For the past year and a half it has been a sellers’ market in the price range between R500,000 and around R1,700,000. However, the market is definitely turning and the price range between R1,800,000 to around R2,800,000 is now suffering.
People are still trying to get into the market rather than pay the high rentals. Due to Parklands North and Sunningdale there’s now an oversupply of the two million rand and up price range.
As the interest rate starts to go up along with everything else people will find themselves under more financial pressure. As soon as a few distressed sales start to happen which I predict will be in the new area of Parklands North and the new Sunningdale, that market will start to turn.
You will find there are people who have stretched themselves to buy in that area and can no longer afford the repayments.
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