Double-digit property price growth - ooba | Fin24
 
In partnership with
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Govt Pension Fund

    The fund says it would be wrong to dismiss R250bn Eskom bailout proposal without all the facts.

  • Sovereign Wealth Fund

    Questions around the fund's scope & mandate remain unanswered, writes Dr. Malan Rietveld.

Loading...

Double-digit property price growth - ooba

May 15 2015 06:32

Cape Town - The South African property market continues to show positive growth trends, despite the challenging local economic conditions and subdued business and consumer confidence, according to the latest statistics for April released by South African bond originator ooba.

“We were pleasantly surprised by a 10.3% year-on-year increase in the average purchase price to a high of R1 045 038 in April. This is the first time since May 2010 that the oobarometer has recorded double-digit year-on-year price growth,” said ooba CEO Rhys Dyer on Thursday.

READ: Pockets of SA prosperity, particularly in property

The average purchase price for first-time buyers also rose by 6.2% year-on-year to R788 953. Although first-time buyers continue to make up the majority of the home loan market, ooba’s April data indicates that the percentage of second-time buyers increased year-on-year by almost 3%, which accounts for the higher average purchase price.

ooba’s home loan lending statistics continue to point to positive signs in terms of home loan lender competition, evidenced by the higher approval rates and more competitive rate concessions recorded in April.

The average rate achieved by ooba in April 2015 of prime plus 0.27%, is well down on the average of prime plus 0.58% achieved in April 2014.

ALSO READ: Property prognosis positive for 2015 - FNB


(ooba)

ooba  |  property  |  sa economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...