Dreaming of a mansion on Clifton beach? Then you better scrape your millions together, because Clifton once again boasts the most expensive property in South Africa, according to the Lightstone index.
According to the Lightstone index, which is based on deeds office registrations of residential sales, including houses sold without bank finance (about 50% of the total), the average house value in Clifton in the Western Cape is R16,2 million.
Last year’s winner of the most expensive property in South Africa, Sandhurst in Johannesburg, is in third place with an average valuation of R13,7 million, about 12,25% to 13,7% higher than last year.
The Western Cape is leading the pack when it comes to expensive property in South Africa, with five out of the top eight most expensive suburbs based in the province. In fourth place is Bantry Bay, with an average valuation of R10,6 million, Steenberg golf course and Llandudno is tied at R10,3 million and Bishopscourt is in eight place with an average valuation of R8,4 million.
Gauteng, the country’s economic engine, has two more suburbs in the top eight – Chislehurston is in second place this year with an average valuation of R15 million, while Westcliff made it to seventh place with R8,7 million.
At the lower end of South Africa’s 5 284 suburbs, houses in well-known townships Soshanguve in Gauteng and Mandelaville in Port Elizabeth are considerably more affordable. Soshanguve, ranked 5 274th, has an average valuation of R41 446, while houses in Mandelaville, ranked 5 277th, has an average value of R39 636.
According to the Lightstone index, which lags the banks’ indexes (these only include houses financed by the specific bank) by four months, prices were up 7,7% nationally in February, compared to a year ago. In Johannesburg, prices climbed by 9,2%, Cape Town prices were up 8,8%, while prices in Port Elizabeth and Durban increased by 2,2% and 5,4% respectively.