Real estate agents are becoming more positive about a future turnaround in the country’s property market as statistics show increased sales and stable prices.
The market is still challenging, but there are reasons for optimism, says Lolly Unterslak, property consultant at Jawitz Properties Atlantic Seaboard.
Entry-level priced properties on the Atlantic seaboard, which encompasses sectional title properties priced at R4.5 million and below, are “turning over nicely” and investors are taking advantage of “excellent” buying opportunities.
Properties are remaining on the market longer though. Sectional title properties are attracting first-time buyers who are qualifying for bonds due to the more lenient lending criteria from banks.
Buy-to-let investors and, surprisingly, a few more holiday home shoppers are back in the market since their disappearance during the drought, Unterslak says.
Her colleague, Juan Basson, adds: “You can still get value for money in this market… With rents so high in this area, buyers are realising that, in some cases, buying a property makes more financial sense than renting.”