Cape Town’s rich suburbs pass R15 million average price as rents head toward R200,000 a month

A new study conducted by property group Seeff, using data from Lightstone and Propstats shows that Cape Town is now home to nine of the 10 richest suburbs in the country.

Clifton tops the list with an average selling price of R23 million, according to Samuel Seeff, chairman of the Seeff Property Group.

Only one Johannesburg/Sandton suburb, Sandhurst, ranks in the top 10 at 4th place with an average selling price of R16.5 million.

This is two places lower than in 2015 while Westcliff and Dunkeld have dropped off the top 10 list altogether.

The top 10 rank include:

  1. Clifton – R23 million
  2. Llandudno – R17 million
  3. Bantry Bay – R16.9 million
  4. Sandhurst – R16.5 million
  5. Camps Bay – R16.2 million
  6. Fresnaye – R16 million
  7. Waterfront – R16 million
  8. Higgovale – R16 million
  9. Bishopscourt – R15.1 million
  10. Constantia Upper – R11.6 million

Seeff pointed out that the decline in the rankings of the top end Johannesburg and Sandton suburbs become even more pronounced in the R20 million-plus super luxury sector.

“High net-worth buyers are just not investing at the same levels in Sandton and even less in Pretoria East and, he says that the palatial homes there are still struggling to achieve the pace of sales and prices that the Atlantic Seaboard and City Bowl are achieving,” he said.

“Lightstone data shows that for the Joburg/Sandton area, an average of 6-7 residential transactions priced above R20 million were recorded annually between 2010 and 2015. This increased to 10 transactions over the last year. Only three Pretoria East residential transactions appear to have taken place since 2010.”

“Comparatively, 20-50 transactions were recorded for the Cape in the 2010-2014 period, rising to 67 last year; three times more compared to Joburg, Sandton and Pretoria East.”

According to Seeff, by early June this year, there had already been 44 transactions above R20 million generating over R1.1 billion in revenue.

The Atlantic Seaboard average selling prices (full title) have more than doubled over the last five years (since 2011/2012), added Lance Cohen, Seeff’s luxury market specialist for the Atlantic Seaboard.

The biggest gains have been in Fresnaye (+167%) and Camps Bay (+128%), the latter attracting the highest number of R20 million-plus sales since.

Where only Clifton topped the R15 million ave price mark, there are now seven (7) Cape suburbs above this range while Clifton now tops R20 million for full title property, says Cohen.

Top end luxury properties and locations can now range to R185 million-R300 million.

Rent

Samuel Seeff, chairman Seeff Property Group, said there can be little doubt that, as with the sales sector, the rentals sector of the Cape metro remains the strongest performer in the country.

Speaking to the Weekend Argus, he noted that while R80,000 a month seemed high just two years ago, top-end properties in Clifton now command R150,000 to R170,000 a month.

Karyn Farrell, rental admin manager for Seeff Atlantic seaboard and City Bowl, said that the suburbs commanding the highest monthly rents are Clifton, Bantry Bay, Fresnaye and the V&A Waterfront, but Camps Bay is also highly rated.

The highest monthly rents are R80,000 at the Waterfront, R170,000 in Bantry Bay/Fresnaye and R150,000 in Clifton.

While the most popular monthly rental range is between R25,000 and R40,000, rents even in Mouille Point can now reach R100,000 a month. At the V&A Waterfront you can rent an opulent penthouse for R170,000 a month.

 


Read: You can now rent your own island for R8,000 a night on Airbnb

Must Read

Partner Content

Show comments

Trending Now

Follow Us

Cape Town’s rich suburbs pass R15 million average price as rents head toward R200,000 a month