When it comes to well-heeled buyers, there is now almost no price too high for the right address, whether it is in Cape Town or Sandton, says Seeff Property Group.
While prices may differ drastically, you can be sure that the best address will generally achieve the highest prices and in the case of Cape Town’s Atlantic Seaboard up to 40% and even 60% more than anywhere else, especially for a full sea view location.
If you want to sit on your patio to enjoy the seaboard sunsets that Cape Town is so famous for, then you would need to pay upwards of R20 million-R200 million said Lance Cohen, Seeff agent for the luxury areas.
Samuel Seeff, chairman of the Seeff Property Group said that while a top address on the Atlantic Seaboard can cost as much as R100 million and more, you do not have to fork out millions to get a good address.
The basic principles of buying property remains the same whether you are buying for R1 million or R100 million.
He said that as an ordinary buyer, you just need to make sure that you buy in the best location that you can afford and the old adage that you must do your homework carefully and research areas and prices is especially true for first time buyers.
“Regardless of the city or area, you will always find certain suburbs and streets that sell for higher prices. The reason is simple. These tend to offer the best location for a range of reasons and buyers will therefore pay more because these locations tend to come with the best average capital appreciation, often well above the market averages,” he said.
These best addresses tend to be those located close to amenities such as good schools and with rising traffic, those with access to main transport networks. Elevated positions also tend to cost considerably more, especially in Cape Town.
Overall, the two most sought-after streets are Nettleton Road in Clifton and Coronation Road in Sandhurst according to Seeff.
Sandhurst, adjacent to the Sandton CBD, offers palatial homes of around 1,000sqm-1,400sqm with all the bells and whistles and large plots of up to 8,000sqm priced anything up to R20 million-R100 million.
In contrast, Clifton offers much less land and multi-level houses, but prices are considerably higher at upwards of R30 milllion-R300 million, Seeff said.
In overall rankings, Clifton has three of the most expensive streets, being Nettleton, Clifton and Kloof Roads, but the Atlantic Seaboard has a number of the top streets in the country.
This includes Ave Alexandra and Ave Fresnaye in Fresnaye where Cohen recently sold homes for R72 million and R75 million respectively along with Head Road, also in Fresnaye.
In Bantry Bay, the well-heeled tend to focus on De Wet Road, Ocean View Drive, and Kloof Road. You can now also add Dock Road at the V&A Waterfront to the list as well as Beach Road in Mouille Point, said Pinn.
Outside of Sandhurst, the most expensive streets in Johannesburg/Sandton are located in Hyde Park (4th and Christopherson Roads) and in Bryanston (Lowndes Road, Bryanston Drive and Eccleston Crescent) where you would need around R20 million-R100 million to secure an address.
On the other side of the Cape Town’s famous landmark, Table Mountain, Bishopscourt and Constantia rank as the most sought-after addresses in terms of prices achieved.
For Bishopscourt, the best streets are generally Upper Hillwood Ave, Klaassens Rd and Bishopscourt Drive and for Constantia, it is Monterey Drive, Dawn Avenue and Klein Constantia Road.
Top 10 most expensive suburbs:
|#||Suburb||Area||Street||Average price||Highest price|
|1||Clifton||Atlantic Seaboard||Nettleton, Clifton and Kloof roads||R35 million – R45 million||R300 million|
|2||Sandhurst||Sandton||Coronation road, Empire Place||R25 million – R45 million||R100 million|
|3||Fresnaye||Atlantic Seaboard||De Wet Road, Ocean View Drive, Kloof Road||R25 million – R34 million||R140 million|
|4||Bantry Bay||Atlantic Seaboard||Coronation road, Empire Place||R24 million – R34 million||R350 million|
|5||V&A Waterfront||Atlantic Seaboard||Dock Road||R20 million – R40 million||R100 million|
|6||Mouille Point||Atlantic Seaboard||Beach Road||R20 million – R40 million||R100 million|
|7||Bishopscourt||Southern Suburbs||Upper Hillwood Avenue, Klaassens Road, Bishopscourt Drive||R20 million||R100 million|
|8||Constantia||Southern Suburbs||Monterey Drive, Dawn Avenue, Klein Contantia Road||R20 million – R40 million||R100 million|
|9||Hyde Park||Sandton||4th Road, Christopherson Road||R20 million – R25 million||R100 million|
|10||Bryanston||Sandton||Lowndes Road, Bryanston Drive, Eccleston Crescent||R20 million – R40 million||R100 million|