Stellenbosch has recorded the highest average taxable income of any municipality in the Western Cape, according to an analysis of the latest South African Revenue Service (SARS) and National Treasury tax statistics.
Assessed taxpayers in South Africa’s second-oldest town earned an average taxable income of R451,052 in the 2024 tax year, ranking third out of 152 local municipalities nationwide.
The analysis, conducted by playcasino.com, evaluated the 22 Western Cape municipalities that record at least 5,000 assessed individual taxpayers, drawing from the official Tax Statistics report.
Western Cape’s five municipalities by average taxable income (2024 Tax Year):
City of Cape Town: R370,992
While the City of Cape Town followed in second place at R370,992, the data illustrates pronounced geographic disparities across the province. Beaufort West anchored the lower end at R218,585, with three Western Cape municipalities falling into the country’s bottom ten overall. The provincial average stood at R347,669, slightly below the national benchmark of R351,128.
A spokesperson for playcasino.com, which compiled the ranking from the SARS data tables, noted the structural limitations of the figures: “These figures only cover people who are assessed for income tax, so they leave out millions of South Africans who earn below the tax threshold or work informally. They show where the country’s taxpayers earn most, not who is rich or poor overall.”
High net worth bastion
While it was noted that the analysis does not rank the wealthiest towns or cities, property analysts said Stellenbosch has a longstanding appeal among high-net-worth individuals, institutional capital, and semigrants.
Malieta Botha, manager for Seeff Stellenbosch, noted that the area remains a highly sought-after address offering a rural winelands aesthetic within close proximity to Cape Town International Airport.
In addition to hosting Stellenbosch University and Paul Roos Gymnasium—renowned for producing the country’s highest tally of Springbok rugby players—Botha highlighted the town’s deep ties to South African commerce: “It is also associated with many high profile South African business leaders and entrepreneurs including Johann Rupert, Jannie Mouton, Koos Bekker and Christo Wiese,” Botha said.
Strong municipal governance and rigorous upkeep continue to underpin local property values, she added, reinforced by Stellenbosch’s status as the historic heart of the South African wine trade.
“It offers a cosmopolitan lifestyle with top wineries, restaurants, street cafes along with boutiques, art stores, and a local mall. It has seen an influx/migration of wealth from other areas such as Johannesburg and Pretoria, and people moving from Cape Town out to the winelands areas.”
The affordability paradox
Over the past six years, property prices across the municipal boundary have surged. Average transaction values now stand at R6.8 million for freehold houses, R6.1 million within gated security estates, and R2.5 million for sectional title apartments. A notable volume of trophy transactions exceeding R20 million has been registered in enclaves such as De Zalze Winelands Golf Estate, Longlands Country Estate, and Mostertsdrift.
Bradd Bendall, national head of sales at BetterBond, observed that while the average taxable income of R451,052 illustrates Stellenbosch’s aggregate buying power, it also exposes a stark affordability disconnect.
“The significant gap between average taxable income and property prices is insightful. Using the average taxable income as a benchmark and applying the affordability guideline that bond repayments should not exceed 30% of gross monthly income, a buyer earning this amount could afford a monthly bond repayment of approximately R11 280. At a prime lending rate of 10.75%, this equates to a 100% home loan of around R1.11 million over 20 years. This is substantially below Cape Coastal Home’s reported average house price in Stellenbosch of R5.6 million,” Bendall said.
This divergence demonstrates the deep segmentation of the local property market, which ranges from entry-level student stock to multi-million-rand private estates.
“The disparity also underscores the importance of expanding access to housing for households whose incomes do not align with prevailing property prices. Stellenbosch Municipality’s inclusionary zoning policy, which requires qualifying developments of 20 or more residential units in designated priority areas to include 20% inclusionary housing, seeks to address this.”
Sustained capital inflows
According to the Africa Wealth Report 2026, the Cape Winelands ranks as Africa’s second-largest billionaire enclave, with regional private wealth expanding by more than 55% over the past decade.
Bendall noted that structural demand drivers—semigration from Gauteng, foreign acquisitions, top-tier schooling, and constant baseline demand for student rentals—will continue to insulate values. However, long-term sustainability will hinge on delivery:
“Overall, Stellenbosch’s combination of lifestyle appeal, academic demand, a growing affluent population and limited available land should continue to support property values and demand. However, the extent to which the market can sustain this growth will depend on whether new housing supply can keep pace with demand, particularly in the more sought-after segments of the market.”
given.majola@nationalmg.co.za
Given Majola
thenational.co.za