New data from Lightstone shows that Sandhurst, the ultra affluent residential area in Sandton, is the most expensive area in Gauteng when it comes to average property prices.
Results within the Lightstone Property Overview showed that Sandhurst accounts for the top five streets in the province for average property prices, led by Stewart Place with an average property price of R30.3 million, followed by Killarney Road, Coronation Road, Trafalgar Place, and Saxon Road.
Northumberland Avenue in neighbouring Dunkeld West breaks the cycle, with an average value of R22.3 million.
Lightstone’s report focused on the performance of the Gauteng market over the last year, and was presented at the recent Property Buyer’s Show in Johannesburg. The report indicates that although low economic growth continues to increase pressure on the overall property market, the current value of the Gauteng market remains stable to the previous year’s findings.
“What’s interesting about the national property view of the country, is that although the total value and volume of stock increased from 2018 to 2019, transactional activity has slowed down across the major provinces,” said Paul-Roux de Kock, analytics director at Lightstone.
“This could be indicative of lagging supply now catching up with demand, along with several other influences such as slow economic growth and an increase in unemployment.”
By utilising Lightstone’s lending grade automated valuations model the most expensive suburbs and streets in Gauteng were revealed and predictably Sandton and specifically its central suburb of Sandhurst dominated the list.
Analysis of estates in Gauteng showed the highest median value for Villa Santini in Sandton and the highest house price growth for Zambezi Manor located in Pretoria a spot previously held by Clouds End in Sandton, now at number two on the list.
“Although the property market has been weighed down by economic pressure, we are encouraged by the fact that the affordable market segment has achieved good growth, which continues to empower South Africans starting their journey on the property ownership ladder with wealth building opportunities” said De Kock.