Average house costs R924 800

A million for a new house :eek:

That's an average bond payment of about R10 000 - R11 000 p/m...

Now that does seem like a very difficult task for a new home owner....
 
Sneeky said:
Some more news on the property market for those interested.
Y/Y growth slows a further 0.5% to 14.9%.

From my side of the fence I hope the trend continues, property owners on the other hand would certainly want the opposite.

http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-25_2140618
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This is ridiculous. How are we supposed to buy a house. I am a qualified professional yet I cannot qualify for a bond o secure a house of this price. You claim that the slowing down of the grwoth rate is good but the bottom line is its still growing. If I cant afford it now, I may never be able to. How about a decay rate:)
 
Even if tax was removed and everything else I pay for I still cant afford that payment :( and I thought my salary wasnt too bad. Heres to a house maybe in the next 30 years or so :( *sigh
 
GavinMannion said:
A million for a new house :eek:

That's an average bond payment of about R10 000 - R11 000 p/m...

Now that does seem like a very difficult task for a new home owner....
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There's not a chance a descent house is that cheap. My one bedroom flat was going for R1.6m... a decent house is about 2m.

I have never seen a house in a decent area going for 1m...no matter how small.
 
Sharkey said:
This is ridiculous. How are we supposed to buy a house. I am a qualified professional yet I cannot qualify for a bond o secure a house of this price. You claim that the slowing down of the grwoth rate is good but the bottom line is its still growing. If I cant afford it now, I may never be able to. How about a decay rate:)
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Give it time.
 
Yeah, but maybe the new home owner should be looking at something more affordable to start with.

If you've bought a cheaper house/flat, paid the bond for a couple of years and then sold it, this is not such a huge step for a second-time buyer.
Its scary to look at, but probably easier (cheaper) to buy property here than in most countries.
 
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xrapidx said:
I earn...a lot... and still couldn't afford the house i was interested in :(
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Hopefully the property market is going to re-adjust itself so that property prices become more reasonable in future.

In fact with the recent changes to the interest rate and the NCA, I'm betting on it. :)
 
Jonny Two Shoes said:
Even if tax was removed and everything else I pay for I still cant afford that payment :( and I thought my salary wasnt too bad. Heres to a house maybe in the next 30 years or so :( *sigh
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Maybe we can club by and buy a house :D
 
Hey All

In terms of the average price, it can be a tad misleading I think. It depends on the number of houses sold in what price bracket. If you sell more houses in the upper end, you averages will track higher.
 
I'm not sure about GP/CT but in Durban and it's surrounding areas there has been an absolute explosion of property development. Hillcrest has turned from a quite village to an ugly hub of simplexes & duplexes. Seeing as the demand of housing has been brought down by the introduction of new houses would this make the price property price increase or slow down?
 
feo said:
How much would you need to earn to be able to afford a R1.5mil house?
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with the new NCA, probably R45K per month. This is gross and can be combined salary. but beware, they check all your expenses and I mean all including credit cards and even investments (like unit trusts and shares). So if you are earning R45K and your expenses(monthly) are R20K then dont expect to receive a bond.
 
xrapidx said:
you know...pretty trees... parks....less crime... you'll know when you drive through one :p
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Sounds like where I live and I wouldn't dream of selling my house for 1.6m.

We have a gorgeous park up the road (swings, merry-go-rounds, slides, swimming pool etc.). There are pretty trees, I can walk the streets during the day and most likely at night as well.
 
Jase said:
Sounds like where I live and I wouldn't dream of selling my house for 1.6m.

We have a gorgeous park up the road (swings, merry-go-rounds, slides, swimming pool etc.). There are pretty trees, I can walk the streets during the day and most likely at night as well.
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Small town or city?
 
Sharkey said:
with the new NCA, probably R45K per month. This is gross and can be combined salary. but beware, they check all your expenses and I mean all including credit cards and even investments (like unit trusts and shares). So if you are earning R45K and your expenses(monthly) are R20K then dont expect to receive a bond.
Click to expand...

Thats about right...and the place I wanted was 1.75m... *sigh*
 
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