Petrol Price A Growing Factor for South Africans When Purchasing Property

Petrol Price A Growing Factor for South Africans When Purchasing Property

Almost three quarters of South Africans consider the price of petrol as a factor before making a property purchasing decision. This is according to a recent poll conducted by ooba, South Africa's leading bond originator, which revealed that 68% of respondents consider rising fuel prices when choosing a home. According to Jenny Rushin, Provincial Sales Manager at ooba, petrol prices are definitely a consideration in households that are dependent on budgets. "Last week's 40 c/l increase has resulted in the highest level recorded in three years and a double digit price tag per litre. "The increasing price of petrol is resulting in home owners choosing to live as close as possible to their places of work in order to reduce monthly expenses. Though improving, South Africa's public transport systems are still relatively limited and many consumers still rely on personal transport." She says that this trend has been highlighted in Gauteng by a growth in unit sales and property activity in the Centurion and Midrand areas, which are the mid-points between Johannesburg and Pretoria. "The current fuel price, coupled with the proposed tolling initiatives on the highways in and around Gauteng, will work out to be extremely expensive for motorists travelling these routes to and from work each day." Rushin says that other contributing factors for potential home owners include security considerations and proximity to facilities such as schools and shopping centers, as these amenities usually increase the value of a property investment.

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Investing in property is usually the biggest financial commitment that any individual will make. Increasingly, people are looking to purchase a home with a friend, sibling or partner to halve the costs and increase the likelihood of bond approval. But as with any other big commitment, this is not a decision that should be taken lightly.

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