Residential Property Prices Increase Moderately in August

Residential Property Prices Increase Moderately in August

Residential property prices showed moderate positive growth during August, according to the latest results released by ooba - South Africa's leading bond originator.

The August oobarometer price index revealed that the average house price rose 0.6% year-on-year to R 829 897 from R 825 264 a year earlier. Positive growth of 1% was recorded on a month-on-month basis in August 2011 from July.

Growth in the average purchase price amongst first time buyers also showed a significant increase, with year-on-year growth of 9.2% to R 619 139 in August 2011 from R 566 845 a year earlier.

"August is the fourth consecutive month that we have witnessed an increase in purchase price amongst first time buyers, which is encouraging," says Rhys Dyer, CEO of ooba.

"With rates still standing at a 30 year low, improved affordability has enabled many first time buyers to take the leap."

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Employees fortunate enough to receive a bonus this December should consider putting a portion of their '13th cheques' towards paying off their home loans, before indulging in festive season spending.

Die swak huisleningsmark beperk tans die prysbewegings in die huismark.

Die swak huisleningsmark beperk tans die prysbewegings in die huismark.

Most South African consumers are unaware of their credit profile, which could put them at risk when applying for home-loan finance.

According to a recent poll conducted by ooba, South Africa's leading bond originator, three quarters of South African consumers are unaware of their credit profile. The poll revealed that 69% of respondents do not know their credit status.