PROPERTY: Battle for the Best Address Heads to R100M-plus for Cape’s Best Streets
Recent Western Cape Business News
WHEN it comes to well-heeled buyers, there is now almost no price too high for the right address, whether it is in Cape Town or Sandton. While prices may differ drastically, you can be sure that the best address will generally achieve the highest prices and in the case of Cape Town’s Atlantic Seaboard up to 40% and even 60% more than anywhere else, especially for a full sea view location.
If you want to sit on your patio to enjoy the fabulous seaboard sunsets that Cape Town is so famous for, then you would need to pay upwards of R20M-R200M (and more) according to Lance Cohen, Seeff agent for the luxury areas.
Samuel Seeff, chairman of the Seeff Property Group says that while a top address on the Atlantic Seaboard can cost as much as R100 million and more, you do not have to fork out millions to get a good address. R1 million can do just as well. The basic principles of buying property remains the same whether you are buying for R1 million or R100 million.
He says that as an ordinary buyer, you just need to make sure that you buy in the best location that you can afford and the old adage that you must do your homework carefully and research areas and prices is especially true for first time buyers.
Regardless of the city or area, you will always find certain suburbs and streets that sell for higher prices. The reason is simple. These tend to offer the best location for a range of reasons and buyers will therefore pay more because these locations tend to come with the best average capital appreciation, often well above the market averages. That is why agents will generally say if the best that you can afford is the worst house in the best street, then you have done well.
These best addresses tend to be those located close to amenities such as good schools and with rising traffic, those with access to main transport networks. Elevated positions also tend to cost considerably more, especially in Cape Town.
Here, an unobstructed sea view can cost upwards of R20m-R200m (and more) in suburbs such as Clifton, the Waterfront, Bantry Bay and Camps Bay. Even Mouille Point’s Beach Road apartments are now priced to R100 million and since you are on the front, your view is secure, says Seeff agent, Lynn Pinn.
Overall, the two most sought-after streets are Nettleton Road in Clifton and Coronation Road in Sandhurst according to Seeff. Prices those differ drastically. Sandhurst, adjacent to the Sandton CBD, offers palatial homes of around 1000sqm-1400sqm with all the bells and whistles and large plots of up to 8000sqm priced anything up to R20m-R100m.
In contrast, Clifton offers much less land and multi-level houses, but prices are considerably higher at upwards of R30m-R300m (and possibly more). Two of the best houses in Nettleton Road are currently being marketed by Cohen. This includes number 5 Nettleton Road at R150M and number 1 Nettleton Road at R55M.
In overall rankings, Clifton has three of the most expensive streets, being Nettleton, Clifton and Kloof Roads, but the Atlantic Seaboard has a number of the top streets in the country. This includes Ave Alexandra and Ave Fresnaye in Fresnaye where Cohen recently sold homes for R72m and R75m respectively along with Head Road, also in Fresnaye. In Bantry Bay, the well-heeled tend to focus on De Wet Road, Ocean View Drive, and Kloof Road. You can now also add Dock Road at the V and A Waterfront to the list as well as Beach Road in Mouille Point, says Ms Pinn.
Outside of Sandhurst, the most expensive streets in Johannesburg/Sandton are located in Hyde Park (4th and Christopherson Roads) and in Bryanston (Lowndes Road, Bryanston Drive and Eccleston Crescent) where you would need around R20M-R100m to secure an address.
On the other side of the Cape Town’s famous landmark, Table Mountain, Bishopscourt and Constantia rank as the most sought-after addresses in terms of prices achieved. For Bishopscourt, the best streets are generally Upper Hillwood Ave, Klaassens Rd and Bishopscourt Drive and for Constantia, it is Monterey Drive, Dawn Avenue and Klein Constantia Road.
In Bishopscourt and Constantia you still get a lot more house and land for your money on top of fabulous views and quick access to Kirstenbosch, the biggest Botanical garden on the continent and Constantia Wine Valley, the oldest according to James Lewis, Seeff’s MD for the area.
The top end grand homesteads of Constantia Upper offer exceptional value at between R45m-R69m offering a floor space of around 1000-1300sqm and land of up to almost 10 000sqm. With just about everything en-suite or on-tap so to speak, the homes come with grand room sizes, sweeping staircases, a wine cellar, cinema, large outdoor entertainment areas, big swimming pools and sweeping grounds.
Seeff says that the best addresses tend to be those where properties consistently sell for the highest values and it is best to look at sales records over a period of time. It is also for this reason that buyers should take care when it comes to extending and renovating. Just because your house looks like a Clifton house does not mean that it will achieve the same price.
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