ITS MY HOUSE: Upscaling, downscaling or semigrating? Signs that Its time to move
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The COVID-19 pandemic has given rise to significant shifts in the residential property market. In the beginning, many were scaling back to clamber back on costs, however, as interest rates continued to dip between 2020 and 2021, many started to upgrade their homes and invest in bigger spaces. Now, with rising costs and major pressure on consumers, the market is changing once again.
Grant Smee, property entrepreneur and Managing Director of Only Realty Property Group, says that despite higher costs of living and a quick succession of interest rate hikes, the market remains surprisingly resilient. “While FNB’s latest Property Barometer indicated that the price growth of homes has slowed down (3.4% - down from 3.8% in May), there is still strong demand for homes as indicated in the market volumes that we are seeing,”
Grant Smee, property entrepreneur and Managing Director of Only Realty Property Group, says that despite higher costs of living and a quick succession of interest rate hikes, the market remains surprisingly resilient. “While FNB’s latest Property Barometer indicated that the price growth of homes has slowed down (3.4% - down from 3.8% in May), there is still strong demand for homes as indicated in the market volumes that we are seeing,”
