Where only a handful of sales topped the R20 million price mark five years ago, there are today no less than 22 of the country’s residential streets where this is now the average sales price.
This three bedroom, two bathroom apartment for sale in Bantry Bay is situated on sought-after Ocean View Drive. The home features a fusion of glass and granite and has two lounges flowing out onto a rim flow-pool with unobstructed views. It is selling for R27.95 million - click here to view.
Prices in these streets now regularly top the R20 million price mark and range to as much R100 million in Sandton and R200 million to R350 million on Cape Town’s Atlantic Seaboard, according to Samuel Seeff, chairman of the Seeff property group.
Based on a study of Lightstone and Propstats data undertaken by the Seeff property group, Seeff says the Cape property market is literally streets ahead of the rest of the country, boasting no less than 15 of these streets - nine on the Atlantic Seaboard in Clifton, Fresnaye and Bantry Bay, and six in the Southern Suburbs in Bishopscourt and Constantia.
The remaining seven streets are in the Johannesburg and 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 recent one-off sales,” says Seeff.
“We thus looked for a trend of properties selling for the highest prices on average in a particular street, rather than just looking at streets where the odd high-value sale had taken place.”
So, if you are looking for the most exclusive address in the country, he says you should be sure to make it one of these top-ranked streets.
By investing here, Seeff says your property is surrounded by some of the most valuable residential real estate in the country and, based on history, property values are likely to continue appreciating at inflation topping rates.
What the top streets tend to have in common is their location in the country’s top-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.
This four bedroom, four bathroom house is situated on De Wet Road in Fresnaye. The home has expansive living and entertainment areas leading onto a wrap-around patio and garden with rim-flow pool. The property includes garaging for four cars, two staff suites and storeroom. It is on the market for R45 million - click here to view.
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, as well as Hyde Park, also close by and home to one of the most exclusive shopping malls in the southern hemisphere, along with 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 the areas.
Lance Cohen, luxury market specialist for the Atlantic Seaboard and responsible for selling most of the top-end properties in the area over the last five years, says given the demand for real estate in the suburb, it comes as no surprise that the most expensive streets are located in Clifton, with property values now almost unsurpassed in Nettleton, Clifton and Kloof Roads.
Nettleton Road sits high up against the slopes of Lion’s Head and offers a combination of privacy and panoramic sea views as far as the eye can see. It now boasts an average sales price of R45 million, about R100 000-plus per square metre, and a highest sales price of R111 million, sold by Lance Cohen in 2015. Properties in the street, though, range to as much as R150 million to R200 million at the top end.
Clifton Road also enjoys an elevated position with fabulous views and provides much prized privacy to its residents. The average price is about R34 million, at R60 000 to R80 000 per square metre, and the highest price achieved just under R56 million, sold by Lance Cohen in 2014. However, property in the street ranges to R85 million for a top-end 1 000sqm home with triple-volume living areas and six bedroom suites.
Kloof Road also enjoys panoramic sea views and a consequent average price of R31 million, ranging to R70 million at the top end for a luxury villa recently sold by Lance Cohen.
This four bedroom, four bathroom home is situated in a secure complex on Empire Place in Sandhurst, Sandton. Situated on a 1 600sqm erf, the home features a gym, grand reception rooms opening onto an entertainer’s patio and swimming pool. It is selling for R20 million - click here to view.
The suburb of Fresnaye, although not fronting onto the ocean, enjoys a fabulous elevated position which makes its streets very sought after, according to Cohen. Ave Alexandra tops the list with an average of R33 million and a highest price of around R145 million for a magnificent architectural masterpiece that appears to float above the ocean.
This is followed by Ave Fresnaye that boasts an average of R28 million and a highest price of R64.8 million, and Head Road at R26 million on average and a highest price of R77 million.
In Bantry Bay, it is De Wet Road that commands the highest average at R34 million and a highest price of R65 million, followed by Ocean View Drive at R31 million on average and a highest price of R48 million recently sold by Lance Cohen. A property in Ocean Drive was recently listed at R350 million, though. Kloof Road, meanwhile, boasts an average of R24 million and a highest price of R60 million.
The most expensive property sold in the swanky suburb of Bishopscourt in Cape Town’s sought-after Southern Suburbs was bought in Canterbury Drive for R69 million. The most expensive streets according to Seeff agent, Diane Hosty, though, are Upper Hillwood Avenue at R21 million on average and a highest price of R37 million, followed by Klaassens Road at an average of R20 million and a top price of R40 million, and Bishopscourt Drive, also at about R20 million and a highest price of R32 million. There are, however, still some lower-priced properties in these streets, says the agent.
According to Seeff’s Constantia Upper team, Marie Durr, Janine Stevenson, Priscilla Young and Liza Snijman, the highest price of R51.5 million achieved late last year is located in Southern Cross Drive. The most sought-after and expensive streets are Monterey Drive and Dawn Avenue with an average price of around R20 million and a top price of about R35 million along with Klein Constantia Road with a highest price of R33 million, recently achieved by the agents.
This four bedroom, three bathroom home for sale in Bantry Bay is situated on Ocean View Drive. The property is set on a 942sqm erf with panoramic ocean views, and offers expansive entertainment areas, established garden, lap pool and separate flatlet. It is on sale for R22.95 million - click here to view.
In the Johannesburg and Sandton areas, there are only about seven streets where multiple properties have sold for upwards of R20 million, according to Charles Vining. Most of these streets, though, still boast property prices, ranging from around the R5 million price band to well over R40 million.
The most expensive street in Johannesburg is widely regarded as Coronation Road in the swanky suburb of Sandhurst that lies adjacent to the Sandton CBD. It boasts an average price of about R30 million for top-end properties, and a top price of about R100 million. Another top-end street in the suburb is Empire Place, which boasts an average of R26 million and a top price of R39 million.
The two most expensive streets in Hyde Park based on recent sales, meanwhile, are 4th Road with an average of R26 million and a top price of R40 million, and Christopherson Road at an average of R20 million and a top price of R24 million.
Bryanston also now boasts top prices, with a number of streets achieving R20 million-plus sales over the last few years, according to Vining. These include Lowndes Road at R27 million, Bryanston Drive with an average price for top-end estates of about R20 million and a highest price of R24 million, as well as Eccleston Crescent, also with an average of about R20 million for top-end properties and a highest price of R30 million