A look at the R18.5 million house up for sale in Joburg’s ‘old money’ suburb

 ·3 May 2024

A property in the “old money” suburb of Westcliff is on the market for R18.5 million.

According to the latest African Wealth Report 2024 by Henley & Partners and New World Wealth, South Africa is losing millionaires who are either calling it quits or losing their dollar millionaire status in 2023.

The report said that the country now has 37,400 high-net-worth individuals (HNWIs) – those with a liquid wealth exceeding US$1 million (roughly R19 million). This is significantly less than the 48,700 recorded at the end of 2013.

With 12,300 HNWIS, Johannesburg is still home to the most millionaires on the continent.

“Most of Johannesburg’s top-end wealth is concentrated in the suburbs surrounding Sandton City Shopping Centre, which has been dubbed ‘the richest square mile in Africa’,” said the report.

“In particular, the Sandton suburbs of Sandhurst, Hyde Park, and Inanda are all home to large numbers of HNWIs.”

That said, many millionaires are based in the “Old Money” suburb of Westcliff.

Many millionaires are based around Sandton or in the “old money” suburb of Westcliff.

The suburb was widely known to house the Randlords who ran South Africa’s diamond and gold mining industry in Southern Africa in the late 18th and early 19th century.

Pam Golding said that the R18.5 million property’s main bedroom comes with an en-suite bathroom, french doors, a Juliet balcony, a walk-in dressing room and carpeted floors

The four remaining bedrooms also come with their own balconies.

The property’s kitchen has high ceilings, a centre island, and a walk-in pantry, while the formal lounge, living room, and study all have fireplaces.

The garden features a pool, while security features include an alarm, automatic gates, CCTV cameras, electronic beams and intercom.

There is also a flatlet and staff accommodation – both being 1 bedroom and 1 bathroom.

Exterior features of the property include an inverter, solar panels, computerised irrigation with a borehole, and water tanks.

Images of the property can be found below:

Read: New homebuying trend hits South Africa’s middle class as interest rates bite

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