Despite recent interest rate hikes, as of July 2022 the South African property market remains a buyer’s market for the time being.
This is due to falling house prices. Unfortunately, this is partially due to people struggling to make payments in the wake of COVID. As a result, many are looking to sell up to avoid further mortgage payments.
Another factor is the amount of people looking to sell homes and migrate to more remote areas so they can enjoy the new work-from-home lifestyle.
How long homes are on the market is an indicator of price. In the fourth quarter of 2021 the average time is currently 8 weeks. Sellers are being more realistic in their price demands and thus selling homes off quicker.
Demand is expected to come primarily from repeat buyers looking for homes in more scenic areas.
If you’re looking to take advantage of the buyer’s market while it lasts, consider getting prequalified so you can get an idea of what you can afford. You can get prequalified by contacting an expert at ooba Home Loans or by using our free, online prequalification tool, the Bond Indicator.