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Cape Town topped R21.75 billion in transactions for the 12-month period to end November, at an average transaction value of R2.2 million.
The metro also scooped the highest prices paid for residential property in the country this year, according to Ross Levin, managing director for Seeff Atlantic Seaboard and City Bowl.
Comparatively, Pretoria metro reached around R17 billion (average of R1.2 million), Sandton R13.4 billion (average of R2.3 million), Johannesburg R13 billion (average of R1.483 million) and Durban R6.4 billion (average of just over R1 million).
The wealthy might not be buying as much as they used to, but Cape Town still tops their list of most desirable property, said Levin. Atlantic Seaboard and City Bowl sales amount to R4.3 billion including 30 of the highest prices paid.
The rental market has also performed exceptionally despite the headwinds. Seeff has concluded rentals of up to R170,000/month in Fresnaye, R130,000 at the Waterfront, R120,000 in Bantry Bay and R60,000/month in Tamboerskloof in the City Bowl. Holiday rentals this summer is expected to reach R100,000-R250,000/night in Clifton, the property group said.
Semigration buyers are back and Levin said that sales are often delayed only by the slow sales cycles in Gauteng and other inland provinces. Foreign buyers, too, have invested over R500 million in property with the highest demand from German, UK and US buyers.
Cape Town achieved about 50 high-value sales priced from R20 million-R60 million compared to just two in the upper end of Sandton/Johannesburg and a highest price of R23 million.
The highest prices paid include:
R60 million in Fresnaye;
R58.5 million in Bantry Bay;
R47 million in Bishopscourt;
R45 million in Clifton;
R39 million in Higgovale;
R36.5 million in Llandudno;
R36 million in Camps Bay;
R34 million in Constantia Upper; and
R32 million in Mouille Point.
Notable, too, is that 9 of the top 10 suburbs in the country are now in Cape Town, up from seven about three years ago, Seeff said.
These all now boast a median price of over R10 million and over R20 million for Clifton, said Levin.
Only Sandhurst in Sandton/Johannesburg is included in the top 10 ranking.
The Southern Suburbs enjoyed an active year and is not just home to two of the top suburbs in the country but offers a high concentration of top performing schools which drives demand, said James Lewis, managing director for Seeff Southern Suburbs, Hout Bay and Llandudno.
Total sales of almost R4.5 billion has been achieved including six high-value properties ranging to R34 million in Constantia and R47. million in Bishopscourt.
Although the sub-R10 million price band dominated, the "Uppers" such as Claremont and Kenilworth Upper have attracted prices of up to R20 million (Claremont) while Newlands achieved eight sales above R10 million, and Rondebosch achieved a further six.
The Southern Suburbs rental market has been a top achieving sector this year, said Lewis. Student rentals and young professionals kept the sectional title rental agents busy while upper-end family tenants paid up to R80,000-R100,000/month in top-end areas such as Constantia.
Author: Gina Meintjes
