How the property market has unfolded over the past 11 months

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Most predictions and expectations were wiped out by the global pandemic which brought the property market to a standstill for several months. IOL_Lifestyle

The year opens with the ongoing buyer’s market. South Africans also look to make decisions on relocation and semigration. A total of 14 302 properties were sold, with an average purchase price of R1.34 million. Lightstone’s national house price inflation is 1.72%.Aspiring homeowners still prepare to take advantage of the buyer’s market. Load shedding happens again and many people look abroad for property investment and emigration.

Buyers remain cautious about viewings and investing in the economy. Many are also reeling from job losses and salary cuts. The end of payment holidays looms. A total of 12 019 properties were sold with an average purchase price of R1.14m. House price inflation is 2.42%.Agents are under pressure following the market shutdown and continue to offer virtual property viewings. Pent-up demand for property is seen in the buying numbers.

 

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