select
|

First-time buyers active in Witbank property market

Low interest rates and relatively high rentals are prompting first-time buyers in Witbank to take the plunge and invest in their own homes.
 
Monthly bond repayments are now on a par with rentals here, says RealNet’s area specialist Sharlene Doogan. “Young buyers are consequently deciding to acquire homes of their own and are targeting townhouses priced at around R500 000. Rentals for such units are in the region of R5000 per month.”
 
She adds that young buyers who cannot afford to buy property on their own are forming partnerships. “Friends or siblings club together to qualify for bonds,” she says.
 
“For many youngsters this is the only way to get on the property ladder and start building wealth - but we advise them to consider and thoroughly discuss future options such as how and when they will dispose of the joint property and to draw up written agreements. And of course, their relationship should be strong enough to weather the responsibilities of joint ownership,” she says.
 
Homes in the lower price segment are also finding buyers among locals who are downgrading because of affordability issues. “The economy is still tight and homeowners under financial pressure are selling larger homes and opting to buy less expensive property such as townhouses, which have the added benefit of lower maintenance costs.”
 
Demand for family homes in the R850 000 to R1,2m price bracket has decreased, while the top end of the market has slowed down considerably, says Doogan. “Investors are now largely absent  - they are subdued by market uncertainty and seem to be waiting on the sidelines until there are clearer indications of what direction the market will take.
 
“But the current market in Witbank certainly offers opportunities for owner-occupiers who realise that property represents a sound long-term investment.”
 
Issued by RealNet


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK