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What first-time homebuyers can afford in Cape Town, Joburg and Durban

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This is what first-time homebuyers can afford in different major metros.

First-time homebuying activity in South Africa has dropped, with many would-be buyers deciding to save for a deposit.

Both segments saw growth of 4.8% from Q4 2023, with the current average national purchase price now sitting at R1,479,327 and atRhys Dyer, CEO of ooba Group, said that 62% of the applications processed in Q1 2024 fell within the greater than R1.5 million purchase price band – an upward shift from the 59% in Q1 2023.

Following the drop in interest rates to 7% during Covid-19, the first-time homebuying market experienced a frenzy. “This is a clear indicator that prospective homebuyers are choosing to delay the purchase of their first property until rates begin to drop and inflationary pressures are reduced.”

 

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