Despite more subdued trading conditions over the past two years, the average selling prices of super-luxury homes in the Atlantic Seaboard’s top five suburbs, which are also the top five suburbs in the country, have surged past the R15 million average selling price for a full title house and is edging closer to the R20m price mark, says Seeff’s luxury market team for the area.
Agents say while overall sales have been slower since early last year, buyers have still paid significantly for the right properties.
“We see, for example, full title sales in the R20m-plus sector for 2017 exceeded R1 billion at an average selling price of R32.5m, most of these coming from the big five suburbs. Prices range to more than R100m in Clifton,” says Seeff’s Lance Cohen.
Based on a mix of Propstats and Lightstone data, and without anomalous sales, the top five suburbs and their average full-title selling prices are:
* Clifton – R18m
* Llandudno – R17.8m
* Bantry Bay – R17.7m
* Camps Bay – R17.7m
* Fresnaye – R16.6m
Waterfront apartments across the Atlantic Seaboard also continue to defy gravity, with the total rand value of sales at the Waterfront, including the Silos, for 2017 up by 44%, Seeff says.
According to Property Fox’s founder Crispin Inglis, the company’s smart evaluation tool reveals the average cost of homes in Vredehoek will increase from R4m in 2017 to R18.4m in 2025, while in Camps Bay it will increase from R15.675m to R55m.