It sure is. A standard Berg winter overnight escarpment pack with all the necessarily goodies are well over R10 000
I will in no way suggest you go out and risk your life but with very basic and cheap gear escarpment hikes is possible although it would be tough but so what it is part of the adventure. Look at the Basotho's, two blankets and gum boots!
The only thing I will recommend is to research every piece of gear thoroughly before buying anything. There are a lot of overpriced items out there and some very good quality "cheap" gear. Take super good care of your gear and it will last a very long time. I've heard of hiking boots lasting 13 years. (Karrimore Skye, I think)It is not only the big names that have suitable gear. I still hike with the same pack I got in 1995 for R300. A Big Foot Summit, I doubt anyone has ever heard of it. It has ripped, I repaired it, made some alterations and additions and it still does the job pretty good. I will not try a DGT with it and will only replace it because my heart is pumping chocolates every time I see the FA Jupiter.
On this topic the FA Jupiter backpack is on special at Outdoor warehouse for R1200. That is a real good price for a awesome backpack.
Don't forget to write Santa