Time to look at the property market again

Staying up to date on everything about the property market will certainly assist when looking to buy property in Pretoria East, so be sure to pay regular visits to Private Property’s website. If you had logged on recently, you may have stumbled across some interesting information as to why 2019 could be the ideal year for new buyers to enter the market.

It is hard to forget the struggles of last year, and although matters such as the economy and political uncertainty are still floating in the headlines, experts believe that the latter half of 2019 could yield much more positive news, at least in the property market.

One reason for this is the fact that banks are still facing off for new business. Their competitiveness is ensuring that home loan products are more affordable and accessible to consumers, which is a great sign for those looking to secure finance. This statement is back up by information provided by ooba, which showcases that the Average Deposit as a Percentage of Purchase Price has tumbled down by 20% in the space of the last year – with it now at 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.

Going into more technical matters, they also pointed to negative real property price growth. For the average person, this means that incomes are increasing at a better rate than house price are growing  – which in turn allows for more affordable properties. This is why right now, the market is heavily in favour of buyers.

However, before putting pen to paper on the first offer you receive, it is best to look around at various home loan options as the best deal will allow for a maximum return on your investment.