Absa Home Loans has recently released the Absa Homeowner Sentiment Index (HSI).
In the second quarter of 2020, Absa asked 1000 consumers questions to gauge their confidence on various aspects within the local property industry.
The HIS shows confidence in the South African property market is 74% in 2020’s second quarter, a 1% improvement versus the first quarter.
Although respondents continue to be concerned about the economic outlook, this concern has continued to drive them towards property ownership overall, with more respondents considering it a good time to buy property and a bad time to sell property.
Interestingly, the highest overall confidence in the property market is amongst respondents who have never owned property before.
The property market continues to be favorable for buyers with the current interest rates and property prices being the prominent drivers for this sentiment.
While all the respondent segments agree that it is better to buy rather than to rent, current renters had the smallest increase in the sentiment to buy versus renting.