The average selling price of a home in these Cape Town suburbs has surged past the R15m mark!
Despite more subdued trading conditions during the past two years, the average selling prices of the Atlantic Seaboard’s top five suburbs, which are incidentally also the top five suburbs in the country, have surged past the R15m average selling price for a full title house and is edging closer to the R20 million price mark.
Lance Cohen and Simony Santos, Seeff’s luxury market team for the Atlantic Seaboard note that while overall sales have been slower since early last year, buyers have still paid significantly for the right property. We see for example that full title sales in the R20m-plus sector for the 2017-year exceeded R1bn at an average selling price of R32.5 million, most of these coming from the BIG FIVE suburbs and prices ranging to over R100m in Clifton.
Seeff takes a look at the top five suburbs and ranks them according to the average selling price (for a full title house) for the 2017-year based on a mix of Propstats and Lightstone data. With all the anomalous sales removed to give an accurate reflection the average selling prices, these rank as:
1. Clifton - R18m:
2. Llandudno - R17.8m:
3. Bantry Bay - R17.7m:
4. Camps Bay - R17.7m:
5. Fresnaye -R16.6m:
Overall, full title sales (excluding vacant land sales) for these BIG FIVE suburbs amount to 87 sales worth over R1.7bn at an average selling price of just under R20 million. This represents about 77% of the value of all full title sales generated for the Atlantic Seaboard for the 2017-year.
The biggest price movements, have been in Llandudno and Camps Bay. In terms of R20m-plus sales, Camps Bay boasted the most with 11 transactions followed by Fresnaye (7 sales), Clifton (5), Bantry Bay (4) and Llandudno (2). Notably, all full title sales in Clifton were above R20 million say the agents.
Over 80% of sales were to local Cape buyers followed by Joburg and foreign buyers who comprise only about 20% of all sales. Llandudno were almost exclusively local buyers.
The agents note that the notable price shifts evident over the last five years have been driven by high demand from local Cape buyers and from Joburg (and other wealthy upcountry) buyers rather than foreigners. Joburg buyers have invested over R500million in top end Atlantic Seaboard property over the last year.
Cohen and Santos say that it is a good time to buy if you find the right priced property. The team currently holds a number of top end blue chip mandates ranging in price from R60m to over R200m in Clifton, Bantry Bay and Fresnaye. Two top end mandates are in Nettleton Road, Clifton, being the top street in the country. This includes an excellent investment opportunity, being two plots of over 3800sqm that offer ideal development prospects. The road currently commands an average selling price of almost R100m based on the last three houses sold (per Lightstone data).
In Camps Bay, Seeff holds mandates ranging to R77.5m for a magnificent 1029sqm luxury home that towers over the Atlantic Ocean with exquisite sea and mountain views, six luxurious ocean-facing bedrooms, two separate guest suites, a cinema, gymnasium, steam room and more, says Lyn Pope of Seeff Camps Bay.
In Llandudno, where most sales over the last year have been to local Cape buyers, Stephan Cross, Sales Manager for Seeff Hout Bay and Llandudno says the agency holds a number of mandates on superb luxury homes priced in the R20m-R44m range.
View more of the neighbourhood here: