bringing dogs into Iceland will require a quarantine before they can be released. Info here:
as for housing, I haven't a clue what housing costs are in South Africa, but renting in Iceland is plagued by some impressive inflation so it may be challenging if you're depending on a foreign currency. Since I was last renting in Iceland 10 years ago, prices look to be about 25-40% higher already.
Electricity and water bills... not sure what the question is but it's pretty standard process compared to other countries from what I've experienced.
Clothing and cars and anything else you need will be more expensive and it is also a factor that everything needs to be imported. There is no such thing as a quick buy on Amazon in Iceland, and even when things aren't supposed to be stopped by the toll office, they often are. Finally, it's worth remembering that if you want to go anywhere BUT Iceland, you're relying on flights. You can't take the train and the few boats take a lonnng time.
but I may be biased against living there as I chose to not remain in Iceland