However, if property owners decide against selling, they could end up with an asset with a negative equity. Rode said higher-priced property would suffer more due to worse price reductions.
There are also comparatively fewer buyers and sellers of high-value properties, whereas more stable supply and demand mechanics exist within sectional title properties. This compounded with an imbalance of buyers and sellers willing to spend more than R1.5 million on a property and fewer people qualifying for loans in this price range, he said.
Fowlds and Crisp said the most attractive properties for buyers at present were affordable, middle-property markets. This was because of good value for money and low interest rates, which suited people looking to buy property,and stop renting.