First-time buyers constitute the demographic that makes up the vast quantity of bond applicants, with 72% of all bond applicants looking to purchase their first property.
MyProperty reported the average purchase price of a home in October of this year to be R1,172,757 for all buyers, while first-timers opted for a slightly less R1,052,759. The majority of applicants for home loans were people aged just below 40 years old. For first-time buyers, the average applicant was 37, while the average age of all applicants overall was 38.The benefits of owning a house or flat far outweigh renting, says Samuel Seeff, the chairman of the Seef Property Group.
He added that mortgage repayment is often subject to interest rate fluctuation but will remain static, while rental rates tend to rise annually.