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Highlights of his interview appear below. You can also listen to the full podcast above or download it from iono, Spotify or Apple Podcasts. With higher interest rates biting, how is the residential property market doing from your perspective? “I think the semigration trend is helping with that. At the moment there is sort of an overdemand and an undersupply in sort of your first-time homeowner or first-time buy-to-let market.
“So if we don’t look at the buy-to-let market, let’s look at freestanding homes. I think people are very apprehensive purchasing a freestanding home. One, because of the security and in, as you say, the R6 million range. A person who is about to take out a mortgage for R6 million is thinking it’s a freestanding home, is worried about the security. With the rand/US dollar depreciation, is it the right thing to do at the moment? Perhaps I should rent.
“Well, I’d say that if there is interest rate hike – we’re obviously quite heavily reliant on sort of the US interest rates to see what they’re doing, and I think if the market is looking at a 25-basis-point interest rate hike it’s definitely going to affect the first-time homeowner.” “I think if you’re a first-time homeowner the rental compared to bond repayment is very close. So if you’re renting a one-bedroom apartment and you’re spending R8 000 in rental, maybe it’ll cost you R8 000 in a bond repayment. Then you’ve the levies and the rates and taxes – call it another R1 500 or R2 000. So it’s only R2 000 more .
“I was the CEO, the receptionist, the driver, the person who put the boards up, the accountant – and I sort of started the business from there. I grew it from there and slowly got a couple of staff. Then I purchased my first section in Office Park because it was important for me to retain staff to actually have a really nice office.”
Can you share more insights about the Gauteng and Western Cape markets and the differentiation between the two?
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