im a co-owner of a real estate firm in SA. i love property, but...

im a co-owner of a real estate firm in SA. i love property, but at the moment it doesn't seem a great financial investment.
I know there has been growth across some capitals, but look overall and its few and far between over the last 5-7 years. Believe me, renters are well and truly ahead over this period. Interest rates have averaged circa 6%. add to that another 2-3% of rates and rep/maintenance.
malaga your initial calcs have a few holes. you've assumed 100% ownership AND no rep/maintenance or rates allowance. $310k @ 6% is a tad under $20k per year in interest alone. rent costs are suggested $400/wk (which seems very generous at reflecting a 6% gross yield, i'd suggest in SA it'd be closer to $280-300/wk). therefore any maintenance will be out of your pocket. any rates will be out of your pocket. insurance, out of your pocket. we won't discuss any others but you get my drift.
also your capital growth rate is 6.58% per annum (compounding). many owners would have loved that, and frankly its hardly break even.
there is NO denying that the last 7 years has home owners under water.
Long term, i still love property.