Gauteng Embarks on Residential Property Rebound
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GUEST - Gavin Lomberg, CEO at ooba Home Loans.
During the COVID-19 pandemic, many prospective homebuyers left the country’s economic hub in search of coastal homes and added lifestyle benefits, however, the latest data shows encouraging signs of recovery in Gauteng’s residential property market.
“There are strong signs pointing to the ongoing recovery of Gauteng’s property market, particularly Tshwane, which has registered notable improvements in the average purchase price, first-time homebuyer demand and the investment property category,” according to Gavin Lomberg, CEO at ooba Home Loans.
Lomberg points to value for money as a key driver in Gauteng’s improved outlook. “In August 2024, ooba Home Loans’ pinned the average property purchase price in the Western Cape at R1.94 million – a price point that many prospective owners simply cannot afford,” he says. “One could speculate that those currently renting through the “higher for longer” interest rate environment, may now feel compelled to take advantage of the recent interest rate cut – likely the first of many - and will opt for areas (and regions) where they can get the most value for money.”
During the COVID-19 pandemic, many prospective homebuyers left the country’s economic hub in search of coastal homes and added lifestyle benefits, however, the latest data shows encouraging signs of recovery in Gauteng’s residential property market.
“There are strong signs pointing to the ongoing recovery of Gauteng’s property market, particularly Tshwane, which has registered notable improvements in the average purchase price, first-time homebuyer demand and the investment property category,” according to Gavin Lomberg, CEO at ooba Home Loans.
Lomberg points to value for money as a key driver in Gauteng’s improved outlook. “In August 2024, ooba Home Loans’ pinned the average property purchase price in the Western Cape at R1.94 million – a price point that many prospective owners simply cannot afford,” he says. “One could speculate that those currently renting through the “higher for longer” interest rate environment, may now feel compelled to take advantage of the recent interest rate cut – likely the first of many - and will opt for areas (and regions) where they can get the most value for money.”