House prices increase moderately

By Staff Writer

September saw moderate growth in house prices says bond originator ooba. The average house price for September was R876,717 up 4.5% year on year and 4.9% month on month.


First time buyer statistics showed moderate growth too. The average purchase price for first-time buyers was up 6.7% from R619,920 in September 2011 to R661,159 in September this year. Month on month there was a 0.2% growth in the average purchase price for first-time buyers.


“The September numbers reinforce the recent trend of continued marginal price growth, underpinned by increasing levels of activity and new entrants into the market," says Saul Geffen, CEO of ooba. “We expect the short-term trend to continue in this vein.”


The average home loan deposit increased by 4.7% from R142,885 in September to R156,172 in September 2012, which is 17.8% of the purchase price. Month on month, the average home loan deposit increased by 56.1%. “The large month on month increase in the average home loan deposit is largely due to recent changes in banking lending policies particularly favouring loans with at least a 10% or more deposit,” says Geffen.


Ooba added that the initial decline ratio increased 2.1% to 48% in September. However, the percentage of applications that are declined by one bank but approved by another improved by 4.9% to 27.4 % in September this year according to the bond originator.

Recent Articles

Featured Debt consolidation – Explained

Dealing with debt can be daunting. If you’re struggling to keep track of which store account to pay next and weighing up which credit card is more important to settle first, you may have considered debt consolation. At Justmoney, we’ve decided to get down to the basics and explain what this entails and what impact you can anticipate on your credit score.  

Read more

3 Vehicle financing options compared – which is cheaper?

Buying a car is a considered a milestone, both in life and financially. Unless you’re able to fork out the cash, many opt for financing. But often the excitement to drive it off the showroom floor overshadows the need to check if you’re choosing the most-suited option. To help you make the best-informed decision we compare available vehicle financing structures in South Africa.

Read more

Splitwise: Split the bill not the friendship

Collecting your friends’ debt to you can be draining. You don’t want to ruin your friendship with them, and it can also be extremely awkward. I don’t know how many times I have written, deleted, and rephrased texts, reminding people to pay what is due to me.

Read more

Stokvel-friendly accounts – which one is fair?

The stokvel economy is approximately worth R49 billion in South Africa. This is according to the National Stokvel Association of South Africa (Nasasa). Altogether 24% of these stokvels are in Gauteng, while only 6% are in the Western Cape.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Save with 10X investments

Price: Free
When: Until 30 June
Where: Online

Sanlam Cumulus Investment Plan Limited Offer

Price: From R2,500
When: Limited Period
Where: Nationwide

Roman's Pizza Special-Single Large Pizza

Price: R69.90
When: Until 31 July
Where: Nationwide