The FNB House Price Index is at 6.4 % August 2013 for the greater Gauteng. The House Price Index has reflected a growth of 10-15% y/y for July 2013 in Pretoria East, depending on the type of property.
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Property value is governed by a few fixed factors. Here are some of the factors which influence the value of your property investment.
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With interest rates low, the affordability of property has improved. Within the current climate both selling and buying is acceptable.
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Sellers need to consider the impact the prevailing economic climate will have on the sale of their property. It is, however, a general rule of thumb in real estate is that the right property at the right price will sell at any time. As a seller you may be able to help the process along by listing your house in the summer months. This is because the real estate market tends to see a higher level of interest and activity from buyers from October and on towards the end of the year. The last part of the year is for many people often accompanied by salary hikes, annual bonuses and the decision to upscale or downscale their lifestyles for the upcoming New Year.
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The Western Cape average house price growth has, since the first quarter statistics reports, shown the most significant growth since the bottom fell out of the property market in 2007. Already in the first quarter of 2012 the property prices in the Western Cape showed an increase – year-on-year – of 8.2%, ahead of all other South African provinces.
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What will happen in the property market in South Africa now it seems interest rates are making a turn for the better again?
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