News

What a R5 million property looks like in Cape Town vs Joburg vs Durban


Rising inflation and increases in the prime lending rate have not deterred the home buying market in South Africa, says Ooba chief executive Rhys Dyer.

Recently the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) hiked the repo rate by 75 basis points to 5.5% – taking the prime lending rate to 9%.

Despite this increase, according to Seeff Property Group, the property market excepted a steeper hike. While the hike impacts the cost of mortgages and debt, it is not likely to affect the underlying demand in the market.

“Continued low-interest rates relative to historical trends and the banks’ continued willingness to lend at high loan-to-value ratios have principally supported home buying activity in Q2 2022,” said Dyer.

According to the latest Ooba bond calculator, taking into account the new prime lending rate of 9%, to pay off an R5,000,000 bond entails the prospective homeowner paying R44,986 per month.

BusinessTech looked at what R5 million gets you in some of the country’s most popular metros:


Johannesburg

4 bedroom house for sale in Parkwood – R4,995,000

3 bedroom house for sale in Craighall Park – R4,999,999


Cape Town

2 bedroom house for sale in Wynberg Upper – R4,950,000

4 bedroom house for sale in Bergvliet –R4,995,000


Durban

6 bedroom house for sale in Essenwood – R4,995,000

5 bedroom house for sale in Glenwood – R4,900,000


Read: 10 bursaries offered by companies and government in South Africa right now



Source link

Leave a Reply

Your email address will not be published.