An average value of R43.7 million per Property in this Street in Cape Town
In Johannesburg the suburbs of Bryanston, Morningside and Midstream are the highest valued suburbs, and in Cape Town; Sea Point, Rondebosch and Fresnaye are the areas that capture the most value. In an interesting finding, Umhlanga in Kwazulu-Natal also features amongst the top ten suburbs with the highest value countrywide. This is according to Lightstone data, the company providing information to the property sector, analyses on the data and trends in this category.
Additionally, Lightstone data reveals the most expensive streets and suburbs in Cape Town, with the highest valued street being Beauvais Road in Bel Ombre with an average value of R43.7 million per property. Llandudno is the suburb with the highest value of R 19.3 million per property on average. Like previous years, Cape Town’s property growth remains above the national average. The top three inflationary growth suburbs in the Western Cape over the last 12 months are Sillwood Heights, Voëlklip and Hospital Hill.
Lightstone’s analysis includes the data of nearly eight million registered properties across South Africa; 83% of which are residential properties and 17% non-residential. The total of 6.7 million residential properties are valued at R5.4 trillion; a figure which is heavily supported by the R2 trillion Gauteng market*. Freehold properties remain the largest percentage of this figure with 67%; estates follow at 18.3% and sectional title with 14.2%. Estates consist of a much higher proportion of total value vs. volume as these properties are on average valued at three times more than normal freehold properties.
Gauteng is still the province with the densest portion of total residential properties in both value and volume:
In a municipal breakdown, the following list includes the top five South African municipalities in terms of value:
As it stands, Western Cape and Gauteng feature the larger proportion of properties and total value with more than 50% of the national market value captured in these two provinces.
One of the most encouraging findings in the Lightstone analysis is that the number of single female buyers has increased to over 71 727 in 2018; a figure which is almost 10 000 more than their male counterparts whom only account for 62 032 of homes purchased over the last 12 months. Male buyers do however still on average buy properties with a higher value than female buyers.
As a bustling cosmopolitan province, Cape Town should continue to show steadfast and reliable growth in the years to come.