A resident said the man’s parents were targets of the robbery and he had tried to stop it.
The resident said the man’s parents had just returned from a local shopping mall, N1 City, with a large amount of cash.
A neighbourhood watch group said the man threw a sledgehammer at the offenders' getaway car, after which they shot him dead, the Daily Voice reported.
South African Police Service spokesman Malcolm Pojie told media police believed the offenders had followed the couple from the bank to their address.
Police tracked the vehicle the offenders used, a Toyota Corolla, and found it in a carpark in Parow, about 4.6km away.
No arrests have been made.
Raphael Franks is an Auckland-based reporter who covers breaking news. He joined the Herald as a Te Rito cadet in 2022.
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