The most expensive streets in South Africa

Where only a handful of sales topped the R20 million price mark five years ago, there are now no fewer than 22 of the country’s residential streets where this is the average sales price.

This five-bedroom Fresnaye home, which appears to float above the sea, has a price tag of R145 million.

Where only a handful of sales topped the R20 million price mark five years ago, there are now no fewer than 22 of the country’s residential streets where this is the average sales price.

Prices in these streets now regularly top R20m and range to as much R100m in Sandton and R200m to R350m 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, the Cape property market is streets ahead of the rest of the country with no fewer than 15 of these streets – nine on the Atlantic seaboard – in Clifton, Fresnaye and Bantry Bay – and six in Bishopscourt and Constantia in the southern suburbs. 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 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.

“When investing in one of these streets, your property will be 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 in Clifton, Fresnaye and Bantry Bay, renowned for their sea views, cosmopolitan setting and laid-back lifestyle.

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 next to the Sandton CBD, 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 remarkable homes, often on substantial plots similar to those of Sandhurst, according to Charles Vining, Seeff’s managing director for the areas.

Nettleton Road sits high up against the slopes of Lion’s Head in Clifton, and combines privacy and panoramic sea views. It now boasts an average sales price of R45m (about R100 000/m²) and a highest sales price of R111m, sold by Seeff agent, Lance Cohen, in 2015. Prices for properties in the street though range up to R150m and R200m.

Clifton Road is also in an elevated position with sea views and privacy for its residents. The average price is about R34m (R60 000 to R80 000/m²) and the highest price achieved just under R56m, although property in the street ranges to R85m for a 1 000m² home with triple-volume living areas and six bedroom suites.

Kloof Road also enjoys panoramic sea views and a consequent average price of R31m ranging to R70m for a luxury villa recently sold by Cohen.

Fresnaye, although not fronting onto the sea, is high up on the mountain which makes its streets very sought-after, according to Cohen. Avenue Alexandra tops the list with an average of R33m and a highest price of around R145m for an architect-designed home that appears to float above the sea.

This is followed by Avenue Fresnaye with an average price of R28m and a highest price of R64.8m and Head Road at R26m on average and a highest price of R77m.

In Bantry Bay, it is De Wet Road that commands the highest average price at R34m and a highest price of R65m followed by Ocean View Drive at R31m on average and a highest price of R48m for a property recently sold by Cohen. A property in Ocean Drive was recently listed at R350m though. Kloof Road has an average price of R24m and a highest price of R60m.

The most expensive property sold in Bishopscourt is in Canterbury Drive at R69m. The most expensive streets according to Seeff agent, Diane Hosty though are Upper Hillwood Avenue at R21m on average and a highest price of R37m followed by Klaassens Road at an average of R20m and a top price of R40m and Bishopscourt Drive, also at about R20m and a highest price of R32m. However, there are still some lower priced properties in these streets, she says.

According to Seeff’s Constantia team, Marie Durr, Janine Stevenson, Priscilla Young and Liza Snijman, the highest price of R51.5m achieved late last year is for a home in Southern Cross Drive. The most sought-after and expensive streets are Monterey Drive and Dawn Avenue with an average price of around R20m and a top price of about R35m, along with Klein Constantia Road with a highest price of R33m for a property recently sold by the agents.

In the Johannesburg and Sandton areas, there are only about seven streets where several properties have been sold for R20m or more, according to Vining. In most of these streets property prices still range from around R5m to well over R40m.

The most expensive street in Johannesburg is widely regarded as Coronation Road in Sandhurst, next to the Sandton CBD. It has an average price of about R30m for luxury homes and a top price of about R100m. Another expensive street in the suburb is Empire Place with an average of R26m and a top price of R39m.

The two most expensive streets in Hyde Park based on recent sales meanwhile are 4th Road with an average of R26m and a top price of R40m and Christopherson Road at an average of R20m and a top price of R24m.

“Bryanston too now has top prices with a number of streets achieving R20 million-plus sales over the last few years,” says Vining.

These include Lowndes Road at R27m, Bryanston Drive with an average price for top end estates of about R20m and a highest price of R24m as well as Eccleston Crescent, also with an average of about R20m for top end properties and a highest price of R30m.

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