Despite the average purchase price declining in South Africa, luxury houses are seeing increased demand.
Despite the challenging economic environment, South Africans are still looking for opportunities in the property market, with indications that overall spending in the sector is set to increase this year.
According to the latest oobarometer, the average purchase price in South Africa dropped to R1,411,434 in Q4 2023 – which is a drop of 0.8% and 0.9% from Q4 ‘22 and Q3 ‘23, respectively. The average approved bond increased by 1.2% from Q3 ’23 to R1,301,395, while the average deposit dropped by 9.3% year-on-year to R110,039 or 7.8% of the average purchase price.Although the average purchase price decreased in the final quarter of last year, there has been a marked shift in the price band of R3 million-plus in Q4 ‘23 among non-first-time homebuyers.
“While there has been a marginal shift upwards in the average price paid by first-time homebuyers, the R750,000 to R1.5 million price band continues to account for the bulk of sales.”Partner contentJustSolve CEO Botha van der Vyver explains how low-code development greatly improves ROI
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