ITS MY HOUSE – South Africa’s Property Market still offering Opportunities Despite Economic
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Pressure GUEST – Rhys Dyer, CEO of the Ooba Group
South African consumers may be feeling the pinch following a further two interest rate hikes in the first quarter of 2023, but ooba Home Loan’s Q1 2023 oobarometer indicates that there are still opportunities in the property market.
The latest data released by the country’s leading home loan comparison service indicates that homebuyers continue to take advantage of the competitive lending environment and attractive interest rate discounts offered by the country’s major banks. Rhys Dyer, CEO of ooba Home Loans elaborates: “With interest rates now close to peaking, growth in property prices remaining subdued relative to household earnings and the continued willingness of banks to extend credit to homeowners, conditions remain favourable for those with a long-term view to property purchase.” Application volumes resemble pre-COVID levels
South African consumers may be feeling the pinch following a further two interest rate hikes in the first quarter of 2023, but ooba Home Loan’s Q1 2023 oobarometer indicates that there are still opportunities in the property market.
The latest data released by the country’s leading home loan comparison service indicates that homebuyers continue to take advantage of the competitive lending environment and attractive interest rate discounts offered by the country’s major banks. Rhys Dyer, CEO of ooba Home Loans elaborates: “With interest rates now close to peaking, growth in property prices remaining subdued relative to household earnings and the continued willingness of banks to extend credit to homeowners, conditions remain favourable for those with a long-term view to property purchase.” Application volumes resemble pre-COVID levels
