It may be a significant move for you, but one that will help you generate wealth and long-term security, says Samuel Seeff, chairman of the Seeff Property Group.
Despite SARB’s decision to increase the prime interest rate to 7.5%, Mfundo Mabaso, from FNB Home Finance, stated that buying a home has become cheaper than renting over the last two years.
Samuel Seeff believes that the SARB's widely predicted decision to grow the repo rate by 25 basis points to 4% (prime lending rate currently sits at 7.5%) will have little impact on the property market.
Over the last year, the property market has exceeded expectations. This outcome resulted in some of the best sales in over three years. During this time, Seeff has generated a commendable R1.5 billion in gross sales each month on average - the most in more than 57 years, 33.3% higher than 2020, and 18% higher than our previous record year.
We expect the housing market to have another solid year, and buyers will benefit in particular. The momentum will continue to create chances for sellers. We hope for robust activity in the R3 million to R8 million price range, aside from sustained trading in the sub-R1.5 million price band.
In 2020; Seeff alone completed twelve transactions totaling more than R20 million, several of which were at record prices, and 2021 was also a prosperous year for the super-luxury market, particularly in prized home sales in the Cape:
As well as certain interior locations including
As Seeff says, there hasn't been a better time to buy a house in over ten years; it is a no-brainer for those with financial resources and determination to become homeowners.