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'A lot of opportunistic buying,' says Nedbank as residential property starts to rebound

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Low interest rates have resulted in record mortgage applications since April and mortgage credit growth began growing again in September. Photo: Getty Images
Low interest rates have resulted in record mortgage applications since April and mortgage credit growth began growing again in September. Photo: Getty Images

Record low interest rates, depressed house prices in some segments of the market and the desire to upgrade to something bigger as people will be working more from home for the foreseeable future, could give the residential property market the stimulus it has been thirsty for, says Nedbank chief economist Nicky Weimar.

Speaking at the International Housing Solutions (IHS) annual Affordable Housing Conference on Thursday, Weimar, who wasn't expecting the macroeconomic environment to rebound soon, especially if there's a second wave of Covid-19 infections in South Africa, was, however, certain that the residential property market would not need to adjust to survive.

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