South Africa’s top 10 suburbs now boast an average sales price exceeding R10 million, with Clifton, in Cape Town, rated as the most expensive of the lot, averaging R20 million.
Five years ago, only two suburbs topped this average sales price mark, according to data published by property group, Seeff.
It noted that FNB reported earlier in the year that the national average house price had breached the R1 million price mark, however, Clifton, boasts an average sales price of R20 million, R5 million more than its nearest rival.
Based on recent data from Lightstone, Cape Town tops the list with no less than seven of these suburbs, while only three Johannesburg suburbs are in the top 10 list.
South Africa’s richest 10 suburbs
|1||Clifton||Cape Town||R19.75 million|
|3||Llandudno||Cape Town||R11.2 million|
|4||Bantry Bay||Cape Town||R11 million|
|6||Bishopscourt||Cape Town||R11 million|
|8||Fresnaye||Cape Town||R10.5 million|
|9||Constantia||Cape Town||R10 million|
|10||Camps Bay||Cape Town||R10 million|
These suburbs have, according to Samuel Seeff, chairman of the Seeff property group, emerged in the post-2007/8 period as the Blue Chip property hot spots.
“Despite the lacklustre economic backdrop, we have seen local high net-worth individuals and foreigners from across the globe including G7 nations such as Britain and Germany along with emerging economic hot spots such as Nigeria, demonstrate their confidence in these areas by investing their wealth here,” Seeff said.
Seeff says that the levels of R20 million-plus sales in the Sandton area remain disappointing and show a lack of confidence.
In contrast, there has been no shortage of R20 million-plus sales in the Cape – reaching a record-setting R111 million in Clifton this year.
Clifton’s average sales price is about 34% higher than in 2014. A top-end location in Nettleton Road for example can now range between R150 million and R200 million.
An apartment of the sea-side of Victoria Road will set you back about R120,000/sqm, equating to about R60 million for a three-bedroom unit with modern finishes, the property firm said.
Sandhurst (in Sandton) is about 35% pricier than what it was five years ago. Prices here range to about R60 million for a mansion and 5,800sqm land with a floodlit tennis court, swimming pool, hotel-type spa, gymnasium, cinema and more.
Llandudno’s prices have increased 50% from five years ago, while Bantry Bay’s prices are 38% higher than in 2010.
To do any serious shopping in the suburb though, you will need upwards of R20 million to R60 million for a spectacular family home designed by Van Der Merwe Miszewski architects.
Fresnaye is a whopping 83% higher than what it was in 2010 with a R120 million needed for a home designed by Stefan Antoni, responsible for so many iconic designs on the Atlantic Seaboard. Camps Bay is up 54%.
The other two Sandton suburbs, Westcliff and Dunkeld, are up 18% and 51% up since 2010 respectively.
Bishopscourt and Constantia in Cape Town’s sought-after southern suburbs are up 69% and 54% since 2010 respectively, Seeff said.
While Durban’s top areas are still somewhat below the national top ten, Seeff says that activity in R5 million-plus sector there is on the up.
The highest average price is at the sought-after Zimbali development at R7.5 million followed by Umhlanga at R5.2 million and La Lucia at R3.8 million.