{"id":614477,"date":"2022-08-13T08:30:19","date_gmt":"2022-08-13T06:30:19","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=614477"},"modified":"2022-08-12T15:09:56","modified_gmt":"2022-08-12T13:09:56","slug":"what-a-r5-million-property-looks-like-in-cape-town-vs-joburg-vs-durban","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/614477\/what-a-r5-million-property-looks-like-in-cape-town-vs-joburg-vs-durban\/","title":{"rendered":"What a R5 million property looks like in Cape Town vs Joburg vs Durban"},"content":{"rendered":"

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.<\/p>\n

Recently the South African Reserve Bank\u2019s (SARB) Monetary Policy Committee (MPC) hiked the repo rate by 75 basis points to 5.5% \u2013 taking the prime lending rate to 9%.<\/p>\n

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.<\/p>\n

\u201cContinued low-interest rates relative to historical trends and the banks\u2019 continued willingness to lend at high loan-to-value ratios have principally supported home buying activity in Q2 2022,\u201d said Dyer.<\/p>\n

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.<\/p>\n

BusinessTech looked at what R5 million gets you in some of the country’s most popular metros:<\/p>\n

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

4 bedroom house for sale in Parkwood – R4,995,000<\/a><\/p>\n

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3 bedroom house for sale in Craighall Park – R4,999,999<\/a><\/p>\n

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

2 bedroom house for sale in Wynberg Upper – R4,950,000<\/a><\/p>\n

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4 bedroom house for sale in Bergvliet –R4,995,000<\/a><\/p>\n

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

6 bedroom house for sale in Essenwood – R4,995,000<\/a><\/p>\n

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5 bedroom house for sale in Glenwood – R4,900,000<\/a><\/p>\n

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Read: 10 bursaries offered by companies and government in South Africa right now<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":10,"featured_media":614571,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,3429],"class_list":["post-614477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-property24"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/614477","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=614477"}],"version-history":[{"count":15,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/614477\/revisions"}],"predecessor-version":[{"id":616551,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/614477\/revisions\/616551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/614571"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=614477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=614477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=614477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}