Buyer Confidence Up In Hillcrest

Clint Ellice of the local Chas Everitt International office reports that activity

in the home market started picking up in the last quarter of the year. Lower interest rates started the ball rolling and a widely-held perception that the recession is showing definite signs of abating has kept the momentum going, he says.

Soccer fever is also building and we expect that the World Cup tournaments effects on economic sentiment will become very evident in the property market towards the end of the first quarter next year.

Ellice says local buyers are targeting all types of property, with the greatest interest evident in the price range of between R700 000 to R1,1m. Properties in this range include a wide variety, from smallholdings to apartments and four-bedroom family homes. The abiding criterium seems to be affordability.

Buyers represent a full profile, ranging from young first-time buyers to retired investors. Although younger buyers often have to rely on family assistance to put up required deposits for home loans, the prevailing sentiment among them is that the current market cycle offers sound opportunities to enter the property market.

He adds that the banks programmes to help home owners under pressure to sell their properties have stimulated market activity in recent months. A great draw card was the fact that 100% bonds were granted, as well as discounts on Attorneys fees given, which is a very attractive incentive to first-time buyers.

Stock levels in all categories are, however, showing a slight decrease at the moment, which may indicate that the market has turned and that prices may soon start inching higher, he says.

by: Bazza

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