South African home buyers can look forward to a few more months of record-low interest rates as the Monetary Policy Committee has once again opted to hold the repo rate steady at 3.5%.

Wednesday, 10 March 2021 18:30

Young investors give property the thumbs up

The future of South Africa’s housing market is looking bright, as aspirant buyers between the ages of 18 and 24 are the most optimistic about the merits of investing in property.

Buying a home is probably one of the most important - and expensive - purchases many people will make.

If the past year has taught us anything, it is how important our homes have become to us.

The South African Reserve Bank has just announced that it is holding the repo rate steady, as South Africa battles the second wave of the COVID-19.

Those in the business community have shown significant interest in the Government's plans to revive the economy in the wake of the Covid-19 pandemic and its negative impact economically.

South Africans are not only buying more homes, as the interest rate holds steady at its lowest in more than 50 years, they are also buying “more home”

With the interest rate at its lowest in decades, after the welcome announcement today of a further 25 basis points drop in the repo rate, it may now be more financially prudent to buy rather than rent a home.

Property in the Western Cape is regarded by many as among the most expensive in the country, and for first-home buyers, often completely out of reach. 

The property market is holding steady in challenging times, with the lower end of the market accounting for the bulk of home loan applications.

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