Nica Richards
Deputy online news editor
3 minute read
15 Jul 2020
5:00 am

Hold off buying a house until at least 2021, says analyst as prices plummet

Nica Richards

He also said as a last resort, selling one’s property now rather than in two years’ time was an option to consider.

Image: iStock

The Covid-19 crisis has pushed an already struggling property market further down, causing house prices to plummet. Worst affected are the owners of luxury properties, while lower down the price ranges, the hit hasn’t been as hard. However, real estate expert Erwin Rode, managing director of Rode & Associates, predicted house prices could fall by as much as 20 % “in nominal terms” over the next few years as homeowners continue to lose their jobs or suffer salary cuts. Independent market analyst and founder of BankerX, Koshiek Karan said: “The current investment outlook in South Africa is less of a...