This illustration gives a view of values of residential properties within suburbs using the latest valuation roll dataset. These are properties that existed since 2008. There are 191 000 residential properties with property values greater than R250 000 and less than R500 000. These residential properties have seen positive growths of 4,0% per annum on average inflation adjusted, between the period of 2008 and 2022. The suburbs that have seen growth include (Umlazi, Illovo, Waterloo, Mpumalanga, Inanda and Ntuzuma). These are single residentials properties in township areas.
This is an indication that there have been some upgrades, refurbishments and renovation around these areas, which resulted in an increase in property value. Areas that are declining ingrowth include CBD, Point, Molweni, Shallcross and Clermont. These are both multiple residential and sectional title properties. This suggests that these areas are not attractive and need refurbishment as they are declining in property value.
There is also growth in properties with values of less than R250 000. The number of properties within this band is 98 000; a significant number considering that these properties don’t pay rates. This is also a concern and suggests the kind of population we are attracting as a City. It is also necessary to put strategies in place that will move low value properties above this threshold so as to both increase the City's rateable asset base and increase the value of surety for individuals needing access to economic capital.