{"id":270183,"date":"2018-09-08T18:10:40","date_gmt":"2018-09-08T16:10:40","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=270183"},"modified":"2018-09-07T16:50:32","modified_gmt":"2018-09-07T14:50:32","slug":"heres-what-a-r1-million-house-looks-like-in-south-africas-five-biggest-cities-2","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/270183\/heres-what-a-r1-million-house-looks-like-in-south-africas-five-biggest-cities-2\/","title":{"rendered":"Here\u2019s what a R1 million house looks like in South Africa\u2019s five biggest cities"},"content":{"rendered":"

Millennials in South African have purchased homes in great numbers in recent years.<\/p>\n

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.<\/p>\n

Millennials are between the ages of 22 and 37 and were born between 1981 and 1996.<\/p>\n

“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.<\/p>\n

“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.”<\/p>\n

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.<\/p>\n

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.<\/p>\n

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<\/strong>, versus R798,329 for a first-time buyer<\/strong>.<\/p>\n

BusinessTech looked at what a typical R1 million home house looks like in South Africa\u2019s five biggest cities right now.<\/p>\n

\n

Johannesburg<\/strong><\/p>\n

2 Bedroom Apartment for sale in Oakdene – R975,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

1 Bedroom Apartment for sale in Morningside – R949,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

3 bedroom house for sale in Kensington – R920,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

\n

Cape Town<\/strong><\/p>\n

2 bedroom apartment for sale in Oakdale – R950,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

1 bedroom apartment for sale in Muizenberg – R950,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

2 bedroom apartment for sale in Durbanville – R995,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

\n

Durban<\/strong><\/p>\n

3 bedroom house for sale in Moorton – R975,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

2 bedroom apartment in Morningside – R980,000<\/p>\n

\"\"<\/a><\/p>\n

1 bedroom apartment for sale in Umhlanga Ridge – R995,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

\n

Pretoria<\/strong><\/p>\n

3 bedroom\u00a0townhouse for sale in Montana – R999,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

2 bedroom house for sale in Equestria – R998,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

3 bedroom townhouse for sale in Eldoraigne – R960,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

\n

Port Elizabeth<\/strong><\/p>\n

2 bedroom\u00a0apartment for sale in Walmer – R935,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

2 bedroom apartment in Humewood – R999,000<\/a><\/strong><\/p>\n

\"\"<\/a><\/p>\n

\n

Read: Emigration-related home selling in South Africa has risen noticeably: FNB<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

BusinessTech looked at what a typical R1 million home house looks like in South Africa\u2019s five biggest cities right now.<\/p>\n","protected":false},"author":10,"featured_media":270209,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-270183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/270183","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=270183"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/270183\/revisions"}],"predecessor-version":[{"id":270259,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/270183\/revisions\/270259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/270209"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=270183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=270183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=270183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}