Why property buyers are hesitating to buy homes
The market’s mini-rally of early 2018 seems to have been short-lived, and housing sales volumes are back to lows that were last seen in 2010
House prices and sales have come under renewed pressure in recent months, following what now appears to have been a brief "Ramaphoria"-induced spike in housing activity earlier this year. The latest data from various industry players shows that the housing market has resumed its overall decline, in terms of both price growth and transaction volumes. Sales numbers appear to be down to levels last seen in 2010, when the housing market hit rock bottom following the recession of 2009. Financial Mail’s calculations show that the average number of properties (full and sectional title) that changed hands in the first half of 2018 (January-June) came to about 24,372 a month, according to latest figures from the deeds office. That’s down 10% from the average 27,072 a month recorded in the deeds office last year (without taking seasonality into account). It’s the lowest level since 2010, when housing sales in SA slumped to about 24,645 a month (about 40% down from the levels typically recorde...
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