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South African residential property is rapidly and unexpectedly recovering – FNB
As recently as May, property research company Lightstone warned of house prices falling by as much as 14.5% in 2020.
Against all expectations, they rose by 1.4% (year to July) instead, according to FNB.
The bank says that home loan applications have recovered to pre-lockdown levels.
Its research, however, still shows property supply far outstripping demand.
Related article - Surprise! The SA property market has roared back, and buyers now want bigger homes
At 7%, the prime lending rate is at a record low.
A mortgage of R1 million results in a monthly repayment of less than R8000.
Africa Melane asked Siphamandla Mkhwanazi – a senior economist at FNB – to talk about the unexpected and rapid recovery of the residential property market.
We’re seeing pent-up demand… buying now when interest rates are low…
Siphamandla Mkhwanazi, senior economist - FNB
We see a lot of activity at the lower end of the market… R750 000 and below… that segment is highly sensitive to interest rates… Affordability has improved… Higher-income households are buying second properties at the lower end in order to rent them out…
Siphamandla Mkhwanazi, senior economist - FNB
There’s a behavioural shift… rising demand for larger, freestanding homes in second-tier cities – Bloemfontein, PE, Kimberley… where you get more space compared to what you would get in, for example, Johannesburg…
Siphamandla Mkhwanazi, senior economist - FNB
It remains a buyers’ market…
Siphamandla Mkhwanazi, senior economist - FNB
Listen to the interview in the audio below.
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