Average house prices in South Africa's top five suburbs surpass R20 million

South Africa’s five top suburbs now boast an average house price upwards of R20 million. 

According to the Seeff Property Group, they are all located in Cape Town, which makes up nine of the top 10 suburbs by price value for this year.

Only Sandhurst in Sandton/Johannesburg features in the top ten, now ranked 7th (from 4th last year), with an unchanged average price of R16.5 million over two years.

A record 146 properties have sold for over R20 million, generating over R5 billion in value so far this year, exceeding the total for the whole of 2024 in both volume and value.

Fifteen of these sold for over R50 million, with four priced over R100 million (two each in Clifton and Constantia). Record prices already achieved include R65 million for an apartment in Bantry Bay and R104.5 million for a house in Constantia Upper. Both were sold by Seeff.  

Where the wealthy are buying and investing is a clear signal of confidence, and indicates where the market strength lies, says Seeff chairman, Samuel Seeff. He said Cape Town stands in direct contrast to the country’s economic and wealth heartland, the Gauteng metros, Johannesburg/Sandton in particular.  

Prices in Johannesburg/ Sandton have largely stagnated with only a few sales over R20 million, and high-end suburbs such as Dunkeld, Westcliff, Hyde Park, Illovo, Inanda, and Bryanston now average around R5m to R10m.  

In contrast, Cape Town’s high-net-worth suburbs have surged further in value. The top five suburbs include Clifton (R25m), Bantry Bay R23m), Llandudno (R21.5m), Constantia Upper (R21.4m) and Bishopscourt (R20.9m).  

The top ten list includes six Atlantic Seaboard suburbs plus Higgovale in the City Bowl, and Constantia Upper and Bishopscourt in the Southern Suburbs. Notably, a further 27 Cape Town suburbs boast an average price which falls into the R5m to R10m range.

The high demand and prices paid for properties on the Atlantic Seaboard are driven by the unique combination of demand and scarcity, says Ross Levin, a licensee for Seeff Atlantic Seaboard.  

He said the location between the mountain and sea creates a lifestyle offering that is simply unmatched, and since there is a limited supply of land and property, it inevitably pushes up values.

Consequently, Levin says, adjacent suburbs have also seen notable price hikes such as Sea Point (R6m), Green Point (R7.8m) and Three Anchor Bay (R6.2m). In the City Bowl, these include Oranjezicht (R10.4m), Tamboerskloof (R8.75m), Devil’s Peak Estate (R7m), Gardens (R6.35m) and Vredehoek (R5.6m).  

The Southern Suburbs are said to have experienced two tremendous years with high volumes of R20m plus sales in Constantia and Bishopscourt, as well as a few high-value sales in Claremont Upper, Newlands and Rondebosch.  

Prices are up by 16% in Constantia Upper, and 10% in Bishopscourt, well above inflation, representing real growth for property owners, says Francois Venter, the lead agent for Seeff Constantia. 

Meanwhile, stock levels were said to have dropped by a massive 45%, providing an incentive for sellers who want to capitalise on the market. He also notes that there is an increasing number of off-market sales as sellers do not always want to formally list their properties, but are open to offers.

According to Seeff, the market expects a bumper summer season with international buyers set to return to the market, and enquiries already coming through to agents.

He said that, additionally, a steady stream of semigration, along with internationals from the UK, Germany, and other European countries, is now looking to shift funds or move here permanently to escape some of the challenges in Europe. 

Meanwhile, the arrival of Spring is bringing more than just warmer weather to Johannesburg, also ushering in one of the strongest home-buying seasons the city has seen in years, with activity levels rising sharply and many sellers set to reap the benefits of faster sales in the coming months.

The FIRZT Realty property group’s sales have increased every month since the start of 2025, says Stephen Whitcombe, MD of the leading Johannesburg property group. He added that with the effects of five interest rate cuts over the past year now really starting to improve household finances, all the signs point to a bumper Spring and Summer season.  

“Buyer interest in Johannesburg has really accelerated in recent months, with our agents reporting more show day traffic, stronger offers and faster conversions into sales than at any time since before the pandemic,” he says. 

“In fact, the pace of sales is already heading back towards what we saw during the mini-boom of 2021, and we are entering what is traditionally the busiest quarter of the year.  

“As it is, the latest statistics from mortgage originator BetterBond show a 12% year-on-year increase in the number of home loan applications, which is now at its highest level since late 2022, when interest rate increases started to limit affordability,” Whitcombe said.