Gauteng shows strongest first-time home buyer rates, due to affordability
First-time home buying remains reasonably solid nationally‚ but a closer look regionally reveals major divergences‚ with Gauteng seeing strong levels and Cape Town at the weakest end of the spectrum. This is according to John Loos‚ a property sector strategist. According to the FNB Estate Agent Surveys throughout 2017‚ the estimated average first-time home buyer level was 20.27% of total home buying for the year. Loos said this is at almost the same level as the 20% average for 2016‚ a more-or-less sideways move last year‚ after noticeable declines in the prior two years. "This ‘stabilisation’ in the first-time buyer rate has much to do with a strong first-time buyer rate in Gauteng‚ reflecting that region’s superior home-affordability levels compared to other major metropolitan regions." Loos credited the 2017 stabilisation in first-time buying nationally to a gradual turn in the interest rate cycle after hiking from early-2014 to early-2016. "A stable interest rate environment in ...
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