Residential property rebound?
A surprise rally in home loan applications suggests housing activity could recover sooner rather than later
SA’s biggest mortgage originators have seen a sharp recovery in home loan applications in June, with buyers no doubt scrambling to cash in on cheap borrowing costs and softer house prices.
Home loan application volumes submitted to the banks via ooba are up a hefty 25% year on year since the beginning of June, when real estate agents were allowed to trade again under lockdown level 3. June volumes are also 27% ahead of March’s pre-Covid levels, says Kay Geldenhuys, head of sales fulfilment at ooba.