Data released by the Lightstone Property Group shows that household needs to take home at least R35 000 to qualify for a R1 million bond.
For many first-time buyers, affordability remains a major stumbling block preventing entry into the property market. But it’s not all doom and gloom.
Here’s a list, compiled by Private Property, of 10 affordable suburbs around the City of Gold.
Randburg’s leafy suburb of Ferndale is a popular choice for first-time homebuyers, with just over half of the properties available for sale going for less than R1 million.
The median asking price for property (stand alone house, flat and complex) in Ferndale is R998 000, but you can pick up a flat for around R700 000.
Situated in Midrand, Halfway Gardens offers homebuyers a wide range of diversity in terms of the type of property they want.
The median asking price here is R975 000, with a bachelor flat going for around R772 500.
Centrally located in the North Riding area, Northwold is another popular suburb among first-time buyers because of its access to good schools and shopping centres.
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The median asking price here is R980 000, with a flat going for around R765 000.
Another Midrand suburb, Noordwyk offers homebuyers a wide selection of sectional title complexes to cater (find another word) to the growing demand from young professionals and property investors.
The median asking price here is R972 400, with a flat priced at around R825 000.
Located in the south, Linmeyer is an in-demand suburb among young families who can pick up a flat for around R560 000 or a unit in a complex for R580 000.
The median asking price here is R950 000.
While not technically a suburb, the Jackal Creek Golf Estate houses over 1 000 homes across the estate and so in a way, can be considered one.
According to Private Property two-thirds of property available for sale in Jackal Creek is going for less than R1 million, with the average asking price on a flat pegged at R880 000.
The median asking price here is R897 500.
You can pick up great value for money in this West Rand suburb. The plots are generally big.
The average asking price of a stand-alone house is R989 000, a flat is R400 000, a complex is R657 000, while the overall median price for the suburb is R895 000.
The third Midrand suburb to feature on the list, Erand Gardens, like other suburbs in Midrand, offers buyers a wide variety of sectional title developments.
You could pick up a flat for R850 000 and the median asking price for the suburb is R878 750.
This suburb situated in the south of Joburg is dominated by townhouses.
It’s an in-demand suburb among young families for its affordability and easy access to the highway. You could purchase a flat for around R750 000 or a unit in a complex for R849 000, with the median asking price for the suburb being R850 000.