The suburb of Westcliff in Johannesburg, where mining magnates first settled in grand estates more than a century ago, has lost some its lustre as more of South Africa's ultra-rich move their money into prime locations in Cape Town or abroad. Fewer homes in the sought-after neighbourhood have sold in recent years, with only one property valued at more than R20-million sold this year. That went for R37-million. Five sales According to data by Lightstone Property, there have been five sales with the median value of R7.53-million in Westcliff this year. This is based on deeds office data, which have a three-month lag. Last year 12 properties were sold in the suburb compared to 18 in 2015 and 24 in 2014. Westcliff lies on the Parktown Ridge, just north of the city centre, and the best properties have commanding views stretching as far as the Magaliesberg to the west. Westcliff and adjacent Parktown host some of the most extravagant properties in Johannesburg — with large, terraced garde...
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