For those South Africans who are capable of affording a home in 2023, the country remains a hotspot for large stately homes, often with modern finishings, large gardens and swimming pools.

On 30 March, the South African Reserve Bank (SARB) raised interest rates by a surprising 50 basis points taking the prime lending rate from 10.75% to a staggering 11.25%.

This hike marked the highest interest rates have been since the global financial crisis in 2009 and was the ninth rate hike in the cycle that started post-pandemic in November 2021.

As a result of the hike, those with a 20-year bond valued at R5,000,000 will now be paying R1,702 more every month compared to what they were in January.

Monthly payments for a bond of R5,000,000 are now sitting at R52,463 – more than two times the national average salary of R26,032.

Samuel Seeff, the chairman of Seeff Property Group, said that the property market was mindful of the difficulty the SARB had found itself in, and as a result, the hike was largely factored into the market.

Seeff said that while the 50 basis point increase was not ideal, it is still below the average of the last 20 to 30 years, and the country is still seeing a stable property sector.

BusinessTech looked at what’s available for R5 million in major metros across South Africa:

---

Johannesburg

4 Bedroom house for sale in Houghton Estate – R4,850,000

4 Bedroom house for sale in Parktown North – R4,950,000

 

---

Pretoria

3 Bedroom house for sale in Waterklood Ridge – R4,950,000

9 Bedroom house for sale in Lydiana – R4,900,000

---

Durban

4 Bedroom house for sale in Morningside – R4,950,000

5 Bedroom house for sale in Prestondale – R4,900,000

 

---

Gqeberha

4 Bedroom house for sale in Kamma Heights – R4,990,000

3 Bedroom house for sale in Walmer – R4,950,000

---

Cape Town

4 Bedroom house for sale in Bergvliet – R4,895,000

3 Bedroom house for sale in Rondebosch – R4,900,000

---

Read: Good news for Joburg residents caught in the thick of the city’s latest billing mess

---