House prices in these wealthy South African suburbs are booming

While the market for family houses below R1.8 million has been booming since mid-2020, the Seeff Property Group says it has seen a marked increase in sales of suburban houses in the R3 million to R4 million price band,

This includes full title and freehold houses in gated and security estates and reflects the Covid-inspired migration back to the suburbs, said Samuel Seeff, chairman of the Seeff Property Group.

“Buyers are saying that if they have to spend more time at home, often now working from home, they prefer to do it in a more suburban setting,” he said.

He added that there is notable energy in the market for freestanding and estate houses including in the luxury suburbs of the major metropolitan areas.

Deeds office data for the twelve months to end of April shows the R3 million to R4 million price band transactions as follows:

  • Cape Town – the highest volume with 1214 transactions at R7.7 billion, 14% of all transactions and 40% of the value;
  • Sandton – 989 transactions at R5 billion, 16% of all transactions and 36% of the value;
  • Johannesburg – 723 transactions at R3.5 billion, 8% of transactions and 27% of the value;
  • Pretoria – 609 transactions at R2.6 billion, 5% of all transactions and 15% of the total value;
  • Durban – the lowest volume with 197 units transactions at R841 million, 4% of all transactions and 15% of the value.

Western Cape

James Lewis, managing director for Seeff in Cape Town’s Southern Suburbs said Rondebosch and Newlands are especially sought for access to UCT and top schools such as Bishops, Rondebosch Boys, Rustenburg Girls and more.

“Harfield Village, Claremont and Lynfrae offer excellent value and are also close to the Claremont CBD. Tokai, Bergvliet and Plumstead are also popular for homes in the R3 million to R4 million range,” he said.

Other popular areas include:

  • Claremont Upper ;
  • Constantia;
  • Bishopscourt;
  • Hout Bay;
  • Welgedacht;
  • Durbanville;
  • Paarl.


Gauteng 

Sandton is probably one of the most active areas in the R3 million to R4 million price range, Charles Vining, managing director for Seeff Sandton, said buyers are taking advantage of the low borrowing costs to buy up into the area.

“Bryanston, River Club, Fourways, Lonehill, Strathavon, Hurlingham Manor, Morningside, Woodmead and Dainfern are among the popular family suburbs given the access top schools such as Redhill, Crawford, St Stithians, Brescia House and Michael Mount Waldorf, Bryanston primary and high schools and more.

“Family buyers are also taking advantage of the good buying conditions in the Randburg/Roodepoort area.”

Other popular areas include:

  • Northcliff;
  • Fairland;
  • Emmarentia;
  • Bedfordview ;
  • Waterkloof;
  • Waterkloof Ridge;
  • Waterkloof Heights;
  • Southdowns;
  • Midstream.


KZN

Seeff said that the Berea in Durban is one of the most popular areas for family houses in the R3 million to R4 million range in suburbs such as Windermere, Musgrave, Essenwood, Morningside and Glenwood which lie on a ridge above the city with many properties enjoying great city and sea views.

Roger Hoaten, licensee for Seeff Berea, said the area is trendy with open-air restaurants, luxury shopping centres and great schools as well as proximity to the University of KZN.

“Ballito on the North Coast is another fast-growing area and Graham White, managing director for Seeff North Coast says it is offering excellent investment prospects in the residential and commercial sector.

“Already a popular holiday town, the remote working trend has been an additional boost. The R3 million to R4 million range is popular for family homes and you can also find property in gated developments such as Palm Lakes Estates and Umhlali Country Club,” he said.


Read: Why the ‘affordable living’ Wedgewood project in Sandton was canned

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House prices in these wealthy South African suburbs are booming