We’re still in a buyers’ market because of the increasing availability of properties which keeps house prices down. According to Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, ongoing load shedding still means more people are looking for energy efficient homes with renewable power sources, even in the more affordable market.
Odendaal says Gauteng South and East remain the most affordable region for first-time homebuyers, with an average purchase price of R973,499 – the only region in South Africa with an average first-time buyer purchase price below R1 million.
“We experienced no significant changes in value here during the past 12 months.
“Affordability, mainly because of the rise in general cost of living, increasingly puts the entry level sector under pressure. I must also mention here that the significant drop in prices contributes to the increasing activity around the R3 million mark, aimed at upgrading to a previously unaffordable area,” he says.
“The entry prices in this area range from entry-level starter homes from R900k – 3.5million all the way up to super luxury living to R55million.
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“The demand right now is mostly high for one- and two-bedroomed properties and 3-bedroomed family homes in security estates which are