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Monday Oct 08, 2018

Market tough for first-time buyers

Repeat buyers are main players as property market entry-level prices rise and banks show willingness to lend

Repeat home buyers are the mainstay of the residential property market, accounting for 55% of new bond applications and 66% of formally granted home loans, according to the latest statistics* from BetterBond, South Africa’s leading bond originator.

This is a positive indicator for the market, says chief executive Rudi Botha, because it shows that despite the current political and economic uncertainties, most existing homeowners are not selling up and extracting all their proceeds, but reinvesting these into their next homes in South Africa.

Although consumers have been under tremendous financial pressure over the past 12 months, the average deposit paid by buyers in this sector has declined only from R223000 to R220000. This has done much to sustain home price growth, which showed a year-on-year rate of 5.2% at the end of August.

Read more on Property360...

 
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