{"id":779820,"date":"2024-06-29T15:00:00","date_gmt":"2024-06-29T13:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=779820"},"modified":"2024-06-28T17:19:12","modified_gmt":"2024-06-28T15:19:12","slug":"the-most-affordable-city-to-buy-and-rent-property-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/779820\/the-most-affordable-city-to-buy-and-rent-property-in-south-africa\/","title":{"rendered":"What you can get in the most affordable city to buy and rent property in South Africa"},"content":{"rendered":"\n

Johannesburg is the most affordable metro in South Africa for buying or renting property.<\/p>\n\n\n\n

This is according to agents from the Seeff Property Group. <\/p>\n\n\n\n

Lighstone data shows that the average transaction price for the metro is roughly R1.2 million – below the national average of R1.3 million. <\/p>\n\n\n\n

For comparison, the national average for Pretoria\/Tshwane is slightly above this and stands at R1.4 million for Durban\/eThekwini. <\/p>\n\n\n\n

Despite the semigration talk, Greater Johannesburg still sees the largest influx of people migrating to big cities in search of economic opportunities, and they are finding good value. <\/p>\n\n\n\n

Referencing Lightstone’s data, Seeff said that almost 77% of this year\u2019s transactions have been below the R1.5 million price mark, while almost half (47%) are below R700,000 to R800,000. <\/p>\n\n\n\n

The average price for luxury homes is R4 million, the data shows. <\/p>\n\n\n\n

Rochelle Holland, manager for Seeff Johannesburg North-West, said that while buyers in the mid-to-lower price categories are more sensitive to interest rate hikes, the upper-end market in estates such as Eagle Canyon has seen excellent sales of luxury homes selling for upwards of R6 million.<\/p>\n\n\n\n

She added that sellers are also more receptive to offers, reflecting a shift in acceptance that the market is still more favourable to buyers. <\/p>\n\n\n\n

The area also has a good mix of buyers, including investors and cash buyers who are not reliant on mortgages. <\/p>\n\n\n\n

She said neighbouring suburbs such as Honeydew, Wilgeheuwel, Radiokop and Allens Nek offer even better buyer value. <\/p>\n\n\n\n

Average family houses in Radiokop and Wilgeheuwel sell for about R1.5 million, larger townhouses from R1.1 million, and small units from just R600,000.<\/p>\n\n\n\n

Rental prices have also remained relatively flat, with tenants tending to renew their leases when they are placed in well-priced properties rather than moving around.<\/p>\n\n\n\n

Images of properties in Northern Johannesburg can be found below: <\/p>\n\n\n\n

\n\n\n\n