House prices rising through the roof
Residential property prices have proved surprisingly buoyant, but don’t expect the mini-boom to last indefinitely
It seems that last year’s aggressive interest rate cuts to near 50-year lows, coupled with pandemic-induced changes in how people live and work, continue to provide support for the housing market — to the surprise of even the most optimistic market commentators.
Earlier this year the general view was that homebuyer exuberance would wane significantly in 2021 as the reality of SA’s high unemployment rate and weak economy starts to set in. However, housing sales volumes and price growth, which have accelerated sharply since mid-2020, remain comfortably ahead of pre-Covid levels...