Clifton’s Nettleton road the priciest to live on
If there's one street in South Africa where residents are unlikely to be troubled by Thursday's 25 basis point increase in the interest rate‚ it's Nettleton Road in Clifton‚ Cape Town.
The average value of a home there is R47.55-million‚ the highest in the country‚ according to analytics company Lightstone.
Seven of the 10 priciest streets are in the Western Cape‚ including three in Bantry Bay: De Wet‚ Arcadia and Ravine roads. Sandhurst in Gauteng is home to the other three: Killarney‚ Coronation and Saxon roads.
Lightstone analytics director Paul-Roux de Kock said the company used valuation figures from January for its calculations.
"We only considered streets which had at least three properties‚'' he said.
Andrew Golding‚ chief executive of the Pam Golding Property Group‚ said Thursday's decision by the Reserve Bank monetary policy committee to increase the repo rate was unfortunate following a hike in January.
Golding said that although housing activity and house price growth had slowed‚ demand for homes remained high.
"Our experience of the top end of the residential property market - as defined by properties greater than R10-million and up to R100-million - has been that there has been an increase in sales activity in as much as 30% in recent months‚ commencing from October 2015 to date‚" he said.
"This market has been particularly brisk in the Western Cape‚ Boland and Overberg‚ North Coast of KwaZulu-Natal and to some extent the Garden Route."
The luxury market in the Cape Town metro had proved to be ''virtually recession-proof'' in recent years thanks to the influx of investors from Gauteng.
Golding highlighted a 288 square metre apartment on the beach in Clifton selling for R29-million - more than R100 000 per square metre.
Samuel Seeff‚ chairman of the Seeff property group‚ agreed that the property market was still remarkably resilient.
His company's February turnover was just under R1.2-billion‚ ''very similar'' to last year.
TMG Digital/The Times