Ups and downs in the local property market

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Fluctuations in the local property market are caused by different factors. These are the factors at play currently.

is experiencing varying levels of demand as consumers battle against rising interest rates, ongoing loadshedding issues, and pressured affordability levels. Markets that attract cash buyers remain in steady demand while other markets have begun to shift towards a buyer’s market.Adrian Goslett

“Our stats show that currently, around 50% of buyers are cash buyers, with the other 50% split between those subject to the sale of a property and those seeking bond finance. Those whose offers are subject to the sale of a property up-country have been negatively impacted by market conditions in those areas. These properties tend to take longer to sell and are being sold at less than originally anticipated by prospective buyers in our area.

Overall, she explains that sellers in her areas are not getting the arguably exorbitant prices of two years ago. “This has caused an increase in the rental market overall. With the steady increase in demand for rentals, landlords have an opportunity to select quality tenants. Tenants are advised to maintain a good credit record, as the competition is strong to obtain a decent rental within this market,” Aucamp advises.

 

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