If you are looking at property in Randburg, then staying up to date on property market matters is essential – and doing this is as simple as paying regular visits to the Private Property website. If you have done that recently, then you may know that 2019 is showing signs of being the ideal year for new buyers to enter into the market.
This may seem a little far-fetched, considering all of the problems that 2018 brought with it. Yes, political uncertainty and a struggling economy remain high on the list of concerns, but there have been enough positive signs for experts to believe that the latter part of this year could be perfect for buyers.
The first point that they looked at was the fact that banks are still eager to pull in new business. Because of this, there is a lot of competition between institutions in creating the most affordable and accessible products. This is best showcased by looking at some of ooba’s stats, where it was revealed that there was a 20% decline in the Average Deposit as a Percentage of Purchase Price year on year.
“This is the ideal time for prospective first-time homeowners, including those without deposits, to enter the property market. 80% of our 100% bond applications in Q4 18 were approved compared to 72% in Q4 17,” said CEO of ooba, Rhys Dyer.
They also delved into the matter of negative real property price growth, which means that people are seeing their salaries rise at a faster rate than house prices are growing. And when you bundle this with the better lending conditions, it creates the perfect atmosphere for buyers to snag bargains.
Rushing into the market is still not advised though, with ooba saying that it is a smart move to assess a few home loan options before committing yourself, as this will ensure that you are getting the best deal.
