Property Statistics: How long your property spends on the market

A report recently released by First National Bank (FNB) takes a look at how long a property takes to sell on average in the 5 major metros in South Africa and other interesting statistics. 

From the report the Western Cape is still the strongest market in South Africa despite slowing price growth the country’s property darling. According to property analyst at FNB, John Loos, this can likely be attributed to the affordability challenge the region is facing. Saying that, “It is likely that, after a recent period of very strong house price growth in the Western Cape, a mounting affordability challenge in the region, especially for aspirant first time buyers, has started to put some brakes on demand growth.”

First time home buyers only make up 10% of Cape Town’s property market while Tshwane and Greater Joburg Metro Regions register a far higher 22% and 28% respectively.

The study also revealed that in general a property spent 14,5 weeks on the market in South Africa before selling. While a property spent only 10 weeks on average on the market in Tshwane. Mandela Bay was the region with the longest average time of 18.93 weeks.

Read the full report here: Property Barometer - FNB Major Provincial and Metro House Price Indices

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