SOUTH AFRICANS ARE BUYING AND SELLING PROPERTY
Category Durban Property Market
Contrary to the relentless ‘noise’ around us, South Africans not only continue to buy, sell and rent homes, but in Kwa-Zulu Natal, Wakefields Real Estate posted a 8 percent increase year on year this last December.
The ancient Chinese proverb, “May you live in interesting times” has always carried the dual- edged interpretation of both ‘danger’ and ‘opportunity’...and we’re surely living in those times now. But are you of the-glass-half-full or glass-half-empty temperament? Opportunity or danger? It’s not easy to keep a level head when wherever you turn, you’re bombarded by negativity, whether it’s Facebook, the newspapers, billboards or at a braai - everybody has an opinion, and they’re determined you should give them air time.
Yes, there have been some startling turns of events locally and internationally, and they’ve had an impact on our economy... the only winners being the international tourist industry which has been able to capitalise on our delicate rand. Inbound tourism went up 7 percent...and South Africa certainly benefits from that.
But amazingly, through all the ‘noise’, Wakefields’ property sales in December were up 8 percent year-on-year from the same time the previous year. And it’s not a fluke, because January is looking equally positive. Show houses are experiencing significant turn-outs, the phones are ringing, and homes are being bought and sold.
We have to bear in mind that, no matter what the exchange rate is, we operate in rands... and we all need and want to buy or rent homes in which to raise our families.
Yes, the interest rate will increase by a well- judged increment or two. For homeowners who don’t keep an eye on their budgets, this is a good time to do so. Everybody says ‘buckle up’ – global events are beyond our control – so rid yourself of expensive debt. The store cards, the credit cards...pay them off first. Don’t buy unnecessary things, and curb your spending on luxury outings.
The good news is that your home loan is the cheapest loan you’ll have. And that’s a strong reason why those who’re ready to buy a home, have their deposit and are financially stable enough to secure a loan, are going right ahead and buying.
It’s a good time.
Author: Anne Schauffer
