Here’s what a R1 million house looks like in South Africa’s five biggest cities

Millennials in South African have purchased homes in great numbers in recent years.

According to statistics supplied by property group Lightstone, almost 330,000 millennials bought homes in South Africa between 2015 and 2017, and 70% of them were first-time buyers.

Millennials are between the ages of 22 and 37 and were born between 1981 and 1996.

“For most people buying their first home can be a daunting prospect. It is often the single biggest investment they will ever make, and it means a long-term commitment,” said Nondumiso Ncapai, head of customer strategy & engagement at Absa Home Loans.

“Buying property is an emotional decision for many, which can be filled with a lot of anxiety and excitement. While millennials may face a number of financial and other barriers entering the property market, statistics show that a fair number of our young people are buying homes.”

The Lightstone data showed that 39.1% of the 330,000 millennials who bought homes in 2015-17, were buying in the R250,000 to R700,000 price category, with 36.1% buying homes in the price bracket of R700,000 to R1.5 million.

This implies that more than 75% of millennials bought homes starting at R250,000 up to a value of R1.5 million in the three-year period.

According to bond originator Ooba, the average age of a first-time bond applicant is 34, versus 37 for the general average, while the average approved bond was at R994,155, versus R798,329 for a first-time buyer.

BusinessTech looked at what a typical R1 million home house looks like in South Africa’s five biggest cities right now.

Johannesburg

2 Bedroom Apartment for sale in Oakdene – R975,000