The real estate industry has emerged from lockdown to the best buyer’s market in over 35 years, says Seeff Property Group chairman Samuel Seeff.
The latest rate cuts have created an unprecedented opportunity for buyers to take advantage of what is now a near fivedecade low, reducing borrowing costs.
Besides the considerable saving on monthly mortgage payments, affordability has increased drastically, he says.
The market is especially favourable for the low-to-mid range from R1.5 million up to R3m in some areas, and stock levels are higher than they have been for some time.
The upper price bands and superluxury sector above R8m (R15m in Cape Town) are, however, expected to remain muted and sellers will need to price competitively, Seeff notes.
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