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South Africa property prices up 1.2% year-on-year
Country: South Africa
9 July 2009 The average price of a property in South Africa appreciated by 1.2% year-on-year in June, according to the latest oobarometer price index. Ooba’s findings in the annual price shows a very slight improvement in annual South African property prices, but should not necessarily be seen as a market upturn. Saul Geffen, chief executive of ooba, comments: “Rather than suggesting a recovery in the market place, this (the oobarometer price index) may be attributed to a shift to higher priced properties in June, given affluent homebuyers’ ability to better adapt to strict bank lending practices.” The average purchase price according to the oobarometer was R784,427(£59,439) in June 2009, up from R774,449 (£58,683) in June 2008. The month-on-month average purchase price has also increased nominally by 1.4% from £58,657 in May of this year. However, the average price of a home being purchased by a first time buyer has fallen by 14.1% year-on-year, a fall of 16.8% in comparison to May 2009.
“This is a clear indication of the pressure on first time buyers where banks strict credit criteria, particularly their deposit criteria, is making entry into the property market difficult and is having a knock-on effect on property prices at this level,” says Geffen. Research shows that property purchasers now require an average deposit of 18.9% of their purchase price in order to secure a home, compared with an average deposit of 12.2% in June last year. Geffen concludes: “Expectations are that the property market will continue to be hindered by the current economic conditions until the end of 2009, with recovery predicted by mid 2010.”
See Also: Marc Da-Silva, Mortgage, Overseas property investment news, South Africa
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