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17 May 2007

The South African residential property market still performing well
Absa.co.za - South Africa
Demographic, economic and socio-economic factors are driving the strong growth that has been experienced since 2000 in both the rural and metropolitan sectors of the South African housing market, says Jacques du Toit, ABSA senior economist, after the release of the bank's 2nd Quarter 2007 Residential Property Perspective.

"Urban lifestyles, traffic congestion, technological progress and changing urban conditions have prompted people to change their living trends, with an increasing number moving to remote rural and coastal areas.

"These changes in lifestyle are having a profound effect on property markets in both metropolitan and rural areas. The combined effect of these factors caused the demand for housing to increase significantly over this period. As a result, the growth in property prices increased to levels not seen since the boom of the early 1980s."
ABSA

Standards win for property market
AustralianIT News - Australia
A nationwide electronic platform for real estate conveyancing is a step closer following an agreement by the Lending Industry XML Initiative (LIXI) to develop common data standards.

National Electronic Conveyancing Office executive director Simon Libbis said LIXI's involvement was crucial for the project's success.

"It is invaluable to have data standards that are consistent with those currently used in mortgage processing," Mr Libbis said. "We are very pleased to have LIXI's expertise available to us for e-conveyancing."
Australian IT

Foreigners back in Cape market
They're back - and paying good prices, say agents.
Moneyweb.co.za - South Africa
Foreign property buyers are growing in number in the Cape market - and paying good prices, say agents.

The word "foreigner" was wiped from the average agent's lexicon following government scrutiny around why property had become so expensive a few years ago, but it's evidently back in vogue.

This week, Cape-based agencies revealed that foreign buyers are back on their radar screens and actively being targeted. Rawson Properties said yesterday that foreign buying of Cape residential property "hit a high point" over the 2006/2007 festive season.

In addition, houses bought by "the foreign contingent were priced almost double those of the average Cape home", it said.
Moneyweb

Flat-rental growth rates converge in the long run
Rode.co.za - South Africa
Historically, some metros have produced better flat-rental growth than others - that is, in the short to medium-term at least. However, in the long run, growth tends to converge. This is according to data published in the latest Rode's Report on the South African Property Market.

During the last two years, for example, Durban's flat rentals grew by only 2,9% p.a., whereas the Pretoria and Cape Town metros grew by 7,2% and 5,4% respectively. However, over the last five years, Durban put on the best show, growing by 10,3% p.a., whereas Pretoria and Cape Town grew by a relatively poor 5,9% and 7,2% respectively.
Rode.co.za

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