KZN leads online property searches

AN up-and-down 2018 housing market finished somewhat positively, with an increase in registered bonds and minor growth.

It also saw KZN spiking in popularity, with the province taking two of the top five positions in online property searches.

This is according to the fourth quarter housing market statistics released this week.

‘Exiting the recession and a lowering of fuel prices were just some of the positive announcements made during the last quarter of 2018,’ said Regional Director and CEO of RE/MAX Southern Africa, Adrian Goslett.

‘However, these positives were offset by Eskom’s continued struggle to keep the country’s lights on and the announcement of raised interest rates in December.

‘Consequently, the results of the fourth quarter seem to reflect a hopeful, yet reserved property market.’

Between October and December, 42 248 bond registrations were recorded at the Deeds Office, totalling an amount of R45.86-billion – a 5.4% increase over the previous quarter.

There were 6.8% fewer cancelled bonds, although the number totalled 48 661.

A major contributing factor to cancelled bonds is when the bond holder sells the property.

Statistics reveal that there is a trend away from freehold living, with a drop of 3.6% in freehold property purchases, and towards sectional title living, with an 8.1% increase in sectional title property purchases.

Figures also revealed that purchases up to the R400 000 property price bracket dropped by 1.8% (29.5% market share), while purchases in the R400 000 – R800 000 price bracket increased by 1.4% (25.6% market share).

Purchases in the R800 000 – R1.5-million bracket increased by 0.6% (24.9% of market share), while the R1.5-million – R3-million bracket remained the same at 15% of the market share.

Transactions over R3-million dropped by 0.2% and account for 5% of the market share.

Looking ahead in 2019, continued slow growth is predicted in the first and second quarters.

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