The Lightstone Mid year property report was now released in August.
These are the highlights and my comments next/below each section.
Market Update - SEPTEMBER 2022
Residential is by far still the largest section of the South African real Estate Industry. This is applicable to Volume as well as Value.
Gauteng is still the largest province in terms of Volume and value but the Western Cape is not far behind.
2021 Has been the best year for sales in South Africa the past five years.
2022 is not far behind 2021 if we look at Quarterly figures
2020 and 2021 has shown significant growth year on year with the peak being 2021 (Quarter 2).
From Quarter 3 (2021) Inflation growth levels are slowyl evening out.
What I also find interesting is the amazing growth we have in 2015 and 2016 in the Western Cape.
According to Lighstone we are going to see house inflation coming down to probably about 3%.
(Wish I had a crystal ball)
As predicted the First time buyers has grown through Covid because of Low interest rates.
Practically this meant a lot of people could now buy instead of renting.
On average the actual price is quite a bit lower than the listing price. This means that Seller might currently have a bit of an unrealistic idea of pricing (probably fuelled by over-eager estate agents.
The Western cape and Coty of Cape Town Compared to rest of South Africa.
This does confirm the fact that people were moving away from the City to more Suburban areas. (Semi-gration)
2021 has been massive for the Western Cape.
Semi-gration has probably been the biggest reason for the growth in influx from Gauteng.
The Western Cape has a much higher selling price to listing price ratio.
These are the top Streets and Suburbs in Cape Town.
Property 24 - Durbanville
In looking at Durbanville I have drawn some Reports from Property 24.
Based on these stats we can see that the peak in Volume has been DEC 2021, Jan and FEb 2022.
