But with Covid-19 impacting my salary, that did not happen. I worry now that I may have missed my chance to take advantage of the low interest rates. Do you think I will have missed out much if I’m able to buy only this year?
A: The negative state of the economy is likely to lead to an increase in the number of home sales which, in turn, will hinder property price appreciation.
Until our economy recovers from the pandemic, I predict that house price appreciation will remain low for 2021, reflecting a national average of roughly 2% to 3% growth year on year.
However, over the long term, house price appreciation will strengthen, and homeowners will stand to benefit greatly by their decision to enter the property market now while prices are pegged back.
- Adrian Goslett, chief executive of Re/Max of Southern Africa
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