The latest oobarometer report from ooba Home Loans reveals that the national average purchase price for first-time buyers remained steady at R1,136,625 in Q1 2023, representing only a marginal 0.4% increase from the same period last year as reported by Business Tech.
Although the national average purchase price increased by 0.8% to R1,434,448 from Q4 2022 to Q1 2023, Rhys Dyer, CEO of ooba Home Loans, believes that the slowing house price inflation could be good news for those looking to enter the property market.
The Free State, Mpumalanga, and Gauteng South & East have the lowest average purchase price, which has prompted increased activity among first-time homebuyers.
Despite the current market favouring first-time buyers, ooba Home Loans reported that buying activity remains strong in the middle and higher ends of the market. The report also noted that the average deposit for first-time buyers increased by 44% YoY to R109,793 in Q1 2023.
Photo by Expect Best