Home loan applications for sub-R2 million properties surge by 27%

Tasleem Gierdien

Tasleem Gierdien

2 December 2024 | 9:32

After many years in the doldrums, the South African economy and residential property market show signs of life. Bradd Bendall of Better Bond explains.

Africa Melane speaks to Bradd Bendall, National Head of Sales at Better Bond.

Listen below.

Home loan applications for properties under R2 million have surged by 27%, year on year.

"It's an extraordinary hike but one must remember that we're coming off a 15-year high interest rate, so there's a lot of work to be done, but it's certainly signs of green shoots which is fantastic this time of the year," explains Bendall. 

According to data from Better Bond, 74% of first-time home loan applications with pre-approval get approved. 

Banks are willing to lend, despite high interest rates, adds Bendall. 

Bendall shares the following info about the current property market:

  • The average home buyer in South Africa is around 36 years old.
  • 50% of home applications are by first-time home buyers.
  • Young professionals are coming back into the property market.

Scroll up to the audio player to listen to the interview.

Trending News