On the market for about R145M, this magnificent Fresnaye architectural masterpiece appears to float above the ocean with dramatic architectural features, five bedroom suites, a study, fitness centre, fabulous entertainment areas that include aspects such as a wet bar along with a swimming pool, sauna and hot tub and the very best finishes and features.
Where only a handful of sales topped the R20M price mark five years ago, there are today no less than 22 of the country’s residential streets where this is now the average sales price.
Prices in these streets now regularly top the R20M price mark and range to as much R100M in Sandton and R200-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 literally streets ahead of the rest of the country with no less than 15 of these streets – nine on the Atlantic Seaboard (Clifton, Fresnaye and Bantry Bay) and six in the Southern Suburbs (Bishopscourt and Constantia).
“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 thus 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”.
“So, if you are looking for the most exclusive address in the country, be sure to make it one of these top ranked streets”, he adds.
“By investing here, your property is 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 located in Clifton, Fresnaye and Bantry Bay, renowned for their fabulous 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 occupies a prime location adjacent 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 fabulous homes, often on substantial plots similar to those of Sandhurst”, says Charles Vining, Seeff’s managing director for the areas.
That the most expensive streets with property values that are now almost unsurpassed are located in Clifton (Nettleton, Clifton and Kloof Roads) is no surprise given the demand for real estate in the suburb according to Lance Cohen, luxury market specialist for the Atlantic Seaboard who has been responsible for selling most of the top end properties in the area over the last five years.
Nettleton Road sits high up against the slopes of Lion’s Head and offers a combination of privacy and panoramic sea views as far as the eye can see. It now boasts an average sales price of R45M (about R100,000/sqm plus) and a highest sales price of R111M, sold by Lance Cohen in 2015. Properties in the street though range to as much as R150M-R200M at the top end.
Clifton Road too enjoys an elevated position with fabulous views and also provides much prized privacy to its residents. The average price is about R34M (R60,000-R80,000/sqm) and the highest price achieved just under R56M, sold by Lance Cohen in 2014, although property in the street ranges to R85M for a top end 1000sqm 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 at the top end for a luxury villa recently sold by Lance Cohen.
The suburb of Fresnaye, although not fronting onto the ocean enjoys a fabulous elevated position which makes its streets very sought-after, according to Cohen. Ave Alexandra tops the list with an average of R33M and a highest price of around R145M for a magnificent architectural masterpiece that appears to float above the ocean.
This is followed by Ave Fresnaye that boasts an average of R28M and a highest price of R64.8M (sold in 2014 by Lance Cohen) 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 at R34M and a highest price of R65M followed by Ocean View Drive at R31M on average and a highest price of R48M recently sold by Lance Cohen. A property in Ocean Drive was recently listed at R350M though. Kloof Road meanwhile boasts an average of R24M and a highest price of R60M.
The most expensive property sold in the swanky suburb of Bishopscourt in Cape Town’s sought-after southern suburbs 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. There are though still some lower priced properties in these streets, says the agent.
According to Seeff’s Constantia Upper team, Marie Durr, Janine Stevenson, Priscilla Young and Liza Snijman, the highest price of R51.5M achieved late last year is located 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, recently achieved by the agents.
In the Johannesburg and Sandton areas, there are only about seven streets where multiple properties have sold for upwards of R20 million, according to Charles Vining. Most of these streets though still boast property prices ranging from around the R5M price band to well over R40M.
The most expensive street in Johannesburg is widely regarded as Coronation Road in the swanky suburb of Sandhurst that lies adjacent to the Sandton CBD. It boasts an average price of about R30M for top end property and a top price of about R100M. Another top end street in the suburb is Empire Place that boasts 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 boasts top prices with a number of streets achieving R20 million-plus sales over the last few years, according to 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.