Where the uber-wealthy live

Financial Mail - Investors Monthly - - Opening Bell -

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.

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