The gap between the Cape Town and Johannesburg property markets continues to widen, according to data from Lightstone.
From 2019 to 2024, Cape Town consistently outperformed Johannesburg in terms of average property prices, and since 2021, has edged ahead in outright sales volumes.
While Cape Town’s property market has surpassed pre-pandemic sales levels, Johannesburg’s volumes have fallen below 2019 figures.
The data reveals a clear trend: Cape Town’s residential property prices have consistently outpaced growth in Johannesburg over the past six years.
In Cape Town, the average residential property price has risen from approximately R1.6 million in 2019 to over R2 million in 2024.
In contrast, Johannesburg’s prices have remained largely stable, fluctuating between R1 million and R1.5 million during the same period.
A growing trend in Cape Town’s market is the increasing number of out-of-town buyers. According to Lightstone, the proportion of property buyers in Cape Town who previously owned property in the city dropped from 77% in 2021 to 72% in 2024.
Conversely, the percentage of buyers coming from other areas grew from 16% in 2021 to 20% in 2024, reflecting the city’s expanding appeal to external buyers.
In terms of high-value suburbs, Llandudno leads the pack with an average sales price of R26 million, followed by Bishopscourt at R23 million and Goedehoop Estate at R21 million.
Other top-performing areas include Clifton (R20 million), Constantia (R18 million), and Alphen (R17 million). Several areas such as Sweet Valley, Bel Ombre, Noordhoek, and Sillery also recorded average prices of R16 million.
When it comes to sales volumes, The Hague in Delft, adjacent to Cape Town International Airport, recorded the highest number of transactions, with over 1,000 properties sold at an average price of just R133,000.
Other high-volume areas included Sea Point, with an average price of R3.8 million, followed by Sandown (R1.79 million) and Cape Town’s CBD (R2.45 million).
Cape Town’s property market led the country in 2024, with homes selling faster and closer to their asking prices compared to other metros. Nationwide, sales slowed due to economic pressures, which widened the gap between listing prices and final sale prices.
High-value properties in other regions experienced significant discounts, while Cape Town suburbs, in contrast, showed resilience, outperforming Johannesburg and other areas.
The data also highlights that Cape Town’s purchase prices were the closest to asking prices compared to other municipalities, while Johannesburg and eThekwini saw the largest gaps between listing and sale prices.