Extra R7,680 blow for homeowners in South Africa

• Homeowners in South Africa are facing an additional R7,680 per year in home loan costs due to rising property prices, despite unchanged borrowing costs.
• The estimated average monthly bond repayment has increased by 4.2% over the past 12 months, driven entirely by higher property prices, with the average home now costing R1,766,796.
• Buyers are likely to become more cautious about their purchases and affordability, with experts advising them to consider interest rates offered by different banks and focus on monthly affordability rather than just qualification.