Res­i­den­tial prop­erty the top per­former

Weekend Argus (Saturday Edition) - - PROPERTY -

R E G U L A R LY i s s u e d s t a t e - ments from the mar­keters of Western Cape res­i­den­tial prop­erty to the ef­fect that this area sus­tains higher and more sta­ble prices than those else­where in South Africa are some­times greeted with scep­ti­cism.

Lan­ice Stew­ard, MD of Anne Porter Knight Frank, says the lat­est fig­ures from FNB Home Loans Cape have again re­in­forced this mes­sage.

“ T h e ye a r - o n - ye a r t h i r d quar­ter sales price fig­ures for the area show that in the mid­dle-in­come ar­eas where the av­er­age price is R873 163, the Western Cape was the top per­former, grow­ing by 20.8 per­cent. In the af­ford­able seg­ment (av­er­age price R404 746), the Wester n Cape came sec­ond with growth of 18 per­cent. In the high-in­come ar­eas (av­er­age price R1.29m) the growth was 13 per­cent. Even in the topend mar­ket, of­ten said to be the most se­ri­ously af­fected by the re­ces­sion, the price growth was 6.1 per­cent.

“In Khayelit­sha and Gugulethu, house val­ues rose by 15.4 per­cent year-on-year. Av­er­age prices here rose from R70 134 in 2002 to a cur­rent price of R233 363, an in­crease above the na­tional av­er­age.

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