Property information and accurate figures relating to home purchases are becoming ever easier accessible for home buyers in South Africa these days.
Here we have the ABSA house price index and although we are looking at historic data, we have to ask it this relevant to today’s market and what can we learn from this in the time to come.
This a definitive blog on an analysis of the ABSA house price index from an agent and agency perspective.
What we hear from the banks, “Dear Agent’s we are lending please bring us deals”, what we can see, JSE all share is topping taking head from the NYSE, and the other foreign markets. Interest rates set by the reserve bank remain unchanged at all time lows, with all the above activity, the property market should be booming.
The realty we see on the ground within the Port Elizabeth region tells a different story and one which possibly provides far greater insights into our future property markets.
Don’t get mixed up, we are not here to paint pictures of doom and gloom, the Engel & Völkers Port Elizabeth office has tracked ahead of the Engel & Völkers national average of 20% increase year on year. And are on target to show increase in sales of 40% on year 2012. Which for our shop was a 228% increase on 2011, that because we were just starting to gain momentum from launch.
With this we have also achieved one of the highest success rates in closing with over 95% of our deals going to contract being successfully taken through bond financing and registration.
Looking at the house price index, we can ascertain that what is shown regarding pricing is an accurate account of the historic pricing changes, for more information on what is happening currently in the market and to ascertain just how many buyer your local agent has available for your home, please make contact with a sales advisor and request a free non obligation valuation. There is a very good chance we already have buyers within our network who are waiting to purchase your property.