The Best Time to Buy Property in Over Three Decades!
Category Property News
As real estate emerges from Lockdown under Level 3 and the support structures of real estate transactions head back into operation, we are also entering the best buyers' market in over three decades
The latest rate cut has taken the total decline in the interest rate to a phenomenal 2.75%, taking the repo rate down to 3.75%, below 4% for the first time in approximately 20 years. The prime interest rate now stands at 7.25% for the first time since 1966. These rate cuts have created an unprecedented opportunity for buyers to take advantage.
The market is well positioned for the low to mid-market range to R1.5 million (R3 million in some areas) where most purchasing activity can be noted.
The upper price bands above R8 million properties are, however, expected to remain muted and sellers will need to price competitively. This is once again the best opportunity to purchase a competitively priced property.
Rentals are extremely busy and many tenants may look to downgrade, with more people transitioning into the rental market until financial stability returns. While rental rates will come under pressure as a result of the economic decline, we do expect the market to bounce back quite quickly.
Author: Prime Property Marketing
