SA’s most ex­pen­sive sub­urbs rises

R10 mil­lion the av­er­age price in SA’s top 10 sub­urbs – and most are in the Western Cape

Weekend Argus (Saturday Edition) - - PROPERTY -

WHILE FNB re­ported ear­lier in the year that the na­tional av­er­age house price had breached the R1 mil­lion price mark, the av­er­age sales price in the coun­try’s top 10 sub­urbs has reached R10 mil­lion-plus.

Five years ago, only two sub­urbs topped this av­er­age sales price, says Sa­muel Seeff, chair­man of the Seeff prop­erty group.

Based on the lat­est data from Light­stone, Cape Town tops the list with seven of these sub­urbs in­clud­ing the At­lantic seaboard sub­urbs of Clifton, Bantry Bay, Camps Bay, Fres­naye and Llan­dudno along with Bish­op­scourt and Con­stan­tia in the south­ern sub­urbs.

The only three Jo­han­nes­burg sub­urbs in the top 10 list are Sand­hurst, West­cliff and Dunkeld, all in

These sub­urbs

in­vest­ing in the strong growth ar­eas, pay­ing ever higher prices and driv­ing the av­er­age sales price up.

Seeff says the lev­els of R20m-plus sales in the Sand­ton area re­main dis­ap­point­ing and shows a lack of con­fi­dence. In con­trast, there has been no short­age of R20m-plus sales in the Cape reach­ing a record-set­ting R111m in Clifton this year.

“From an av­er­age price point of view, it comes as no sur­prise that Clifton tops the list as the most ex­pen­sive sub­urb in the coun­try with an av­er­age price of R19.75m. This is about 34 per­cent higher than the av­er­age last year and about R5m more than the av­er­age of the next most ex­pen­sive sub­urb.

“In re­al­ity though, there is now very lit­tle in the way of houses on of­fer around this price and you would need from R30m to R40m to well over R100m (based on a re­cent Seeff sale), to make any se­ri­ous of­fers here,” says Seeff.

“A top lo­ca­tion in Nettleton Road for ex­am­ple can now range to about R150m to R200m. An apart­ment on the sea­side of Vic­to­ria Road will cost about R120 000/m², or about R60m for a three-bed­room unit with mod­ern fin­ishes.”

He says the sec­ond most ex­pen­sive sub­urb is Sand­hurst, with an av­er­age sales price of R14.9m, about 35 per­cent more than what it was five years ago. Prices here though range to about R60m for a spec­tac­u­lar mansion on 5 800m² with a flood­lit ten­nis court, a swim­ming pool, a spa, a gym, a cinema and more.

The third most ex­pen­sive is the small sub­urb of Llan­dudno on the At­lantic seaboard, where the av­er­age price is R11.2m, 50 per­cent more than five years ago. This boost comes on the back of an in­crease in rich buy­ers pay­ing up to R40m this year for lux­ury homes that over­look the sur­round­ing Twelve Apos­tles moun­tains and Blue Flag beaches be­low, says Seeff.

“Bantry Bay has the fourth high- est av­er­age at R11m, about 38 per­cent higher com­pared to five years ago. To do any se­ri­ous shop­ping in the sub­urb though, you will need R20m to R60m for a spec­tac­u­lar fam­ily home de­signed by Van Der Merwe Miszewski ar­chi­tects,” says Seeff.

With an av­er­age price of R10.5m, neigh­bour­ing Fres­naye only comes in at ninth place even though its av­er­age price is a sig­nif­i­cant 83 per­cent higher than it was in 2010. Here too, you would need from R20m to R120m for a home de­signed by Ste­fan An­toni.

Camps Bay, with an av­er­age price of R10m, comes in at 10th place. This is 54 per­cent higher than five years ago. There has also been a no­table ac­cel­er­a­tion in R20m-plus sales in the sub­urb this year, rang­ing to a top price of R30m for a lux­ury villa re­cently sold by Seeff.

The other two Sand­ton sub­urbs, West­cliff and Dunkeld, come in at fifth and sev­enth place with an av­er­age price of R11m (18 per­cent up from 2010) and R10.5m (51 per­cent up since 2010).

Bish­op­scourt and Con­stan­tia in Cape Town’s south­ern sub­urbs now have an av­er­age price of R11m (69 per­cent up on 2010) and R10m (54 per­cent up since 2010).

Although Dur­ban’s top ar­eas are still some­what be­low the na­tional top 10, Seeff says that ac­tiv­ity in the R5m-plus sec­tor there is on the up. The high­est av­er­age price is at the sought-af­ter Zim­bali de­vel­op­ment at R7.5m fol­lowed by Umh­langa at R5.2m and La Lu­cia at R3.8m.

“That Cape Town tops the list of most valu­able sub­urbs should also come as no sur­prise,” says Seeff.

“Ex­cel­lent ser­vice de­liv­ery and con­fi­dence in the ad­min­is­tra­tion along with the sought-af­ter sea­side life­style have boosted de­mand for prop­erty.

“It is the fastest grow­ing city in the coun­try with in­ward mi­gra­tion of about 30 per­cent.”

PRICEY: An aerial view of Clifton, the coun­try’s most ex­pen­sive sub­urb with an av­er­age sales price about R15 mil­lion more than its next near­est ri­val.

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