Latest news with #R216
IOL News
16-05-2025
- Business
- IOL News
Exploring the South African property market: What R1. 3million can secure?
The average price of a house is now just shy of R1.3 million after prices increased 2.54%, with the cost of a deposit now at R216,088 – just short of 10% of the cost of a home. In Greenside, a leafy suburb just to the north of the Johannesburg CBD, R1m will get you a maximum of two bedrooms, a similar search result as in Edenvale in the east. Florida, in the west, will secure you a house with as many as three bedrooms, while the south of Johannesburg, Kibler Park, offers more value than Greenside and Edenvale, but not as much as in Florida. In Durban, a three-bedroom home can be had in Bellair for under R1m, while this size house will be R1.25m in Bluff. For about half that, you can get a 1 bedroom apartment on South Beach. Home prices are rather dependent on location, and R1.3m in Cape Town will secure a buyer a home with anywhere between one and two bedrooms, depending on whether it's in Observatory or in Belhar, for example. The average price of a house is now just shy of R1.3 million after prices increased 2.54%, with the cost of a deposit now at R216,088 – just short of 10% of the cost of a home. Image: Karen Sandison / Independent Newspapers According to MyProperty Home Loans, first-time buyers continue to lead activity in the home loan market, accounting for 67.77% of all bond approvals in April 2025. This reflects a slight decline from 67.82% in April 2024. MyProperty's data follows that of FNB's, which released its House Price Index (HPI) for last month earlier this week. FNB's statistics found that there was an average price gain of 2.2% year-on-year in April, which is the fastest pace at which housing has become more expensive in two years. Statistics South Africa's General Household Survey shows a typical household has 3.2 members. Over 75% of homes have four to five members or fewer, while only 13% have six or more members. MyProperty Home Loans also noted that the approved bond rose by 0.75% to R1,046,110. 'The South African property market in April 2025 reflects a cautious but steady recovery, with home loan data pointing to modest price growth and improving sentiment among buyers,' it said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ According to the FNB House Price Index, home values increased by 2.2% year-on-year—marking the fastest growth in nearly two years. Despite this positive development, transaction volumes remain around 16% below pre-pandemic levels, suggesting that while buyer confidence is improving, overall market activity is still subdued. In 2023, South Africa's residential property market comprised 6.91 million properties and was valued at R6.789 trillion, City Mark data indicates, the latest information available to IOL. However, bond approval from applicants' own banks declined from 53.01% to 51.67%, indicating that buyers are increasingly shopping around for better deals, a trend that aligns with broader shifts toward financial caution and value-seeking behaviour, said MyProperty Home Loans. 'Overall, the data points to a market where affordability remains top of mind for buyers, especially first-time entrants. While deposits are growing, the willingness of banks to extend high loan-to-value ratios and slightly better interest rates is helping to keep the market accessible. "With expectations of further interest rate relief and potential changes to property-related policy, market conditions may continue to improve through the remainder of the year,' said MyProperty Home Loans. IOL
IOL News
16-05-2025
- Business
- IOL News
Exploring the South African property market: What R1. 3million can secure?
The average price of a house is now just shy of R1.3 million after prices increased 2.54%, with the cost of a deposit now at R216,088 – just short of 10% of the cost of a home. In Greenside, a leafy suburb just to the north of the Johannesburg CBD, R1m will get you a maximum of two bedrooms, a similar search result as in Edenvale in the east. Florida, in the west, will secure you a house with as many as three bedrooms, while the south of Johannesburg, Kibler Park, offers more value than Greenside and Edenvale, but not as much as in Florida. In Durban, a three-bedroom home can be had in Bellair for under R1m, while this size house will be R1.25m in Bluff. For about half that, you can get a 1 bedroom apartment on South Beach. Home prices are rather dependent on location, and R1.3m in Cape Town will secure a buyer a home with anywhere between one and two bedrooms, depending on whether it's in Observatory or in Belhar, for example. The average price of a house is now just shy of R1.3 million after prices increased 2.54%, with the cost of a deposit now at R216,088 – just short of 10% of the cost of a home. Image: Karen Sandison / Independent Newspapers According to MyProperty Home Loans, first-time buyers continue to lead activity in the home loan market, accounting for 67.77% of all bond approvals in April 2025. This reflects a slight decline from 67.82% in April 2024. MyProperty's data follows that of FNB's, which released its House Price Index (HPI) for last month earlier this week. FNB's statistics found that there was an average price gain of 2.2% year-on-year in April, which is the fastest pace at which housing has become more expensive in two years. Statistics South Africa's General Household Survey shows a typical household has 3.2 members. Over 75% of homes have four to five members or fewer, while only 13% have six or more members. MyProperty Home Loans also noted that the approved bond rose by 0.75% to R1,046,110. 'The South African property market in April 2025 reflects a cautious but steady recovery, with home loan data pointing to modest price growth and improving sentiment among buyers,' it said. According to the FNB House Price Index, home values increased by 2.2% year-on-year—marking the fastest growth in nearly two years. Despite this positive development, transaction volumes remain around 16% below pre-pandemic levels, suggesting that while buyer confidence is improving, overall market activity is still subdued. In 2023, South Africa's residential property market comprised 6.91 million properties and was valued at R6.789 trillion, City Mark data indicates, the latest information available to IOL. However, bond approval from applicants' own banks declined from 53.01% to 51.67%, indicating that buyers are increasingly shopping around for better deals, a trend that aligns with broader shifts toward financial caution and value-seeking behaviour, said MyProperty Home Loans. 'Overall, the data points to a market where affordability remains top of mind for buyers, especially first-time entrants. While deposits are growing, the willingness of banks to extend high loan-to-value ratios and slightly better interest rates is helping to keep the market accessible. "With expectations of further interest rate relief and potential changes to property-related policy, market conditions may continue to improve through the remainder of the year,' said MyProperty Home Loans. IOL
