Favourable conditions for property buyers
Like many, 2018 may have been a year to forget when it comes to the property market, but there has been some positive news at the start of 2019, with experts pointing out that new buyers could be in the best place to dive in this year.
By now, 2018 will be a distant memory for some and if you have been assessing the news on the Private Property website to see when you should dive into the market, then 2019 could be the year to look at buying property in Krugersdorp.
Of course, the shackles of the year that was are still holding tightly, with political uncertainty and economic issues remaining in the spotlight. However, according to experts the second half of 2019 could bring about some brilliant opportunities, especially for first time buyers.
There is still some significant competition between banks as they are looking to make their loans more accessible and affordable to consumers. This is backed up by the fact that ooba show their Average Deposit as a Percentage of Purchase Price drop down by 20% when looking at the stats year on year. This meant that deposits where down from 15.5% of the purchase price to 12%.
“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.
There is also talk of negative real property price growth, which is caused by salaries increasing at a higher rate than property values, which causes properties to become more affordable. And with lower prices being paired with improved lending conditions, buyers are being put into the driving seat.
Despite the positivity of the market still being in favour of buyers, consumers are being encouraged to shop around for finance, as they hold a favourable position when it comes to being able to find the best possible deal.
