Market recovery continues to hold
The latest statistics released by ooba, SA’s leading bond originator, indicate the recovery in the property market, which began in the second half of last year, has continued to take hold.
According to Saul Geffen, CEO of ooba, the monthly trends in the statistics tracked by ooba, which include movement’s in house prices, approved bond sizes, deposit requirements and bank decline ratios, all suggest that the positive conditions for homebuyers will continue into the second half of this year.
The oobarometer price index recorded a 9.8% year-on-year increase in the average house purchase price in July to R850 763 from R775 172, while the average purchase price made by first-time buyers also showed a year-on-year increase of 8.5% to R591 643. The ratio of applications declined by one lender, but granted by another showed a continued improvement, up 9.7% year-onyear to 29.4% of all declined applications. This means that nearly a third of all declines have the chance of being approved by another lender.