In today’s property market, is it more expensive to build or to buy an existing house?
According to Absa’s house index, the average price for a middle class home (about 220sqm) is around R1mill (R200 000 down from 2004)
To build a similar house will cost you, according to ABSA, around R1.6mill, bringing average building costs to about R7 273 p. sqm. This is the biggest difference in 32 years.
Immediate future indications according to ABSA:
- Prime lending rate will probably not change within the next two years;
- There is, however, signs that the property market is going to change within the next 6-9 months.
Almost everybody agrees, if you have cash, now is the best time to get into the market.
All the more reason for you to have a look at this property that is being built right on the shore of the river with this spectacular view.