Tshwane property market a star performer

The property market in Tshwane has emerged from the past two years of uncertainty as one of the country’s strongest performers and is now firmly in recovery.
That’s the word from RealNet estate agency group MD Jan Davel, who notes that the average property price in the metro showed more than twice as much growth as the national average last year.
“According to the latest available Absa housing review, property prices in Tshwane grew 11,4% in the 12 months to end-September, compared with a national average growth of 5,4%. Taking inflation into account, this means that homeowners in this metro saw their investments grow in real terms by between 7 and 8% last year.”
This performance was based on strong showings in all sectors of the market, he says. “The Absa figures show that in the small home sector, prices in Tshwane grew by a whopping 55,4%yoy, compared with a national average of 20,9%, and well ahead of the next-best performer which was East London at 39,1%.
“In the medium home category, prices in Tshwane increased by an average of 13,1%yoy, compared with the national average increase of 4,9%, while large home prices in the metro increased by an average 9,3%, compared with the national average increase of 1,6%.”
And, says Davel, reports coming in from the RealNet offices in Tshwane show that the local market is set to strengthen even further in 2011, thanks to two further interest rate cuts late last year and an improvement in mortgage application acceptances as consumers continue to lower their debt levels.
With 15 franchise offices in and around Tshwane, RealNet is now the biggest provider of property services in the metro, and so is well-placed to observe and comment on its market, he notes.
The group has offices in all parts of the metro, from Centurion in the south to Montana and Doornpoort in the north and right across to Silver Lakes and Kungwini in the east, and it markets all types of property, from farms, plots and development land, through apartments, townhouses, suburban and estate homes to shops, offices and industrial premises.

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