Property prices rise in December

Posted On Friday, 17 January 2014 07:53 Published by
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Local property prices rise in December, as does the average bond size, according to bond originator Ooba.

OobaLocal property prices rose in December‚ as did the average bond size‚ according to bond originator Ooba.

The property group said the average purchase price of a new home grew by 7.9% in December to R933‚528 compared with a year earlier. The median bond size was 9% higher at R793‚931.

Ooba CEO Rhys Dyer said the figures illustrated a healthy and growing property market‚ which was expected to provide the property and lending markets with confidence going into 2014.

First-time buyers paid an average of R627‚021 for their bonds‚ an increase of 9.9% from the previous year. But the average deposit paid was 15%‚ down from 15.8% in 2012.

Dyer attributed the decline to improved lender appetite.

Lending conditions eased during the period evidenced by higher bank approval rates. Ooba's effective approval rate improved by 0.5% during the month to 65.2%.

"We're delighted that the property market has continued to show sustained growth over the past two years‚ and that lending conditions have eased‚ making it possible for us to put more South Africans into new homes."

Last modified on Tuesday, 21 January 2014 20:52

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