Emigrating? A R5 million home in SA vs Australia and New Zealand
Planning to emigrate soon? Here’s a look at what R5 million will buy you in SA, Australia, and New Zealand.
Each year, thousands of South Africans pack up their lives to emigrate, all in the hopes of starting a new life abroad. But exactly how does the property market in South Africa compare with Australia and New Zealand? Take a look at what R5 million will get you here and across the pond.
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PROPERTY PRICE COMPARISON IN THE SOUTHERN HEMISPHERE
Although the dream of moving to a better life abroad might sound appealing, the global economic climate is taking a toll on the national and international property market.
According to IOL, a 2022 survey indicated that 25% of registered voters were thinking of emigration. And new data released last year, meanwhile, shows that more than 914 000 people left the country between 2015 and 2020, the publication reports.
“House prices across the world are under pressure as central banks attempt to rein in inflation,” global property firm Knight Frank tells BusinessInsider.
As per the firm’s latest Global House Price Index, global house prices have reportedly declined to 3.6% in the past twelve months leading up to Q1 2023. This is down from 5.7% in the previous quarter. The index indicates South African property prices increased 2.2% over the past 12 months.
In May, Reuters reports, the South African Reserve Bank (SARB) raised interest rates by 50 basis points, citing continuous high inflation rates and load shedding as part of the reason. This was the tenth-rate hike since November 2021.
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R5 MILLION HOMES AVAILABLE IN SA VS AUSTRALIA AND NEW ZEALAND
So before you start planning your big move abroad, here’s a look at what kind of property R5 million will get you in South Africa, Australia, and New Zealand.
SOUTH AFRICA
This three-bedroom house for sale in Green Point (Cape Town) will cost you just shy of R5 million – R4 999 000.
According to the Pam Golding website, this beautifully renovated semi-detached property combines classic charm with modern sophistication. At the heart of the home, the fully integrated kitchen is every chef’s dream, while the main bedroom with an en-suite bathroom, staircase, and built-in cupboards is the ultimate oasis after a long day at the office. The exquisite oak flooring adds warmth and character to every room, while the low-maintenance garden and private courtyard make it the perfect escape from the city’s hustle and bustle.
The 107-square-meter property is equipped with an integrated inverted system, prepaid electricity meter, and solar-heated geyser. So say goodbye to load-shedding woes. Rates and taxes are R3 000 per month, and the bond is estimated at R54 175 per month.
This gorgeous three-bedroom apartment for sale in Houghton Estate is listed for R4 950 000.
Situated in an exclusive and prestigious upmarket development close to Rosebank, Sandton, and the M1, this gorgeous first-floor apartment features an open plan lounge, dining and kitchen area, family room, three bedrooms, two bathrooms, and a spacious balcony equipped with gas braai facilities. According to Pam Golding, the apartment has air-conditioning and gas reticulation to the kitchen, fireplace, geyser, and braai.
A complex generator is on standby, while the secured gated complex boasts a common space on the rooftop terrace.
Levies are R3 500 per month, and the monthly bond is estimated at R53 644.
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AUSTRALIA
Two bedroom apartment in Melbourne’s city center is available for R4 812 600 (Australian $390 000)
1 AUS dollar = R12.34
Situated in Melbourne’s City Centre, this beautiful two-bedroom, one-bathroom apartment boasts an open-plan living/dining area with large double-glazed windows. According to realestate.com.au, the private balcony offers exquisite views of the city, while the spacious stone kitchen has a large pantry, stainless steel appliances, and plenty of bench and cupboard space. Both bedrooms have built-in closets, while the shared bathroom has a separate laundry.
The apartment building is close to various restaurants, cafes, and public transport options.
NEW ZEALAND
Two bedroom home in Geraldine, Canterbury, is on the market for about R4 999 720 (New Zealand $439 000).
1 NZ dollar = R11.39
As per Harcourts Blackham & Co, the upgraded property boasts open-plan living. There is also a heat pump for winter warmth, and French doors opening to a private deck area. The kitchen and bathroom are newly upgraded, and the large laundry area with a second toilet makes for easy living. The property is fully fenced, making it perfect for children and pets.
