Current Market Trends: - The property market is experiencing a slowdown due to economic uncertainty and political instability. - Home buyers are taking a wait-and-see approach, leading to reduced demand. - Sellers are struggling to find buyers, resulting in increased days on market.
Interest Rates: - The Reserve Bank has kept interest rates unchanged, but there's potential for cuts in the future. - Lower interest rates could stimulate the market, but it's uncertain when this will happen.
Property Price Growth: - National property price growth is slowing, with some areas experiencing declines. - The Western Cape and Gauteng are still showing positive growth, but at a slower pace.
First-Time Buyers: - First-time buyers are driving demand, particularly in the affordable segment (<R1.5m). - They're taking advantage of lower prices and interest rates.
Regional Performance: - The Western Cape and Gauteng are still performing relatively well. - KwaZulu-Natal and the Eastern Cape are showing signs of slowing down.