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Offers are pushing up asking prices
There has been an increase in activity at Eazi real estate in recent months, and with that comes a significant increase in the number of offers on the property. This is in contrast to the slow market during the lockdown period, and it reflects a shift in the market’s confidence among buyers.
As buyers compete for desirable homes, they are pushing up asking prices. According to the latest FNB house price index, the average house price in bond applications increased by 1.4% year-on-year. These increases are driven by the low lending environment and the banks’ appetite to offer finance.
A growing number of first-time buyers are competing for properties in the sub-R2.5 million price range. They are looking for move-in-ready homes that are modern and open-plan. In particular, areas like Goodwood, Blue Downs, Thornton, and Plumstead are seeing high demand.
The competition for homes also means that sellers are losing some of their leverage, and the lower interest rate has had an impact. It is therefore important to investigate the source of any offer you receive. If it is from an unregulated or unsolicited entity, there is a good chance that it is not legitimate. Using less secure methods to transfer funds can also increase the risk of theft.