{"id":107185,"date":"2015-12-14T19:30:44","date_gmt":"2015-12-14T17:30:44","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=107185"},"modified":"2015-12-14T17:29:39","modified_gmt":"2015-12-14T15:29:39","slug":"this-is-how-much-the-average-house-costs-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/107185\/this-is-how-much-the-average-house-costs-in-south-africa\/","title":{"rendered":"This is how much the average house costs in South Africa"},"content":{"rendered":"<p>Research conducted by financial services firm, First National Bank (FNB) shows how much the average house costs to buy in South Africa in 2015.<\/p>\n<p>The average price of homes transacted in November was <strong>R1.046 million<\/strong>, according to the most recent FNB House Price Index (Property Barometer). This is a marginal improvement from <strong>R1.044 million<\/strong> for a home in October, and the September average of <strong>R1.003 million<\/strong>.<\/p>\n<p>By comparison, the average price of homes transacted in December 2014, was <strong>R985,405<\/strong>, according to FNB.<\/p>\n<p>According to Lightstone statistics, for the 10-months from January to October 2015, a total of 151,371 homes changed hands, compared with 175,619 units for the 12 months in 2014.<\/p>\n<p>For the year to date, Lightstone statistics also reveal that 79% of sales comprised homes under R3 million and over half (53%) under <strong>R1.5 million<\/strong>.<\/p>\n<p>The average price selling price was <strong>R918,000<\/strong>.<\/p>\n<p>FNB published a report for the first six months of 2015, in August, showing that\u00a0 the average house price mid year in 2013 were <strong>R891,931<\/strong>, rising up to <strong>R1.008 million<\/strong> in 2015, and is expected to reach an average of <strong>R1.147 million<\/strong> in 2018.<\/p>\n<p>It showed prices in the following housing segments:<\/p>\n<div class=\"bt_table\">\n<div class=\"table-responsive\"><table class=\"table\" width=\"100%\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th bgcolor=\"#CCCCCC\">#<\/th>\n<th bgcolor=\"#CCCCCC\">Average House Price<\/th>\n<th bgcolor=\"#CCCCCC\">Price<\/th>\n<\/tr>\n<tr>\n<td>1<\/td>\n<td>Major Metro Areas<\/td>\n<td><strong>R1 213 493<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>Upper Income Area<\/td>\n<td><strong>R2 641 917<\/strong><\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>Middle Income Area<\/td>\n<td><strong>R1 396 396<\/strong><\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>Lower Income Area<\/td>\n<td><strong>R868,887<\/strong><\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>Affordable Area<\/td>\n<td><strong>R461,407<\/strong><\/td>\n<\/tr>\n<tr>\n<td>6<\/td>\n<td>*Former Black Township<\/td>\n<td><strong>R323,472<\/strong><\/td>\n<\/tr>\n<tr>\n<td>7<\/td>\n<td>Holiday Towns<\/td>\n<td><strong>R952,965<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n<h3 class=\"my-4\">*Major 3 Provinces<\/h3>\n<p>Absa&#8217;s House Price Indices report published last week, showed the following results for November 2015 in each of the middle -segment categories:<\/p>\n<ul>\n<li>Small homes (80m\u00b2-140m\u00b2): <strong>R877,000<\/strong><\/li>\n<li>Medium &#8211; sized homes (141m\u00b2 &#8211; 220 m\u00b2): <strong>R1.241 million<\/strong><\/li>\n<li>Large homes (221m\u00b2 &#8211; 400m\u00b2): <strong>R1.989 million<\/strong><\/li>\n<\/ul>\n<p>First time buyers are adding impetus to the market, with ooba recently reporting that 54 percent of applications for home loans comprise first-time buyers, up from 38.5% of the market in mid-2007.<\/p>\n<h3 class=\"my-4\">More on property in SA<\/h3>\n<p><strong><a href=\"http:\/\/businesstech.co.za\/news\/general\/100820\/this-is-the-average-value-of-a-house-in-2015\/\">This is the average value of a house in 2015<\/a><\/strong><\/p>\n<p><strong><a title=\"Permalink to The most expensive streets in South Africa\" href=\"http:\/\/businesstech.co.za\/news\/wealth\/94131\/the-most-expensive-streets-in-south-africa\/\" rel=\"bookmark\">The most expensive streets in South Africa<\/a><\/strong><\/p>\n<p><strong><a title=\"Permalink to South Africa\u2019s most expensive addresses\" href=\"http:\/\/businesstech.co.za\/news\/wealth\/94237\/south-africas-most-expensive-addresses\/\" rel=\"bookmark\">South Africa\u2019s most expensive addresses<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Research conducted by financial services firm, First National Bank (FNB) shows how much the average house costs to buy in South Africa in 2015.<\/p>\n","protected":false},"author":10,"featured_media":40438,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[29,76,26,7421],"class_list":["post-107185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-absa","tag-fnb","tag-headline","tag-lightstone"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/107185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=107185"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/107185\/revisions"}],"predecessor-version":[{"id":107203,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/107185\/revisions\/107203"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/40438"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=107185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=107185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=107185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}