PROPERTY TRENDS ALERT: The rise of starter homes
By Sitha Maliwa
As interest rates continue to drop and salaries rise, first-time homebuyers are seizing the opportunity to enter the property market. The recent increase in the transfer duty exemption threshold by 10%, saving buyers up to R3,300, further fuels this surge. According to Jonathan Spencer of OneDayOnly.co.za, first-time buyers now make up a significant 46% of all home loan applications. But what are they buying? The answer: starter homes.
A starter home is a smaller, more affordable property that serves as a stepping stone for those looking to enter the property market without the financial strain of a larger, more expensive home. These homes typically feature one or two bedrooms, a single bathroom and range in size from 70m² to 116m². They’re cozy enough to ...