How COVID-19 created 3 fundamental shifts in SA's housing market
When COVID-19 reached South Africa's borders at the start of 2020, property market analysts were expecting the worst. However, in the many months since, the market has taken a 180 degree turn on many of these expectations and predictions.
In fact, while the property market (and especially the buying market) was expected to slump in the months following the hard lockdown, contrarily, these 3 factors resulted in a market boom:
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More affordability: The repo rate plummeted, and home buyers took advantage of the lowest interest rates on bonds in decades.
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Shifts in pricing: More realistic property pricing has been driving property purchases, while the cost gap between renting and purchasing property has also narrowed, motivating many renters to buy instead.
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Lifestyle changes: Downsizing and relocation because of the effects of COVID-19 has further stimulated market activity.
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