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Home buying expected to take turn for worse
South Africa's credit rating downgrade and the current economic downturn and the current economic downturn is slowly starting to impact the country's property market, with house price growth and levels of home buying expected to soon take a turn for the worse.
At present the property market is continuing to perform as normal, but financial professionals warn about a lag between changed economic states and property market performance.
Erwin Rode, CEO of Rode & Associates, believes the country's poor economic performance will eventually impact on the growth in housing prices and the rentals that households can afford.
He adds, however, that Cape Town is the exception as house prices are still growing at double-digit figures compared to the rest of the country, which are about 2 points below inflation or worse.
There seems to be consensus that this can be ascribed to 'semigration' from up-country. Confirmation of this hypothesis can be seen in the traffic in Cape Town, which has become worse than traffic in Joburg."
Apart from Cape Town, Rode expects house prices to grow at less than the inflation rate for many years, which will make a house financed by a high mortgage bond a poor investment.
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