BetterBond says the property market could soon see a resurgence if the SARB brings to an end its cycle of interest rate hikes.
New data from BetterBond shows that there has been a steady amount of home loan applications over the last year, and first-time homebuyers may find more promising buying opportunities in the medium term.
This potential outcome could lead to a resurgence in the property market later this year and throughout 2024According to BetterBond, there has been a decline in new home loan applications, particularly for first-time buyers – it said that this should be seen against the backdrop of a 68% increase in the cost of servicing debt since November 2021.
The average home price has shown a consistent increase, with a 3% rise in the first five months of 2023 compared to the first quarter of 2022, reported BetterBond.
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