Mixed Bag Property Market: Cautious Waiting or Carpe Diem?

It’s a mixed bag for the property market at present, but with property, fortune favours
those who play the long game, says Park Village Auctions’ Roy Lazarus.
“Interest rates appear to be fixed for now, maintaining pressure on affordability and
delaying recovery in the housing market. On the other hand, those with keen
investment savvy can use these conditions to their advantage. We are anticipating a
shift, albeit slight. Securing an investment now can benefit one in the long haul,”
notes Lazarus.
While the general sentiment in the market is cautious, with buyers adopting a “wait-
and-see” approach, Lazarus suggests that those with enough financial security to
weather possible hikes in the near future can reap from the harvest of SARB’s price
stability goals.
Offering tips on how to seize the day, Lazarus suggests:
Research the property market staying abreast of trends and forecasts to make
an informed decision.
-Areas with a strong job market are always in demand and present a
worthwhile investment, especially for buy-to-rent investors.
-Get a pre-approved mortgage so that you understand your budget.
-Include an emergency fund to cover unexpected expenses in your budgeting.
-Consider auctions. There are no suspensive conditions, which makes the
auction process fast. Therefore, they are favoured in foreclosure and estate
settlement cases. These types of sales often bring houses in desirable areas
to market.
Lazarus adds, “Auctions are known for transparency. Read through the supplied
terms and conditions so that you are aware of all payable fees. With your pre-
approved figure in mind, you can stop bidding where you’re comfortable and
eliminate the risk of blowing your budget.”
Park Village Auctions has several property sales scheduled in May, from a vacant
country estate stand in Parys to a ready-for-occupancy sectional title unit in a
Weltevreden Park complex. To see all the upcoming sales, visit
www.parkvillageauctions.co.za.