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 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
    • 15 Jan 2018
      The Atlantic Seaboard’s housing market has stoically withstood the brunt of the growing economic and political instability, consistently achieving double digit growth way above the national average, however, in 2017 South Africa’s most resilient market finally began to yield to the pressure.
    • 15 Jan 2018
      Sectional title insurance can be a little confusing and, as a new owner, you may be tempted to just assume your body corporate has you covered. While this may be the case, understanding the extent of your coverage and your personal liability is the only guaranteed way to protect yourself against potentially costly oversights.
        
    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