Here’s the average purchase price for a house in South Africa right now

After a year of the Covid-19 pandemic, Ooba has observed changes in both consumer behaviour and lending trends, resulting in a surprising boom in the local residential property market.

Rhys Dyer, chief executive officer of Ooba, predicts that the residential property market in 2021 will continue to show strong levels of activity, mostly driven by first-time homebuyers as a result of the low interest rates.

Evidence of the strong activity, he said, can be seen in the volume of Ooba’s home loan applications for Q4 20, which increased by 36% compared to Q4 19, with a 56% growth in the value of the applications received.

Applications from first-time buyers in Q4 20 were up