Where the uber-wealthy live
Clifton (pictured below) on Cape Town’s Atlantic Seaboard is still the suburb that boasts the highest house prices in SA, according to latest data from Lightstone. In fact, if you want to own a piece of Nettleton Road, SA’s most expensive street, be prepared to fork out a cool R41m on average.
Camps Bay Drive, St Leon Street, Arcadia Street and Ocean View Drive on the Atlantic Seaboard also count among SA’s most desirable residential addresses. These streets fetched an average sales price of R20m-R25m last year, Lightstone data reveals.
Johannesburg also has big-ticket suburbs but prices are generally still way behind those of Clifton. Johannesburg’s most expensive street is Rockridge Road in Parktown. where a median price of R14m was achieved last year. Johannesburg’s other top-end streets, all in the old moneyed enclave of Westcliff, include Woolston Drive, Pallinghurst Street, Lawley Road and Wexford Avenue. Durban’s wealthiest residential street is Hickory Road in the Hawaan Forest, where the average property will set you back about R9m.
Lance Cohen, luxury market specialist and director of Seeff Atlantic Seaboard, confirms that Clifton is without parallel in terms of property value growth. He says the area has seen prices increase from an average R14.75m in 2010 to R19.75m in 2015, a 45% increase in five years. “The average price of seaside apartments in Clifton was R80,000/m² five years ago; it’s now R100,000-R120,000/m².”
Cohen notes that last year a property in Nettleton Road fetched R111m (including Vat). That’s the highest price paid for a house in the suburb to date. However, he says, new uber-luxury houses with breath-taking sea views, set high up in Nettleton Road, are now being priced up to R200m.