Residential property the top performer
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.