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An analysis of the average selling prices this year across the country by the Seeff Property Group reveals that nine of the most expensive suburbs are in Cape Town. Only Sandhurst from the Sandton/Joburg area makes it into the top ten.
These top ten suburbs now all command an average price of well above R10 million, and in the top suburbs, the average is now just about R20 million (Clifton and Bantry Bay).
The property group also noted that, where there were three Sandton/Joburg suburbs in the top ten list five years ago, this year, there is only Sandhurst, although it boasts a notable uptick in the median price.
Seeff also highlighted that Higgovale in the Cape Town City Bowl is now also in the top ten list, which is a first.
“This stands as testimony to the allure of Cape Town, but more than that, the absolute confidence in the Cape Town property market,” said Samuel Seeff, chairman of the group.
Despite a challenging year, Cape Town is set to end another exceptional year for the property market with an average transaction price of R2.1 million, according to Lightstone data.
Comparatively, Johannesburg only reached around R1.6 million, Pretoria around R1.5 million and Durban R1.3 million. Sandton averaged around R2.3 million compared to the Atlantic Seaboard, which stands at around R8.2 million based on Propstats sales data.
The average transaction price for Cape Town doubled over the last ten years and is up by about 35% from the 2019 pre-pandemic year. Cape Town also once again achieved the highest average prices in the country this year, Seeff said.
Most expensive Suburbs
According to Seeff, Clifton is the most expensive suburb in South Africa, commanding an average selling price of R25 million, with the highest price achieved in 2023 coming in at a whopping R150 million.
Following Clifton is Bantry Bay in second and Llandudno in third – both along the Atlantic Seaboard – with Bantry Bay noting an average price of R22 million and Llandudno seeing R19.95 million.
The only suburb outside of Cape Town – Sandhurst in Sandton/Johannesburg – is the fourth most expensive, with an average price of R19 million for a home, while Bishopscourt rounds off the top five – seeing an average price of R17.55 million.
Seeff added that Constantia Upper and Bishopscourt had seen a major uptick in luxury buyers, with there already being 10 high-value sales above R20 million in Constantia and eight in Bishopscourt, in both instances, the highest on record.
The Suburbs mentioned above and the rest of the top 10 most expensive suburbs in South Africa are listed in the table below.
| # | Suburb | Area | Average price | Highest price achieved |
|---|---|---|---|---|
| 1 | Clifton | Atlantic Seaboard | R25 million | R150 million |
| 2 | Bantry Bay | Atlantic Seaboard | R22 million | R60 million |
| 3 | Llandudno | Atlantic Seaboard | R19.95 million | R33 million |
| 4 | Sandhurst | Sandton/Joburg | R19 million | – |
| 5 | Bishopscourt | Southern Suburbs | R17.55 million | R90 million |
| 6 | Higgovale | City Bowl | R16.2 million | R33 million |
| 7 | Waterfront | Atlantic Seaboard | R15.2 million | R54 million |
| 8 | Fresnaye | Atlantic Seaboard | R15 million | R71.25 million |
| 9 | Camps Bay | Atlantic Seaboard | R14.8 million | R42 million |
| 10 | Constantia Upper | Southern Suburbs | R13.1 million | R70 million |
Read: The province with the cheapest rent in South Africa
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