Best Buyer’s Market in 35 years

While it is always difficult to predict how the market may play out in the coming months, it is especially favourable for the low to the mid-market range.

This is from R1.5 million to R3 million, where we see the bulk of property sales happening in Jeffreys Bay and St Francis Bay.

There is still a flurry of sales that won’t abate for a while. It is almost cheaper to buy than rent in many low to mid-price areas, which is rare and makes it incredibly attractive for buyers.

Sellers in the low to mid-price ranges should still be able to sell faster. Additionally, price growth in this sector is also likely to fare better than the higher price bands.

The upper price bands and super-luxury sector above R8 million are, expected to remain pretty muted, and sellers will need to price competitively. This sector of the market is a function of sentiment.

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Until sentiment, consumer confidence and the economy improve overall, buyers will likely remain selective.

However, the super-luxury sector currently offers the best opportunity for bargain hunting in 35 years, and everyone loves a bargain.

The depreciation of the Rand means that high-end property is now about 20% to 30% cheaper for those paying in Dollars, Pounds or Euros. Prices are already down by about 20% since 2019. If you have foreign currency reserves, now’s the time.

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