Super luxury home sales boom, Joburg buyers pay more for Cape Town houses
Cape Town is still seeing the highest prices paid for super luxury homes with Camps Bay, Clifton and Constantia leading among the most popular for homes sold priced over R20 million this year.
This is according to the Seeff Property Group, which has sold twenty properties over the exclusive R20 million price mark in Cape Town this year. Notably, wealthy Gauteng/Joburg buyers have bought more homes priced over R20 million in Cape Town this year compared to the wealthy suburbs of Johannesburg/Sandton. Three of these were over R50 million and among the ten highest prices paid, says Ross Levin, licensee for Seeff Atlantic Seaboard, Waterfront and City Bowl.
According to data from Propstats, almost 120 properties have sold for over R20 million in Cape Town, for a total value of over R3.6 billion. At least ten were over R50 million each, mostly in Clifton, Camps Bay, Bantry Bay, The Waterfront, and Constantia Upper.
Levin says the Atlantic Seaboard and City Bowl have enjoyed a strong year, with activity across all price bands, and a significant number of sales over R20 million. Camps Bay already stands on over R1 billion in sales with three houses sold over R50 million. In Clifton, Gauteng buyers have paid up to R66m for a luxury home.
Even the City Bowl suburbs of Higgovale, Oranjezicht and Tamboerskloof have seen sales over R20 million, mostly to local buyers with one Gauteng buyer paying R30 million for a house in Higgovale, and a UK buyer paying R43m for a house in Oranjezicht.
Based on this year’s sales data, Cape Town’s top ten suburbs all boast an average house price of over R10 million with four suburbs, being Clifton (R43m), Llandudno (R27m), Camps Bay (R21m), Higgovale (R20m), topping the R20 million average price mark.
Top 10 Cape Town Suburbs by Highest Ave Price (2024)
- Clifton (ave price R43m) – 11 sales from R20m to R66m (Gauteng buyer)
- Llandudno (ave price R27m) – 5 sales from R20m to R45m (Dutch buyer)
- Camps Bay (ave price R21m) – 16 sales from R20m to R68.25m (Dutch buyer)
- Higgovale (ave price R20m) – 7 sales from R20m to R32.5m (Cape buyer)
- Bishopscourt (ave price R19m) – 11 sales from R20m to R43.5m (Cape buyer)
- Constantia Upper (ave price R18m) – 20 sales from R20m to R48m (Polish buyer)
- Bantry Bay (ave price R17m) – 5 sales from R20m to R51m (Gauteng buyer)
- Fresnaye (ave price R15m) – 4 sales from R20m to R45.9m (Cape buyer)
- Waterfront (ave price R15m) – 9 sales from R20m to R50.4m (Cape buyer)
- Oranjezicht (ave price R10m) 1 sale at R43m (UK buyer)
(Source: Seeff/Propstats)
Francois Venter, lead agent for Seeff “The Uppers” says it’s no surprise that Constantia Upper and Bishopscourt rank in the top suburbs in Cape Town. Constantia Upper already stands on over R1.4 billion in sales (excluding developments) this year with a significant 22 sales priced at over R20 million each this year with the Seeff team selling six of these, mostly to local buyers. In Bishopscourt, a notable 11 homes were sold for over R20m, and two were sold by Seeff. The Estates also continue seeing strong prices with sales of R35m and R39m in Silverhurst Estate.
He says the “Uppers” have seen some of the highest volumes of luxury sales in recent years. There are also many sales which take place “off the market”, meaning they are not listed publicly. Access to top schools and UCT, a private, suburban lifestyle with secure and well maintained green neighbourhoods, and excellent property value growth are drivers of the demand. By way of example, a luxury property in Bishopscourt which Seeff sold for R14 million about ten years ago, is now on the market for R26 million, thus almost doubling in value.
A recent StatsSA House Price Index shows Cape Town property growth outstrips the country by some margin with prices surging by 30% over the last five years, significantly higher than Johannesburg’s 8.6% growth. Cape Town recorded growth of 6% on average last year while Johannesburg experienced a 1.3% decline. Good service delivery and well-managed infrastructure combined with the lifestyle and excellent capital value growth underscore the strong property market and its potential for significant capital appreciation.
Source: https://propertyprofessional.co.za/
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