IOL News
08-05-2025
- Automotive
- IOL News
R216 million pothole repair programme rolled out in KZN
PSA commends KwaZulu-Natal's efforts to combat potholes. Image: Neil Baynes The Public Servants Association of South Africa (PSA) has applauded the KwaZulu-Natal Department of Transport's plan to address the province's 3.12 million pothole backlog. The KwaZulu-Natal Premier, the MEC for Transport and Human Settlements, and the mayor of uMgungundlovu District Municipality launched the scheme in Pietermaritzburg with a budget of R216 million. "Fifty-five trucks have been deployed to do the work. The Department has also appointed more than 100 roadworker aids and supervisors to be on the frontline in the battle against potholes in KwaZulu-Natal. Potholes are a common hazard on roadways and can be caused by a variety of circumstances. These include water infiltration, which occurs when water seeps into the soil beneath the road surface due to a lack of drainage systems, causing the road to fracture. "We want to tackle the backlog of 3.12 million m² of potholes across the province. We intend to procure numerous trucks to reinforce our efforts to eradicate potholes on our network," said MEC for Transport and Human Settlements Siboniso Duma. Extreme weather conditions, such as high temperatures produced by climate change, can cause roadways to expand and become damaged. Heavy trucks and frequent traffic utilise routes designed for tiny cars, causing damage to the road. A lack of maintenance and construction businesses that are given bids to build roads using inexpensive materials leads roads to degrade faster, resulting in potholes.
IOL News
01-05-2025
- Automotive
- IOL News
KZN transport department allocates R216 million for pothole repairs
Siboniso Duma, KZN MEC for Transport and Human Settlements, during the 'War on Potholes' campaign. RATEPAYER associations in eThekwini have welcomed a R216 million allocation for pothole repairs but stressed the need for community engagement and sustainable solutions to ensure road safety. The allocation of R216 584 440.26 was announced during the KZN Department of Transport's 2025 budget speech on Friday. In addition, the department launched its 'War on Potholes' campaign in Edendale, Pietermaritzburg. Siboniso Duma, the MEC for Transport and Human Settlement in KZN, said the budget would be used towards blacktop patching in the current financial year. He said in the 2023/2024 financial year the department had procured 55 trucks at a cost of R103 million to tackle the backlog of 3.12 million square meters of potholes. 'We intend to procure a further 25 trucks to reinforce our efforts to eradicate potholes on our network. The department has also appointed more than 100 road worker aides and foremen to be on the frontlines in our fight against potholes. We will also contract service providers to assist in this cause.' Duma said they had previously tasked the regions with this work. 'It is now being elevated to head office level and will be funded and executed through the rehabilitation and reseal programmes panel of pothole patching service providers. 'We are in the process of appointing a specialist automated road rehabilitation and pothole patching service provider to deliver a speedy means of pothole patching at strategic areas of our province. This exercise will contribute greatly towards the capacitation and development of small contractors and employment of targeted labour,' he said. The POST recently spoke to various ratepayers, residents and civic associations in eThekwini, who raised their concerns about the compromised safety of motorists and costly damages caused to vehicles due to potholes. They said residents were forking out tens of thousands of rands for burst tyres, bent rims and suspension damage. In addition, they raised concerns about poor workmanship which resulted in the potholes recurring.
IOL News
28-04-2025
- Automotive
- IOL News
KZN Transport launches R216 million 'War on Potholes' campaign to improve road infrastructure
The KwaZulu-Natal Transport department has launched a R216 million War on Potholes campaign to address the widespread deterioration of the province's road network. Picture: Neil Baynes Image: Neil Baynes The KwaZulu-Natal Transport department has launched a R216 million War on Potholes campaign as it moves to address the widespread deterioration of the province's road network. The campaign was launched last week in Edendale, Pietermaritzburg, by Premier Thami Ntuli, MEC for Transport and Human Settlements Siboniso Duma, and uMgungundlovu District Mayor Mzi Zuma. MEC Duma said the initiative aimed to eliminate a backlog of 3.12 million square metres of potholes across the province. Residents of Waterfall in Durban recently took it upon themselves to warn motorists of potholes in their area. 'We want to tackle the backlog of 3.12 million m² of potholes across the province. We intend to procure a further 25 trucks to reinforce our efforts to eradicate potholes on our network,' he said. Fifty-five pothole-patching trucks have already been deployed, and more than 100 road worker aids and foremen have been appointed to support the campaign. The department will also appoint service providers under the rehabilitation and reseal programme to fast-track patching efforts. The pothole project forms part of the KwaZulu-Natal Department of Transport's 2025/26 infrastructure programme, where R9.2 billion of the department's R13 billion budget has been allocated to transport infrastructure. Of this, over R4.3 billion will be spent on maintaining the existing road network, R3.8 billion on constructing new roads, and more than R927 million on supporting programmes. 'The province's road network remains a priority for economic development, public safety and service delivery,' Duma said, adding that the department would centralise pothole patching at head office level to improve project oversight. Persistent flooding and ageing infrastructure have severely impacted KZN's roads, resulting in escalating maintenance and rehabilitation costs. Duma noted that the department would also appoint an automated pothole patching service provider to deliver quicker repairs in strategic areas.
