How much the average first-time buyer is paying for a house in South Africa

South Africa’s largest bond originator, ooba, has released its property statistics for the first quarter of 2017 showing a 3.9% rise in the average approved bond in the country year-on-year.

The bond specialist also noted that the percentage of deals that were declined by one bank, but then approved by other banks, was down to 30.9% in the first quarter, from 33.4% a year ago.

Ooba’s resulting approval rate is down from 73% in Q1 2016 to 71.6% now, driven primarily by increased affordability declines in respect of aspirant home buyers whose personal income statements are under more strain.

The company published the following infographic to outline the current trends in the property market in South Africa as they relate to the financing of a property:


Read: Expect banks to charge higher interest rates on your home loan in SA – expert

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How much the average first-time buyer is paying for a house in South Africa