How much home does R1 million buy?
R1 million still buys a home, but the choices have changed. Our latest analysis compares what that budget bought ten years ago with what it buys today, from living space to location. We also look at South Africa’s growing private property investor base, compare Sectional Schemes with Freehold homes and consider the barriers facing first-time buyers. Our latest house price report adds the regional detail, helping you put the national figures in context.
Homeowners’ 10-year choice: less house or higher price?
R1 million generally buys less space than it did in 2016, but location makes a big difference. That budget still covers more than half of the flats sold in Johannesburg, compared with about one in five in Cape Town. Lightstone compares what buyers get for their money, and how property price increases stack up against inflation and everyday costs.
Read MoreBlack women changing private property investment in South Africa
South Africa’s private property investor base grew by about 22% between 2015 and 2025, with Black women recording the fastest growth among the groups analysed. Smaller portfolios account for much of the growth, and most investment properties are in the same municipality as the investor’s home. See who is investing, what they own and where they buy.
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Sectional Schemes stand out for younger ownership
Sectional Scheme properties tend to have younger owners and higher sales turnover than Freehold homes. Freehold homes, however, generally achieve higher annualised value growth. Lightstone compares the two property types, looking at who owns them, what they are worth and how their development and sales patterns differ.
Read MoreBoosting home ownership will take more than fuel relief
First-time buyer transactions in the affordable segment fell from around 32 000 in 2021 to 22 000 in 2025. Fuel levy relief may ease household expenses, but the barriers to homeownership run deeper. Following the 2026 MTBPS, Lightstone considers what needs to change in household affordability, access to finance and the supply of suitable homes.
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Western Cape outpaces national house price growth
House price inflation in the Western Cape is 11.79%, more than double the national figure of 5.33%. Affordable properties lead the value bands at 7.58%. Lightstone’s latest Residential Property Index compares growth across the country, helping you see how the areas and price categories that matter to you measure up.
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