30.01.2013 - South African housing market in the doldrums
If we look at the boom years it was slightly higher, at 26% — and 28% at one stage — but those were exceptional years. I’d suggest that 23% is probably a good number — it has to settle somewhere and it’s certainly significantly up from 15% back in 2008, when the economy hit rock bottom. Typically first-time buyers are more cyclical than the overall market — they’re young and flexible and can rent for longer or live in their parents’ homes for longer. When times are better they come out the woodwork in greater numbers so that’s what’s happened in recent years. My guess is it’s probably settled and will fluctuate from quarter to quarter but I wouldn’t be surprised if this year’s numbers come out with similar percentages to the 23% of the last two years...............................................Full Article: Source
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