{"id":522950,"date":"2021-09-25T08:30:16","date_gmt":"2021-09-25T06:30:16","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=522950"},"modified":"2021-09-23T12:29:15","modified_gmt":"2021-09-23T10:29:15","slug":"coastal-vs-inland-home-price-trends-in-south-africa-right-now","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/522950\/coastal-vs-inland-home-price-trends-in-south-africa-right-now\/","title":{"rendered":"Coastal vs inland home price trends in South Africa right now"},"content":{"rendered":"

Data analytics group Lightstone has published its latest data on South Africa’s property market, including the current state of the country’s housing market and the cost of buying a home.<\/p>\n

The data shows that national annual house price inflation was recorded at 5.03%<\/strong>, marginally down from the five-year record high recorded in May and June.<\/p>\n

“Inflation has been rallying up across all nine provinces except for Limpopo, which has experienced a slight drop-off from last month,” the group said.<\/p>\n

“Inflation in the low-value segment continues to outgrow that of its higher value counterparts, with prices currently growing at 11.2%, more than four percentage points ahead of the mid-value segment (6.4%).”<\/p>\n

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Among the country’s major municipalities, the data shows that coastal municipalities perform better<\/strong> than inland municipalities. This can be partly attributed to an ongoing trend towards semigration, with a growing number of people from Gauteng looking to move to the coast.<\/p>\n

“The Covid pandemic has boosted demand from buyers looking to swap the confines of their urban houses for a coastal lifestyle,” said the Seeff Property Group.<\/p>\n

The property group said that the excellent amenities, accessibility, and proximity to Durban are a big drawcard attracting buyers from Gauteng and buyers moving out of Durban down to the South and North Coast.<\/p>\n

This was echoed by Pam Golding Properties, which said that similar trends have seen more people move to the Western Cape.<\/p>\n

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Lightstone’s data shows that freehold properties are currently outpacing sectional-title properties<\/strong>, which are below the annual inflation level.<\/p>\n

In times of lower average prices in the sectional title residential property market, sales volumes traditionally soared upwards.<\/p>\n

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Our proprietary market strength indicators show that demand is now moderating, following a strong rebound in the second half of 20220 and into 2021, FNB said in its latest property barometer.<\/p>\n

“However, these are still above 2019 levels, reflecting the positive effect of lower interest rates on market activity and the changing housing needs due to the pandemic – greater adoption of working from home and homeschooling,” it said.<\/p>\n

The bank added that mortgage extension continues to grow faster, while loan-to-price ratios are trending lower.<\/p>\n

“Our investigations show that much of this credit is funding purchases in the middle- to upper-priced segments. As such, mortgage loan sizes have become bigger, reflecting a shift towards higher price brackets,” it said.<\/p>\n

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Read: A look at Cape Town’s new R900,000 micro-apartments \u2013 which are covered in plants<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Data analytics group Lightstone has published its latest data on South Africa\u2019s property market, including the current state of the country\u2019s housing market and the cost of buying a home.<\/p>\n","protected":false},"author":10,"featured_media":206515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,7421,10070,11693],"class_list":["post-522950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-lightstone","tag-pam-golding-properties","tag-seeff-property-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/522950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=522950"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/522950\/revisions"}],"predecessor-version":[{"id":523816,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/522950\/revisions\/523816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/206515"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=522950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=522950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=522950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}