SA's costliest suburbs
Three of South Africa's 10 most valuable residential areas are located along Cape Town's coastline, according to a Lightstone properties report released on Thursday.
Clifton claimed the number one spot in the 2010 list of South Africa's most valuable residential areas with an average house price of almost R12-million.
Nearby Llandudno came in third with an average house price of R8-million.
Trendy, cosmopolitan Camps Bay was ranked 10th, with house prices at an average of R6.6-million, Lightstone said.
According to Lightstone consultant Hayley Ivins, in 2010 premier beachfront properties outperformed golf estates, which dominated the list last year.
"Golf estates do still feature prominently though," she said.
Ivins said Steenberg Golf Estate in the winelands area of Constantia was ranked the second highest-priced suburb in the country, at an average house price of R11-million.
Zimbali Coastal Resort in KwaZulu-Natal was the seventh most valuable residential area in South Africa with average house prices at just over R8-million.
Bishopscourt and Constantia in Cape Town were ranked sixth and eighth respectively, while the V&A Waterfront residential marina in the heart of Cape Town's working harbour precinct and inner city shopping destination was ranked fifth.
Ivins said Johannesburg featured just two suburbs in the top 10.
The "old-money enclave" of Westcliff ranked fourth at an average selling price of R8.54-million.
Upscale Sandhurst, in Sandton, "home to many of South Africa's captains of industry", came in at ninth with an average house price of just over R7-million.
"With high net-worth individuals from all over the world taking part in South Africa's soccer extravaganza this year, it will be interesting to see what effect this will have on these trends, as the benefits of the World Cup filter through to the property industry," said Ivins.
She said South Africa still offered "excellent value for money" from an international perspective.
"What is clear is that the wealthiest buyers want it all: security, scenic beauty, ocean views, mountain ranges, winelands, championship golf courses and proximity to an urban centre."
While average selling prices could be skewed from one year to the next, depending on the number of properties sold and individual prices recorded, the report remained a useful indicator of price trends and suburbs that attracted the highest investment and retained their value.
Article from: www.iafrica.com