Potchefstroom Property Market Report: September 18, 2024

The Potchefstroom property market is experiencing a slight downturn compared to 2023, which can be attributed to the stability of interest rates at 11.75%. This current trend indicates that the optimal time for potential buyers to enter the market is now, before any potential changes in interest rates. Savvy buyers may find attractive deals during this period.

Once interest rates shift, it is anticipated that property sellers will seek higher prices, potentially drawing more buyers into the market.

As of now, 972 properties have been sold this year, a decrease from the 1,306 properties sold by this time last year. However, with the traditionally busy month of December approaching, further activity is expected that may influence these numbers.

The student housing sector has seen an uptick, with many apartments being sold for under R500,000, making this an appealing segment for investors and first-time buyers alike.

In terms of financing, Absa Bank has emerged as the leading provider of home loans, followed by Standard Bank, FNB, and Nedbank. Our proprietary bond aggregator currently offers competitive interest rates, providing buyers with advantageous financing options.

This report underscores the importance of timing and strategic decision-making for both buyers and sellers in the Potchefstroom property market.