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South Africa’s property market has completely shifted over the last year
Absa has published its Q1 Homeowner Sentiment Index (HSI), which shows the average consumer confidence level regarding the property market in South Africa.
The index shows that sentiment towards buying property has had its fourth consecutive quarter of improvement, ending Q1 2021 at 82% – the highest since the introduction of the HSI.
Sentiment towards buying, rather than renting, also reached the highest level since the introduction of the HSI, Absa said.
“Sentiment towards buying property grew faster than sentiment towards selling property for the second consecutive quarter. The rally due to the low-interest rate cycle on sentiment towards buying property has given way to property accumulating in value.
“This could be indicative of the anticipated price increases due to the widening gap between willing buyers and willing sellers,” Absa said.
The main drivers for buying are that property is seen as a good investment (62%) and that property accumulates in value (49%).
The biggest negative factors are that people are under financial strain due to Covid-19 (54%) and the economy is unstable (53%).
Buying sentiment, together with observed demand, have been sustained since the latter part of Q2 2020, Absa said.
This demand has continued to be met with a mismatch in the supply of stock – initially due to would-be sellers perceiving prices to be too low to sell, but this has likely shifted to property owners wanting to ride the price increase wave to achieve better selling prices closer to the top of the cycle.
“With house prices having lagged CPI for most of the past decade and CPI having printed moderately, we will likely see a reversal of this trend with property prices likely to grow in real terms,” he
“The effect of the mismatch in supply and demand on property prices over the past year was largely absorbed by available-for-sale stock.”
Absa said that overall lending increased materially in Q4 2020 in South Africa, much of which was due to consumers taking out mortgages – and this resulted in new lending for mortgages surging to an all-time high.
“The increase would have been supported by the increase in demand for property, the shift towards more property being financed (rather than cash purchases) and higher loan-to-value deals being concluded.
“We expect to add to this mix increasing property prices in the coming months.”
*supplied by Business Tech
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Real estate agents and representatives from financial institutions can often forget that some of the terminology used is unfamiliar to those outside of their industry.
To address some of the questions buyers and sellers might have.
WIC / SQM / OSP
These abbreviations are likely to be found in the description section of an online listing. Each of these describes certain features of a home. Short for the walk-in closet (WIC), square meterage (SQM), and onsite parking (OSP), real estate agents often use these abbreviations to make the listing descriptions shorter and easier to read.
It is not uncommon for the letter “POA” to appear instead of the listing price. Short for Price on Application, the term exists as a way to conceal the asking price from the general public and can be used for a variety of reasons, usually as a way to ensure that only serious buyers contact them or because the seller would prefer for this to remain private and would not want their neighbors, friends or family to know how much their home is worth.
An offer to purchase (OTP) is a legally binding agreement that lays out the terms and conditions of the property transaction between the buyer and seller. The document includes the purchase amount, date of occupation, occupational rent, fixtures and fittings, and sale conditions. Once the OTP has been concluded and signed by each party, it becomes the deed of sale on the property.
When dealing with financial institutions, you may come across this term. Loan-to-value (LTV) is a ratio used to describe the property’s market value compared to the loan amount for which you qualify. For example, if you purchase a home for R1 million but you pay an R20,000 deposit and take out a home loan for the remaining R80,000, you will have an LTV ratio of 80%.
Short for Homeowners Association, the HOA exists to protect the interests of a complex or estate. Normally made up of homeowners within the estate, although sometimes managed by an outsourced managing agency, the HOA is responsible for managing the estate’s finances, running the annual general meetings (AGM), and setting up and enforcing the rules and regulations of the estate.
*Information and pictures supplied by Englishlive.ef.com, Private property, and Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett
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