we can still offer truly affordable homes across a broad spectrum, from a centrally situated bachelor pad at R285 000 to reasonably sized two bedroom apartments with a carport priced at R450 000 and three bedroom entry level houses priced between R720 000 and R750 000. As a result, we find that the interest rate hikes don't affect us quite as much as the higher priced areas.”

At the higher end of the market simplexes sell for approximately R1.2-million while larger houses in Padfield Park are on the market in the region of R2-million to R2.2-million.

"We currently have at least 20 homes well priced between R700 000 and R850 000 and are also marketing two three bedroom, two bathroom homes of 191m² with double garages situated in the Forest Glen development, priced at R850 000 each — extremely good value for money," says Forbes.

Pinetown attracts a variety of buyers

"This is an area which attracts a variety of buyers — mainly families but also single people and those transferring to the area on business, particularly with the huge commercial and industrial growth in Westmead, Maxmead and Stockvell. Young people are drawn to The Wolds, with its high density sectional title simplex/duplex homes which sell between R400 000 and R900 000. We are also seeing an increasing number of purchasers from the emerging market and interestingly a growing number of buyers relocating to Pinetown from the more upmarket areas of Hillcrest and Kloof, which are just five to 10 minutes away.

"Generally we find that Pinetown residents tend to remain in the area even when upgrading or downsizing their homes and this is not really surprising as it's so conveniently situated with sound infrastructure and amenities, including a private hospital and booming retail node in King's Road called the Pinecrest Centre. For those who seek an even broader array of shopping facilities The Pavilion shopping centre is within quick and easy access," adds Forbes.

He says there is, however, an increase in the number of people wanting to rent with the option to buy. This is, obviously, a reaction to the increased cost of living and a way to avoid committing to long-term debt. "From a seller's perspective the problem with a rental where the tenant has the option to buy is that the seller is obliged to offer the tenant the right of first refusal. This means the seller could just end up with a 12 month lease on his or her hands in a situation where the market may drop even further," he says.