Got R1.5 million property budget? Here’s what this gets you in Joburg, Cape Town and Durban

Navigating the property market can be daunting whether you are a first-time buyer or investor looking for a sweet deal. It is important to understand what you can get in terms of property for various price points.

Armed with a R1,500,000 budget for purchases in Cape Town, Johannesburg and Durban, IOL has sought out some gems which could be a buyer’s dream buy in the three cities.

With the 25 basis point interest rate cut in September, lower interest rates has brought some much needed relief to South African homeowners as well as an increased interest from potential buyers in the property market.

The interest rate cut announced by the South African Reserve Bank (Sarb) Monetary Policy Committee means that the repo rate went from 8.25% to 8% while the prime lending rate in the country dropped from 11.75% to 11.50%.

With further interests mooted and a sustained period of interest rates expected in the market, IOL has used the property portal IOL Property to have a look at what a R1.5 million property looks like in Cape Town, Durban and Johannesburg.

Durban

In Durban, you can get a three bedroom and one bathroom house for your R1.5 million budget in the Morningside area.

Along with the bedrooms and bathroom, the property also has a separate toilet and two lock-up garages plus an expansive garden ideal for entertaining.

The property has extra space underneath that can be used a laundry room or as an extra room.

According to the property listing, this property is an opportunity for a potential buyer that has vision and is eager to bring their own creative touch.

Buyers that are looking at potential development options should consider this property as it has a large land size that exceeds 100sqm.

For young couple that are making their first foray into the property market, there is a two bedroom, two bathroom apartment in Musgrave on sale for R1.5 million.

The apartment has 96sqm of living space.

It has a large open plan lounge that leads to a balcony and a fully-fitted kitchen area with built-in cupboards as well as dining room that is near the kitchen.

The main bedroom in this apartment has a fully-fitted en-suite while the second bedroom has floor to ceiling cupboards and a guest bathroom that is fitted with a shower.

The apartment also has a store room, washing lines and a double-automated garage that offers access to the apartment.

Cape Town

In Cape Town, you can purchase a three bedroom and two bathroom house in the Ocean View area for just under R1.5 million. This is no Camps Bay, but if you’re on a tight budget and you want the garden, the picket fence and a garage, this may do. 

The R1.48 million property boasts various features including a spacious open-plan living and dining area and a kitchen with ample storage.

The house has a manageable sized garden that is easy to maintain, a pool for hot summer days, entertainment area that can be used to host gatherings and a garage.

This Ocean View property is close to amenities like local parks and schools as well as medical facilities.

Whether you are looking to settle with your family or invest for the housing rental market, this property could be right up your alley.

For R1.5 million, a young person can get an one bedroom, one bathroom flat in Woodstock Quarters, Cape Town.

The apartment has amenities including 24-hour security, a rooftop pool, gym and designated parking bay, plus it is a convenient location close to the CBD, cafes, boutiques and restaurants.

The kitchen is fitted with a stove while the long area leads into a private courtyard for relaxation or entertaining.

According to the listing, this property is an attractive investment opportunity.

See the property listing here: https://iolproperty.co.za/property/apartment-flat-for-sale-in-woodstock-cape-town-4/

Johannesburg

In Johannesburg, you can buy a three bedroom and one and a half bathroom property that is 300 square metre for R1.5 million in Sydenham area.

The house has a fireplace, and patio that overlooks the garden and pool. The property also has a large kitchen and good security.

The property has amenities like accommodation for a helper and good security. It is also close to good schools and places of worship.

See the property listing here: https://iolproperty.co.za/property/3-bedroom-house-for-sale-in-sydenham-4/

For young people that are seeking apartment living there is a two bedroom, two bathroom apartment located on the ground floor of the building in Parkwood.

The kitchen has plenty of cupboard space, with room for three appliances and granite tops.

The lounge area connects to the patio that can be used for entertaining.

Each room has an en-suite that is is fitted with both a bath and a shower. The main bedroom leads to the patio and is fitted with American Shutters.

Located in the sought after Parkwood area, the apartment is in a convenient location close to Rosebank and Hyde Park.

The apartment has 24-hour manned security to give you peace of mind along with secure visitors parking.

IOL Property