Mohau Motaung, broker/owner of Re/Max Ebenezer says the majority of RDP homeowners would previously hold onto their houses because an average RDP home was selling for R150 000. “After lockdown, prices doubled and they are now selling for an average of R320 000 which has created a temptation to sell.”
Regional director and chief executive of Re/Max of Southern Africa, Adrian Goslett says when the hard lockdown was lifted the property market saw a period of unprecedented activity as low-interest rates and pent-up demand drove the number of sales through the roof.But, he says purchasing homes in the townships through home finance are hard to come by in these areas. “I would say that banks do not easily approve home loan applications in township markets.
“There are also these so-called ‘investors’ who put down the offer but never take transfer. Instead, they resell the property to other buyers at a higher price, making themselves huge markups. Lately, we have also seen a lot of cash buyers for high amounts as there have been many people who were paid out when they were retrenched due to Covid and for other reasons,” he says.
In the Cape’s township markets, Lebo Masilo of Re/Max Impact says that in the more established areas, such as Gugulethu, Nyanga and surrounds, communities tend to keep their homes as they have built them up and modernised them over a few generations.
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You basically just explained the whole thing. It's not a perception.
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