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Residential market sales activity countrywide drops 7.1%

The slowing economy is starting to bite into the residential property market with sales and transfers dropping 7.1% in the third quarter of 2015 compared to the previous quarter.

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That’s according to HomeBid‚ the nation-wide‚ low commission estate agency.

“We have tracked 71‚101 transfers in the various deeds offices around SA for the third quarter of this year. The second quarter reflected 76‚546 transfers.

However‚ the good news is that average price levels countrywide have risen 1.3% for the quarter‚ which equates to an annualized 5.2% per annum increase in average home prices.

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“The average home sold and transferred is now R1‚188‚243” says HomeBid adviser‚ property economist Neville Berkowitz.

HomeBid’s research reveals that 87% of all homes sold and transferred in the third quarter are through the four major deeds offices of Johannesburg‚ Pretoria‚ Cape Town and Pietermaritzburg‚ the latter being mainly greater Durban regional sales.

“Increasing urbanisation will intensify this concentration of sales in the years to come”‚ adds Berkowitz.

RDM News Wire

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