Property is selling like a house on fire
Amid the bad news, SA’s residential market has shone this year. But whether the mini-boom is sustainable is hard to say, writes Joan Muller
Surprising as it may seem, SA’s housing market is one of the few sectors of the economy likely to emerge unscathed from 2020’s brutal pandemic-induced recession. In fact, residential property sales have rocketed since lockdown restrictions were eased in June, and many estate agents are reporting record turnovers in the past few months.
The newfound homebuyer exuberance, no doubt buoyed by the SA Reserve Bank’s three percentage point interest rate cuts since early January, is in stark contrast to earlier predictions that the market was heading for a crash...