Is R1 Million Enough To Buy a Home? A Property Comparison Across South Africa’s Top 4 Cities

• As the cost of living becomes more challenging for South Africans, owning a home feels increasingly out of reach, but it is achievable
• Interest rates and affordability checks mean that qualifying for a home largely depends on a stable monthly income
• Briefly News compared listings in Cape Town, Durban, Johannesburg, and Pretoria to see exactly what R1 million can buy in these top cities

The average home price in South Africa is around R1.6 million, and first-time buyers are paying an average of R1.27 million.

Typically, you need a gross monthly income that keeps your monthly bond repayment within 30% of your salary. This is the guideline most South African banks use when assessing home loan affordability.

The current prime lending rate is 10.25%. A R1 million bond on a 20-year term would cost roughly R9,600 - R10,200 per month. This means you’d need a gross income of about R32,000 - R38,000 per month to qualify comfortably.

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So where does that leave someone with only R1 million budget? Even though it’s below the national average, there are still areas across the country where buyers can find solid entry-level homes.

To understand what this budget delivers, Briefly News scoured listings in Cape Town, Durban, Johannesburg, and Pretoria to compare homes currently selling for R1 million and under.

1. Affordable properties located in Cape Town

Cape Town is regarded as the most expensive city in Africa for property, especially in prime areas like Clifton, Camps Bay, and the Atlantic Seaboard. Luxury homes and beachfront apartments in these neighbourhoods sell for record-breaking prices due to high demand and limited space.

This modern studio apartment in Muizenberg, Cape Town, is priced at R1 million. It has a compact living space with an open-plan kitchen and lounge area. The 31m² unit includes built-in cupboards. Muizenberg is a suburb known for its beaches, cafes, and relaxed lifestyle.

Another studio apartment in Zonnebloem, Cape Town, is listed at R900,000 and offers a bright open-plan layout with a compact kitchen and living area. The property also includes secure parking.

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2. Properties for sale in Durban suburbs

Durban’s property market is popular for its coastal living lifestyle. The city attracts buyers who are looking for holiday homes, investment rentals, and family houses at generally more affordable prices than in Cape Town.

This two-bedroom apartment in South Beach, Durban, is on the market for R1 million. It has spacious interiors with large windows and ocean views. The modest flat includes one bathroom, secure parking, and is located in a well-positioned beachfront building. The promenade, shops, trendy restaurants, and Durban’s CBD are easily accessible from South Beach.

The asking price for this one-bedroom apartment in Umhlanga Ridge is R995,000. The location is considered one of Durban’s most sought-after suburbs. Amenities in Umhlanga Ridge include Gateway Theatre of Shopping, office parks, restaurants, and the Umhlanga beachfront.

3. Budget apartments on the market in Johannesburg

As South Africa’s economic hub, Johannesburg's property market is driven by corporate demand, lifestyle estates, and secure residential developments.

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Prices are highest in the northern suburbs like Sandton and Bryanston. Areas in the south, west, and parts of the east are generally more affordable and attract first-time buyers.

This two-bedroom townhouse in Morningside, Sandton, is priced at R1 million. It features a functional kitchen with built-in cupboards, granite countertops, and space for appliances. The 90m² property has two bathrooms, an open-plan living area, and a parking space.

In Midrand, there's a two-bedroom apartment in Vorna Valley going for R950,000. It is located in the secure Waterfall Ridge complex. The 63m² property offers two bathrooms, open-plan living spaces, and covered parking.

4. Affordable real estate in Pretoria

Pretoria provides some of the best property values in Gauteng. The city has a strong employment base in government and related sectors, being the administrative capital. It offers a quieter way of living without being far from economic and entertaining activities.

In the north of Pretoria, there's a two-bedroom townhouse in Montana listed at R995,000. The home features open-plan interiors, secure parking, and a private outdoor area with a built-in braai, perfect for entertaining. Montana is a suburb close to shopping centres like Kolonnade, schools, and major routes like the N1.

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This two-bedroom townhouse in Faerie Glen, Pretoria, is priced at R950,000. It has a lounge and a private balcony. The 101m² unit includes a full bathroom, secure parking, and access to a well-maintained complex. There are lots of shopping centres near Faerie Glen, like Menlyn Park.

Other stories about SA property listings

• A South African woman criticised a Sea Point apartment priced at R3 million, saying it reflects the cost of living in Cape Town property.
• South Africans discussed how a R1 million property bought in 1995 compares to what the same amount can buy in 2026.
• A multi-million rand Pimville house left Mzansi divided, with many questioning its price tag and township appeal.

Source: Briefly News