Buying property in 2020: Low home loan interest rates and cheaper homes 22 Jan 2020 Fourth quarter (Q4 19) statistics released by South African bond originator ooba show minimal growth of 1.8% in the Average House Price year-on-year from Q4 18 to Q4 19. Your 7-step property investment checklist. “South Africa already had a recession and a mildly correcting property market prior to 2020. The average national asking price rose by 10.7 per cent for the year to $775,976, which meant that, on average, properties cost $75,056 more in 2020 than they did in 2019. Says Dyer: “We envisage that local banks will continue to offer favourable mortgage finance terms during 2020, similar to levels experienced in 2019. A ratings downgrade seems increasingly possible, exacerbated by the ongoing challenges facing almost all State-Owned Enterprises, particularly Eskom. ... for some of my South African rental properties. Buyers took advantage of reduced deposit requirements, higher approval rates, historically-low interest rates and improved lending conditions. This list covers the Top 20 best performing / most traded shares at the moment.These shares continue to be some of the BEST JSE shares to watch and buy in 2021, although the majority of other investors will be thinking the same, so be wary of saturated buying. Property price growth in 2020 is expected to perform in line with 2019 levels. Have a plan that will keep you on course. Banks continue to compete for new customers by approving finance at good interest rates. We anticipate nominal growth in the Average Purchase Price of between 3.5% and 4% for the year ahead, largely tracking inflation. Whether you're looking to buy property in an expensive coastal city or whether you're looking to buy property in the heartland of America, the timing is as good as it has ever been in recent history. The time-series stretches back to 2006. Please note that you are using an outdated version of Internet Explorer which is not compatible with some elements of the site. Looking ahead, Dyer expects that the four key drivers of performance in the 2020 residential property market will be softer interest rates, improved property affordability, the banks’ favourable lending appetite and consumer confidence. The average property search budget hasn't really changed in a year – it was previously £124,313 and is now £128,231… The South African calls on its readers to stand alongside our journalists as guardians of the future of independent and ethical journalism. thesouthafrican.com is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. Vote 1 . By way of background, I've been a multi-property owner in San Francisco, Lake Tahoe, and Honolulu since 2003. Costs of buying a property in South Africa House buying costs in South Africa For many of you out there interested in buying a property it can come as quite a shock when you discover just how much all the associated fees can cost you in addition to any deposits and costs you incur with renovations and furnishing your new home. This drop means that it’ll be slightly easier for home buyers to meet their home loan repayments. The extra money can be helpful for covering attorneys’ fees and transfer duties for the property. As always, there will be pockets of stronger growth in certain suburbs, as well as higher demand and prices for energy-efficient smaller properties that are close to transport nodes and central business districts. South African Reserve Bank governor Lesetja Kganyago announced an interest-rate decrease on 16 January 2020. He predicted that more good news may come as the year progresses. Dyer believes first-time buyers will make up a greater portion of total home buyers in 2020 as they take advantage of lower interest rates, availability of finance and relatively cheaper property prices. SAHometraders was founded in 2002, as a property website specialising in generating leads through its national property portals, recognised in the industry as www.sahometraders.co.za. South Africa also has a prolific singles market. Whether it’s as an investor or for your personal residence, getting into the property market is a savvy move. Many South Africans are single and are looking for suitable accommodation, with many unwilling to share. “Currently inflation is well within the 3% to 6% target range and this, coupled with the recent rand strength, we expect will result in the Reserve Bank dropping interest rates further during the course of 2020.”. The town of Queensburgh is experiencing huge demand from first-time buyers and young families particularly in Malvern and Escombe, with homes priced under R1m selling within days if not hours of listing. NOMPU SIZIBA: The opportunity to buy a property as a home for a first-time buyer, or for a buy-to-let, couldn’t be better than today. If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled. The average interest rate that ooba achieved for its buyers in Q4 19 was 0.01% below prime compared to 0.12% above prime in Q4 18. Address: Riverbank House, 1 Putney Bridge Approach, London, SW6 4TJ. “The decision by the Reserve Bank in January to cut interest rates by 25 basis points will assist home buyers to meet their home loan and other debt repayments and will generate much-needed consumer relief, which hopefully translates into improved consumer confidence.”. When it comes to the question of whether one should buy or rent property, many factors come to mind. Private Property is your property portal for all the best listings around South Africa. Writing for Property24, bond originator company ooba CEO Rhys Dyer said the softer interest rates are a key driver of performance in the 2020 residential property market. The relatively low cost of property compared to many western European countries has made buying in South Africa an appealing option. Over the same period, the Average Deposit as a Percentage of Purchase Price fell to 10.9%, from 12.0% in Q4 18. View our range of houses, villas and apartments for sale in South Africa. Some of these shares offer high dividend payouts. 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