Home buying activity in South Africa declined at the start of 2024, but the average national purchase price has increased.
According to the latest Oobarometer, homebuying activity has slowed in the current high interest rate environment.
“In Q1 ‘24, the volume of home loan applications processed was down by 9% from Q1 ‘23 and down 25% from Q1 ‘22. However, we have seen an 8% increase in application volumes in Q1 ‘24 versus Q4 ‘23, and there is definitely more activity in the market.” That said, the average price of properties originated through Ooba trended upwards, with year-on-year growth of 3.1% across both the first-time and national property price categories.average national purchase price now sitting at R1,479,327Dyer said that 62% of the value of applications processed through Ooba Home Loans fell within the greater than R1.5 million purchase price band in Q1 ’24 – higher than the 59% of application values in Q1 ’23.
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