PROPERTY NEWS HEADLINES

2013 April 17 - Encouraged by ongoing positive trends property market                                     Port Elizabeth Property First Article

“We are very encouraged by the ongoing steady flow of positive growth in the property sector,” says Deirdre Fibiger, Director of Property Network, reacting to latest statistics from Ooba.
 
Ooba continues to report record approval rates on top of the record highs set in the last quarter of 2012. The value of home loans approved through ooba in the first quarter of 2013 is up 23% on 2012.  For the last six months of 2012, ooba’s approved home loans value was up by 38.8% compared to the same period in 2011.
 
Deirdre Fibiger Property Network“There is no doubt that there is growing activity in the property market, supported by increased confidence from both buyers and lenders,” says Fibiger.
 
The average house price for first-time buyers was strongly up by 9.6% year on year to R690,474 but down 1.2% month on month from R698,721 in February.
 
Further positive news for homebuyers is the continued drop in the average home loan deposit, dropping substantially by 21.2% year on year to R120,936, equivalent to 13.4% of the average purchase price.  “This is further indication of the banks’ confidence in improving market conditions, and is good news for home loan applicants,” says Lew Geffen of Ooba.
 
What is of particular interest, is the continued trend of the high ration of first time buyers with almost 52% of Ooba applications received in March falling into this category. “With our team of dedicated buyer agents, we have positioned ourselves perfectly to assist first time buyers with not only their selection process but also to guide them on financing and the legal aspects of home ownership,” said Fibiger.
 
Fibiger has cautioned both buyers and sellers not to get carried away with the good news but to realise that these trends are simply the property market flexing its muscles against an overall economic picture. “We do not believe that we are entering a new economic upturn yet but simply experiencing a rectification of past negativity.”
 
“We still advise our clients to save up for as large a deposit as possible, as this still increases their chances of having their home loan approved and on better terms,” she said, “as well as keeping our seller’s expectations realistic in terms of setting their selling prices.”


Port Elizabeth Property First Article Back to Main News page
Subscribe to Newsletter
Port Elizabeth property advice and help centre

BE A REAL FRIEND
SHARE THIS WITH SOMEONE



property blog property network
property network free property valuation