Where only a handful of residential sales topped the R20m mark five years ago, today there are 22 streets in the country where this is now the average sales price. Prices in these streets now regularly surpass R20m and range as high as R200m to R350m on Cape Town’s Atlantic Seaboard and up to R100m in Sandton.
The Cape property market is “literally streets ahead” of the rest of the country, however, claiming 15 of these streets.
This is the finding of the Seeff property group, based on a study of Lightstone and Propstats data. Nine of these streets are on the Atlantic Seaboard (Clifton, Fresnaye and Bantry Bay) and six in the Southern Suburbs (Bishopscourt and Constantia). The remaining seven of the 22 streets are in Johannesburg, in the Sandton suburbs of Sandhurst, Hyde Park and Bryanston.
“In determining the most sought-after and valuable streets in the country, we looked at sales over a period of time rather than just at recent, one-off sales,” says Samuel Seeff, chairman of the Seeff property group. “We looked for a trend of properties selling for the highest prices on average in a particular street, rather than just at streets where the odd high value sale had taken place.”
What these streets tend to have in common is their location in the country’s highest ranked suburbs. Those of the Atlantic Seaboard are for example located in Clifton, Fresnaye and Bantry Bay, renowned for their fabulous sea views, cosmopolitan setting and laid-back lifestyle.
In the southern suburbs, it is mostly the Oak-tree lined streets of Bishopscourt and Constantia set against the southern slopes of Table Mountain and Constantiaberg that feature in the top ranked list.
In Johannesburg and Sandton, it is the leafy suburban neighbourhoods such as Sandhurst that occupy a prime location adjacent to the Sandton CBD. Hyde Park, also close by, and home to one of the most exclusive shopping malls in the southern hemisphere, also ranks high, as does Bryanston, renowned for its verdant streets and fabulous homes, often on substantial plots similar to those of Sandhurst, says Charles Vining, Seeff’s managing director for these areas.
“That the most expensive streets with property values that are now almost unsurpassed are located in Clifton (Nettleton, Clifton and Kloof roads), is no surprise given the demand for real estate in the suburb,” according to Lance Cohen, luxury market specialist for the Atlantic Seaboard. He has been responsible for selling most of the top end properties in the area over the last five years.
The verdict therefore, says Seeff, is that by buying in one of these streets “your property is surrounded by some of the most valuable residential real estate in the country. Based on history, property values are likely to continue appreciating at inflation beating rates.”