[Image: Moniker Partners]
Cape Town’s property market is leaving Joburg in the dust, and the gap just keeps getting bigger. According to the latest Lightstone data, the Mother City isn’t just winning—it’s lapping its inland rival.
When it comes to average property prices, Cape Town has outshone Johannesburg every single year from 2019 to 2024. But it’s not just about price – since 2021, it’s also been pulling ahead in sheer sales volume.
While Cape Town’s property market has bounced back stronger than ever post-pandemic, Joburg’s numbers have slumped below 2019 levels, like a boxer still struggling to get off the mat.
Lightstone’s six-year comparison makes one thing clear: Cape Town’s property prices are on a steady climb, while Joburg’s are trudging along. The average residential property in Joburg has stayed between R1 million and R1.5 million since 2019, while Cape Town’s prices have surged from around R1.6 million to well over R2 million, per IOL.
Locals are not the only ones driving the demand as more and more out-of-towners are staking their claim in Cape Town. Back in 2021, 77% of buyers were already from the city. By 2024, that number dropped to 72%, meaning more fresh faces are cashing in. The share of buyers coming from outside Cape Town rose from 16% in 2021 to 20% in 2024.
As for the most expensive spots in town? Llandudno sits on the throne with an eye-watering average sales price of R26 million, followed closely by Bishopscourt (R23m) and Goedehoop Estate (R21m). Clifton (R20m), Constantia (R18m), and Alphen (R17m) round out the elite list, with Sweet Valley, Bel Ombre, Noordhoek, and Sillery all sitting pretty at R16 million.
However, when it comes to sheer volume, The Hague in Delft takes the crown with over 1,000 properties sold at a modest R133,000 average. On the high-end side, Sea Point saw the second-highest number of sales, with buyers dropping an average of R3.8 million per property. Sandown (R1.79m) and Cape Town CBD (R2.45m) weren’t far behind.
Overall it is clear that Cape Town’s property market is flexing harder than ever, while Joburg is stuck playing catch-up.
[Source: IOL]
