{"id":689319,"date":"2023-05-21T15:00:40","date_gmt":"2023-05-21T13:00:40","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=689319"},"modified":"2023-05-19T17:04:33","modified_gmt":"2023-05-19T15:04:33","slug":"what-a-r2-million-home-looks-like-in-joburg-vs-cape-town-vs-durban-and-more","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/689319\/what-a-r2-million-home-looks-like-in-joburg-vs-cape-town-vs-durban-and-more\/","title":{"rendered":"What a R2 million home looks like in Joburg vs Cape Town vs Durban and more"},"content":{"rendered":"

South Africa’s property market is under strain as prospective buyers are getting ready to pay more each on their bond.<\/p>\n

On 25 May, the South African Reserve Bank (SARB) is expected to increase the interest rate yet again, marking the tenth-rate hike since November 2021.<\/p>\n

The majority of analysts and researchers are predicting a 25 basis point hike; however, there are a handful of outliers that suspect the Reserve Bank would repeat what it did in March and surprise markets with another 50 basis point hike.<\/p>\n

In September 2021, the repo rate was 7%, this has now increased to 11.25%.<\/p>\n

According to BusinessTech calculations, a person who has a bond for an R2 million house is paying R5,479 more each month since the start of the rate cycle.<\/p>\n

Rising bond repayments are adding strain to already cash-strapped South Africans who are faced with constant load shedding as well as rising food inflation.<\/p>\n

Dire economic circumstances have also decreased banks’ willingness to grant home loans, said Jackie Smith, the head of Buyers Trust.<\/p>\n

According to Smith, this has led to people putting down larger deposits to illustrate trustworthiness to banks in an attempt to have their applications approved.<\/p>\n

Over the course of the first quarter this year, deposits have grown by 11.9% compared to last year.<\/p>\n

BusinessTech looked at what homes are on offer for those with R2 million to spend on a house:<\/p>\n

\n

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

3 Bedroom House for Sale in Orange Grove – R1,995,000<\/a><\/strong><\/p>\n

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2 Bedroom House for Sale in Melville – R1,950,000<\/a><\/strong><\/p>\n

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\n

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

4 Bedroom House for Sale in Rietfontein – R1,970,000<\/a><\/strong><\/p>\n

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3 Bedroom House for Sale in Roodepark Eco Estate – R2,050,000<\/a><\/strong><\/p>\n

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

3 Bedroom Townhouse for Sale in Diep River – R1,950,000<\/a><\/strong><\/p>\n

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2 Bedroom House for Sale in Observatory – R1,950,000<\/a><\/strong><\/p>\n

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\n

Stellenbosch<\/strong><\/p>\n

2 Bedroom House for Sale in Aan De Wijnlanden – R1,990,000<\/a><\/strong><\/p>\n

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3 Bedroom House for Sale in Tweespruit Estate – R1,938,512<\/a><\/strong><\/p>\n

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

3 Bedroom House for Sale in Glenwood – R2,095,000<\/a><\/strong><\/p>\n

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4 Bedroom House for Sale in Bluff – R1,995,000<\/a><\/strong><\/p>\n

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\n

Gqeberha<\/strong><\/p>\n

3 Bedroom House for Sale in Millard Grange – R1,950,000<\/a><\/strong><\/p>\n

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3 Bedroom House for Sale in Walmer – R1,980,000<\/a><\/strong><\/p>\n

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\n

Bloemfontein<\/strong><\/p>\n

4 Bedroom House for Sale in Gardeniapark – R1,980,000<\/a><\/strong><\/p>\n

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3 Bedroom Townhouse for Sale in Shellyvale – R1,900,000<\/a><\/strong><\/p>\n

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

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East London<\/strong><\/p>\n

3 Bedroom House for Sale in Kidds Beach – R1,950,000<\/a><\/strong><\/p>\n

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

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4 Bedroom House for Sale in Nahoon Valley Park – R1,925,000<\/a><\/strong><\/p>\n

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

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Read: <\/strong>3 surprising provinces offering great returns on property in South Africa right now<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

BusinessTech looked at what is on offer for South Africans with R2 million to spend on a home.<\/p>\n","protected":false},"author":10,"featured_media":689701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-689319","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\/689319","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=689319"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/689319\/revisions"}],"predecessor-version":[{"id":689821,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/689319\/revisions\/689821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/689701"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=689319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=689319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=689319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}