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WCape property best in SA

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WCape property best in SA - South Africa - residential project

A recently released report by the FNB Home Loans Cape regional office gives credence to the widely held belief that Western Cape residential property sustains higher and more stable prices than those elsewhere in SA.

According to FNB, year-on-year third quarter sales price figures for the area show that in the middle-income areas (average sale price R873 163) the Western Cape was the top performer, growing by 20.8 percent.

In the affordable segment (average price 
R404 746) the Western Cape came second with growth of 18 percent.

In the high income areas (average price R1.299-million) the growth was a very satisfactory 13 percent.  Even in the top-end market, often said to be the most seriously affected by the recession, the price growth was 6.1 percent.

Particularly encouraging in view of calls for the former township areas to capitalise on the inherent value of township properties is the fact that Khayelitsha and Gugulethu saw a year on year rise of 15.4 percent in their house values (average prices here, in fact, rose from R70 134 in 2002 to a current price of R233 363; a percentage increase way above the national average).


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Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.