Cape Town boasts property worth more than R1.6trillion and the highest valued streets and suburbs
The City of Cape Town is home to residential property worth R1.6trillion, the highest value of all the country’s major cities. It also boasts South Africa’s highest valued suburbs and streets, Lightstone statistics show.
Homes in the City of Johannesburg are valued at R940billion. The Western Cape and Gauteng are home to the larger proportion of valuable properties in the country, with the total value amounting to more than 50% of the national market value. “In Joburg the suburbs of Bryanston, Morningside and Midstream are the highest valued suburbs.
“In Cape Town, it is Sea Point, Rondebosch and Fresnaye,” says Lightstone analytics director PaulRoux de Kock. “In an interesting finding, Umhlanga in KwaZulu-Natal also features among the top 10 suburbs with the highest value countrywide.” Llandudno carries the highest average value of R19.3million per property.
This is followed by De Bosch in Stellenbosch, where the average property value is R17.3m. Other Mother City suburbs to make the top six list include Constantia (R15.1m), Bel Ombre (R14.8m), Waterfront (R14m), and Higgovale (R13.7m).
De Kock says the country’s highest valued street is Beauvais Road in Bel Ombre, where the average property value is R43.7m.
Other highest value streets are:
- Ravine Road, Bantry Bay R27.5m
- Logies Road, Llandudno R27.2m
- Avenue St Louis, Fresnaye R21.4m
- Chesterfield Road, Oranjezicht R21.2m
- Strathmore Road, Camps Bay R19.9m
The top three inflationary growth suburbs in the Western Cape over the past 12 months are Sillwood Heights (13%), Voëlklip (12%), and Hospital Hill (11%). Looking at buyer demographics, Lightstone’s analysis shows that more than 70000 properties were bought by single women last year.
The average sales price for these buyers was more than R1.2m. By comparison, married couples purchased about 65000 properties at an average sales prices of about R1.1m, and single men about 62000 properties with the average price just over R1m.
“One of the most encouraging findings in the Lightstone analysis is that the number of single female buyers has increased to more than 71727 in 2018, a figure which is almost 10000 more than their male counterparts, who account for only 62032 of homes purchased over the past 12 months. Male buyers do, however, still on average buy properties with a higher value than female buyers,” De Kock says.
Lightstone’s data shows that of the nearly eight million registered properties across South Africa, 83% are residential with a total value of R5.4tnn. This figure is “heavily supported” by the R2tn Gauteng market. “Freehold properties remain the largest percentage of this figure with 67%.
“Estates follow at 18.3% and sectional title with 14.2%. “Estates consist of a much higher proportion of total value versus volume as these properties are on average valued at three times more than normal freehold properties.”
Share of national property volume (6.7 million) and value (R5.4 trillion)
- Gauteng: 34%/38.6%
- Western Cape: 17.8%/27.7%
- KwaZulu-Natal: 13.1%/12.7%
- Eastern Cape: 10.6%/6.6%
- Free State: 7.6%/3.5%
- Mpumalanga: 5.7%/4%
- North West Province: 5%/3.1%
- Limpopo: 3.4%/2.4%
- Northern Cape: 2.8%/1.3%
Opportunity: Area on the up
Forty-four percent of all home buyers in Brackenfell over the past 12 months have been in the 18 to 25-year-old age group, indicating the trends for the suburb, says Rowan Alexander, director of Alexander Swart Property.
Young buyers are attracted by good value and can often also find employment in Brackenfell because it has become a fast growing industrial, manufacturing and retail distribution node. “Young upwardly mobile buyers know that no other Cape Town middleclass suburb offers such good value as Brackenfell.
Further, our figures indicate that because the area has had such a transformation and is so well provided with schools and facilities, most of these younger buyers stay in Brackenfell, choosing it as the place in which to upgrade to a bigger, more expensive home.”
While Brackenfell has not reached the point of becoming unaffordable, there are fewer developments now than they were in the area’s boom development years.
Century City: Modern draw card
Century City is one of the country’s top mixed-use neighbourhoods and offers a choice of properties, says Helga Clemo, Seeff’s licensee for the area. This includes properties in waterfront locations, with top-class security, pools, gyms, spas and access to the canals for water sports.
Residents can also literally walk to the shops, gym, church and work. “Century City must rank as the top mixed-use neighbourhood in the country.” The neighbourhood is modern with top-class architecture and plenty of greenery.
Despite a slower market, property values have continued trending upwards, with sellers still able to turn a good profit. The average apartment price is up by about 10% over the last two years, and now stands at around R2.52 million. Although not a target for first-time buyers given the high entry price, the area attracts a lot of young people as well as professionals, families and retirees.
Bordering the verdant area of Tokai, Zwaanswyk is known for its expansive properties with sweeping lawns and striking mountain views.
It also enjoys the privilege of being an entirely unassuming area, closed off the from the haste and tumult of the world, says Mike Greeff, chief executive of Greeff Christie’s International Real Estate.
“The area is home to a small, private community which enjoys homes that are secluded and largely closed off from their surroundings. “The entire suburb is fenced off from others and can be accessed only by those who have been granted entry.”
Aside from the beautiful properties, Greeff says residents enjoy access to some of the finest amenities in the surrounding Tokai and Kirstenhof areas.
The area is close to Blue Route Mall, the M3, Steenberg Village Shopping Centre, Steenberg Golf Estate and the breathtaking Tokai forest. Greeff says schools in the area include the premium independent school Reddam House, with both primary and secondary classes, as well as Bergvliet and Sweet Valley primary schools