As I have said before there is often conflicting information out there.We are all aware of the apparently dismal growth in South Africa’s property market and now ABSA has released a quarterly report that indicates growth or lack thereof in specific regions.
It seems the Northwest province has seen year on year growth of 10.1% ,the Northern Cape then saw growth of 6.8% and Mpumalanga saw a 6.3% increase.If we follow the coast the Eastern Cape also saw an increase,and the Western Cape is up this year by 3.5%.
Maybe not the enormous growth we have experienced in the past but in general those regions seem to be keeping their heads above water.
Of course some areas saw a decrease, Kwazulu-Natal performed the worst apparently with a 6.2% decrease compared to last year.The majority of Gauteng also saw a decrease.
However from past experience i would take all information with a pinch of salt and base any decisions i want to make on my personal assessment of the situation.If you are not confident enough to make a decision on your own pay someone who is qualified in the matter to give you good advice.
If you read the various blog comments related to the subject people’s personal opinion on the matter differs vastly from what ABSA’s report states.And in my opinion you certainly can’t take provincial growth as an accurate indicator for an individual properties prospective future.There are so many things that influence the price you will eventually get/pay that the property’s individual merits will always have to be assessed.
Give us your opinion,do you feel this reported increase/decrease is accurate for your province or region?
