The 25-year-old from Cape Town received the title on Friday night at a gala function held at the ZAR night club in Sandton, Johannesburg, the Saturday Star reported.
"It feels amazing. It still hasn't hit me though," Fairbrother told the newspaper.
"I've been thinking about it and it's just so unreal. It's the best news I have ever received."
Fairbrother received a customised Playboy pendant worth R50 000 and would spend five days at the Playboy mansion in Los Angeles as part of her prize.
She also won an expensive watch and would feature as the cover girl for the March edition of Playboy, the newspaper reported.
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South AfricaR500 000 - R600 000 Per Year
South AfricaR11 000 - R12 000 Per Month
South AfricaR800 000 Per Year
HousesR 2 550 000
HousesR 2 350 000
TownhousesR 1 050 000