BetterBond
The November BetterBond Property Brief is out, and Dr Roelof Botha shares several factors that point to an economically stronger 2024.
- Total home loan applications submitted: increased by 3.7% from September to October.
- Average home purchase price: 5.4% YoY increase.
- Average home prices per region: the Western Cape takes the lead at just under R2 million, followed by the greater Pretoria region.
- Changes in average home prices per region: the Western Cape, Eastern Cape and North West managed price increases.
- Ratio of average home price to average annual income, by age group: The upward trend in the ratio of home price to buyers’ yearly income was stopped in its tracks by the SA Reserve Bank’s hawkish monetary policy commencing in November 2021. Interestingly, the youngest age group (21-30) has not felt the pinch quite as much as older age groups, with a ratio that is still higher than in 2016.
In the Economist’s Notes, you will find some solid reasons for optimism. Research economist Dr Roelof Botha writes about the electricity situation improving, the prospect of lower interest rates next year and a continuation of the recovery in employment numbers.
Read the full report here.
