While many first-time buyers could obtain 100% home loans, Seeff said some higher-value purchases might still require a deposit.
Sectional title properties are losing ground to freehold homes as South Africa’s residential property market continues to strengthen.
This comes as annual price growth for apartments and townhouses reached 6.2% in February compared with 9.7% for freehold properties, according to Statistics South Africa’s latest Residential Property Price Index.
Statistics South Africa said annual national residential property price inflation accelerated by 0.9 percentage points to 7.7% in February. The Western Cape continued to dominate the market, with annual price growth of 11.3% - 6.8 percentage points faster than Gauteng’s 4.5%, the country’s second-largest contributor to house price inflation.
Samuel Seeff, chairman of the Seeff Property Group, said buyers who were financially ready should avoid delaying a home purchase because property prices generally increased over time. “Buying your own house is the best decision you can make, and the sooner, the better,” he said.
