Met­ros lose out to town­ships

Weekend Argus (Saturday Edition) - - NEWS - JAN CRONJE

HOUSE price in­creases in former black town­ships again out­per­formed those of ma­jor metro re­gions.

FNB prop­erty sec­tor strate­gist John Loos said town­ship prices rose by 10.7 per­cent in the last year.

By con­trast, prices in the ma­jor metro re­gions of eThek­wini, Cape Town, Nel­son Man­dela Bay, Ekurhu­leni, Jo­han­nes­burg and Tsh­wane in­creased by 5.4 per­cent over the same pe­riod.

The ar­eas which the bank refers to as town­ships are those for­merly clas­si­fied as “black town­ship ar­eas” un­der apartheid.

Loos, writ­ing in the bank’s lat­est prop­erty barom­e­ter re­port, said houses in town­ships re­mained “the most af­ford­able ar­eas of the mar­ket on av­er­age”, with an av­er­age price of R331 826.

He at­trib­uted the in­crease to high de­mand, with buy­ers look­ing for af­ford­able houses, and a rel­a­tive short­age of stock.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.