Recent data from property group Ooba shows that there are significant shifts within the residential property market in light of South Africa’s unique economic outlook.
This, coupled with the banks’ willingness to continue to approve home loans at attractive terms, makes investing in residential property an attractive proposition – especially for first-time homebuyers, Dyer added.Ooba reported that the average purchase price of a home has increased when compared to the year before.
“The work-from-home phenomenon coupled with historically low-interest rates throughout the pandemic saw many ‘scaling up’ as home loan repayments became more affordable,” said Dyer. Ooba reported that approval rates for 100% loan applications remained elevated at 84.1% in September 2022; however, demand for 100% loans decreased from 60.8% in August 2022 to 56.6% in September 2022.Dyer said that investment and buy-to-let properties had seen a sharp uptick – recording year-on-year growth of almost 30% in Q3 ’22.
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