Sorry to resurrect this... my Office 365 Home just came up for renewal. Discovered that it is now R1 199 a year.
Then I looked around a bit and I saw that you don't have to renew it through MS -- you can buy the license card at any retailer and enter the code on MS's website to renew it. It is a box with a card inside - that's it. I haven't seen electronic codes anywhere.
Apparently you can even stack them -- so buy them at discount when you find a good bargain and load one after the other and keep your effective subscription fixed for a couple of years.
At the moment Takealot sells it for R999 (seems to be normal price) and Loot for R866 -
http://www.loot.co.za/product/microsoft-office-365-home-premium-license-key-only-1/hhgy-2519-g660.
I'm about to hit "Place order" -- just wanted to check if anybody else has done this (or know of an even better discount somewhere)