Now is the time to buy if you are looking to upgrade to a bigger property. This is the message from economists and estate agents, as property prices level off in what has become more of a buyer's market in recent months.
Sure thing. I love catching falling knives! Interest rate set to go up on Thursday, and with credit levels going through the roof, are set to continue to go up in the 2007. Why buy now when you can wait a year or two for the market to soften up even further.
Data released by the South African Reserve Bank showed that mortgage advances had increased by 30.9 percent in October compared to the same month last year, Absa's economist, Jacques du Toit, said in the bank's latest property report.
People are extracting money out of their bonds as quickly as possible and if house prices do not rise a lot of people will be left underwater on their bonds. Best quote though is this:
They say it may not be long before the market faces further price hikes in the run-up to the 2010 World Cup.
Yeah tell that to the residents of Green Point who are fighting tooth and nail (probably unsuccessfully) to prevent the building of the World Cup stadium their. They must hate property price appreciation! Is there any data out there showing the World Cup (or the Olympics for that matter) boosting property prices or is this just a complete thumbsuck? I can understand hotel and holiday accomadation rates going up but no one is going to buy a flat and expect to pay it off over the one month of the competition.
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