Seeff Reports Strong Price Growth In The Uppers As Constantia Upper Homes Average R26m

Source: Supplied. Constantia Upper, Hohenhort – R35m for this spectacular 4017sqm estate with a luxury 5-bedroom homestead with a wine cellar, upstairs apartment or teen pad/work-from-home or guest suite, staff accommodation, heated pool, multi-car garaging, two stables and a tack room for equestrian enthusiasts, and stunning mountain views.

According to Francois Venter, Seeff’s lead agent for the area, strong demand and limited housing stock are driving significant price growth across “The Uppers”, which include Constantia Upper, Bishopscourt, Newlands, Claremont Upper and Kenilworth Upper, despite fewer buyers and a slowdown in overall market activity.

Sales data for the first quarter of this year shows that Bishopscourt property is selling for R30m on average, almost three times the average from five years ago, which was around R11m.

Constantia Upper is selling at an average price of R26m, more double compared to the R12m average in 2020. The average for Kenilworth Upper stands on R18m, almost three times as much as the R5.6m average in 2020.

Newlands is on R14m while Claremont Upper on R11m. This is basically double the R6m average for these suburbs in 2020, says Venter.

This, despite 17% fewer buyers compared to last year, and sales data pointing to a broad market slowdown for these areas. Venter says while economic factors are driving the wider slowdown, property listings have halved year-on-year with low stock levels resulting in the higher prices paid.

Premium demand holds

Propstats data shows that 44 units sold during the first quarter compared to 74 for the same time last year. The combined value, however, is R860,190,000; only slightly lower compared to last year’s R866,798, 565; driven by the higher prices.

This has also resulted in the overall average selling price for these suburbs standing on R19m, notably higher compared to last year’s R11.7m, reflecting in high averages for the respective suburbs.

Properties are also still selling faster. While Seeff’s sales are concluded within just 32 days, the market average is 41 days while selling prices are just 2% below the asking prices.

Venter says further that these high average prices put “The Uppers” suburbs among the top luxury in the country. While the overall economic growth and interest-rate outlook has weakened due to the ongoing Middle East War and recent interest-rate hike, he says the outlook for these suburbs remains strong.

Market confidence strong

Currency shifts, global mobility, and international sentiment continue to influence pricing and demand in the luxury suburbs, he says further. Both local and international buyers, including semigration buyers continue paying a premium for the quality lifestyle, and access to top schools, amenities and well-managed infrastructure and services.

This has translated into a rewarding market for sellers and investors while driving strong demand and confidence, but killed local property professionals have been key to the market success.

"Seeff The Uppers, for example, concludes around one in every three luxury property sales in these areas. Our agents are deeply embedded in these niche markets, understanding and navigating their nuances while delivering market-leading transactions for clients and investors," he says.

While selling one in three homes (34%), we also achieve a higher price per square metre through precision pricing, strategic positioning, and niched international reach. With a limited supply of stock, the area offers strong value retention which appeals to long-term investors as buyers prioritise privacy, space, and lifestyle.

Venter highlights that Bishopscourt is a low-supply, but high-demand market, offering long-term value. With 40% market share, Venter says Seeff’s experience shows that while luxury home sales take time, a focus on qualified niche buyers proves effectiveness over open-market exposure, converting more exclusive mandates into sales.

Kenilworth Upper remains resilient and family-focused, with strong momentum supporting faster sales through accurate pricing and negotiation.

In Newlands, buyers act decisively when suitable homes appear, drawn by schools, location and lifestyle, helping sellers achieve prices close to asking. Claremont Upper appeals to families, professionals and rental investors, with buyer overlap creating additional advantages for sellers in this market.

Generally, luxury areas such as these located in "The Uppers" tend to defy economic headwinds and interest-rate fluctuations. The convergence of local and international demand on these prestigious pockets, keeps the outlook resilient, reinforcing these suburbs as the premier choice for those seeking enduring value in the Cape Town property market.