The ABSA house price index showed that the average price for homes in the small to large category have continued to grow at a nominal rate and, according to a CEO of a property agent, it's the first time since the market hit the slump that consumers are sensing it's a good time to buy.
- The average price for a small home (80m2 to 140m2) is currently sitting at around R676 800.
- The value of medium sized homes (141m2 to 220m2) was R953 600 in February .
- Buying a large (221m2 to 400m2) home will cost you about R1.4m.
With inflation on the rise and the hike in electricity prices, it's expected that the pressure on consumers will continue to mount while the recovery continues at a slow and steady pace.
Whether you're looking for your first home loan to buy a place for you and your family or as an investment or whether you are remortgaging, make sure you have a chat to a professional and take your time before making such a life-changing decision.