Mon, 01 Jun 2020

When it comes to a provincial breakdown of the property market, Gauteng dominated the top five most-searched suburbs nationally on during the second quarter of 2019, with only one suburb outside of this province claiming a spot on the list.

Glen Marais in Gauteng placed first, followed by Parklands in the Western Cape, then Moreleta Park in Gauteng, and lastly Bryanston and Morningside in Gauteng.

According to Private Property statistics, the Western Cape still has the highest national median asking price at R2 500 000 and the Free state has the lowest at R1 100 000. However, the Western Cape saw a 2% drop in median asking price compared to the first quarter of 2019, whereas Gauteng remained the same as last quarter's figures.

Overall, the Northern Cape reflected the highest quarter-on-quarter growth, with the median asking price increasing by 4% on last quarter to R1 590 000. The Free State came in second with 3% growth on last quarter's amount.

Conversely, Limpopo reflected the largest drop in median asking price, with a 3.5% decrease on last quarter's figures to R1 303 200.

Luxury property prices softening, offering opportunities for savvy buyers - agencies

When it comes to house price growth, freehold titles still have the edge over section titles, according to Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa.

He says that, according to Lightstone data, the current national median price of a freehold home has grown to R1 148 167, which is a 14.3% increase on the median asking price in the second quarter of 2018.

In comparison, the national median price of a sectional title grew by just 2.1% to R1 032 045 compared to the second quarter of 2018. According to Goslett, data points to national house price growth whereby fewer and fewer homes are available for below R400 000.

This escalation of price is reflected in the growth in the average bond amount granted during this period, with a 2.2% increase on the figure for the second quarter of 2018 to R1 096 000 in the second quarter of 2019.

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