select
|

October Results from ooba Signify that Outlook for Property Market Remains Favourable

October 2014 data recorded by ooba, South Africa’s largest bond originator, reflect sustained growth in the property market.
 
Says Rhys Dyer, ooba CEO: “A few key statistics point towards a trend of ongoing growth. These include the continued rise in property purchase prices, higher bank approval rates, higher approved bond sizes, lower deposits and improved bank pricing.”
 
The October oobarometer house price index revealed that the average house price rose 1.9% year-on-year to R953,018 from R935,252 a year earlier.  Strong price growth in the first-time buyer’s market was also recorded with a year-on-year increase of 7% from R711,691 to R761,653.
 
A new indicator has been included in the oobarometer, which is the average interest rate measured across ooba’s population of approved home loans for the month under review.  October’s statistics reveal that the average interest on approved home loans was prime plus 0.46%, which is 0.07% lower than the 0.53% above prime measured in October last year.
 
There are also a number of indicators in the oobarometer that demonstrate banks improved appetite for extending credit for home loans.  These include:

·         Lower average deposits, down 27.6% year-on-year

·         Higher approved bond size, up 6.9% year-on-year

·         Higher total approval ratio of 74.1%

·         Improved average interest rate of prime plus 0.46%

“Increased bank approval rates, lower deposit requirements and increased bond sizes are all factors that will continue to positively influence the property market,” says Dyer.   “With one of the highest approval rates in the market, ooba continues to prove that using a bond originator gives you a better chance of getting your home loan approved, in the shortest possible time at no additional cost.”




  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jun 2018
      The rental market in many Johannesburg suburbs has shown encouraging signs of revival this year but it remains a competitive market and landlords who best cater to their market’s needs will reap the healthiest returns.
    • 22 Jun 2018
      Home design is constantly evolving to reflect the changing needs of society. We look at some of the ways in which our use of space is changing.
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK