Property Sector Which Experienced An Uptick In Home Purchases
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Despite the turmoil, 2020 was a positive year for the residential Property Sector Which Experienced An Uptick In Home Purchases. Now, one month into 2021 and with the repo rate set to stay at just 7%, property expert, Grant Smee believes that it could be one of the most interesting years that the sector has experienced to date
A combination of all-time low interest rates, a prolonged buyer’s market and an ongoing surge in first-time buyers should make for an interesting residential property industry in 2021.
According to property entrepreneur and Only Realty owner Grant Smee, recent statistics indicate that first-time buyers are younger than ever before and in certain instances, it is now surprisingly cheaper to buy a property than to rent.
“In 2021, we anticipate that the higher end of the market will remain at around 20 to 30% less than in previous years. This is driven by affordability, stability in the market, an increase in emigration and a lack of foreign buyers”,
Smee expects to see a price decrease of around 15 to 20% in properties in the mid-range of between R1.5million to R3million.
A combination of all-time low interest rates, a prolonged buyer’s market and an ongoing surge in first-time buyers should make for an interesting residential property industry in 2021.
According to property entrepreneur and Only Realty owner Grant Smee, recent statistics indicate that first-time buyers are younger than ever before and in certain instances, it is now surprisingly cheaper to buy a property than to rent.
“In 2021, we anticipate that the higher end of the market will remain at around 20 to 30% less than in previous years. This is driven by affordability, stability in the market, an increase in emigration and a lack of foreign buyers”,
Smee expects to see a price decrease of around 15 to 20% in properties in the mid-range of between R1.5million to R3million.
