Chairperson’s Welcome

Dear Members, Stakeholders, Practitioners, and Industry Affiliates.

Vuyiswa Ramokgopa

As we prepare to step into the year’s second quarter, there’s been some good news for the property Industry; the repo rate remains stable at 8,25%, with most analysts predicting cuts by the third quarter.

The BetterBond Property Brief reveals some encouraging trends that should instil optimism for our industry’s future.

The average homebuyer income has seen a significant increase of 17%, and the quarter-on-quarter home loan applications have shown robust growth of 7,8%.

For a change, the Western Cape isn’t the only province moving the property market.  Mpumalanga recorded the largest increase in the average price paid by ooba Home Loans customers during January and February 2024, showing +17,6% year-on-year growth in the property price and taking the average price in the region to R1,27 million.

In comparison, property prices in the Western Cape grew by +10,4% in the same period.

First-time homebuyer demand is also elevated in Gauteng South and East, constituting 52,0% of all applications processed by ooba Home Home Loans in this region in the first two months of 2024.

Read the full newsletter HERE