Residential News

PayProp’s quarterly Rental Index shows continued growth in the residential rental market into the third quarter of 2022. During the most recent quarter (Q3 2022), rents increased by 2.9% year on year, the strongest performance since Q1 2020. This meant the average national rent increased from R7 800 in Q3 2021 to R8 023 in Q3 2022, making it the first quarter in which this figure broke through the R8 000...

September 2022 hotel revenues – year-on-year growth still strong off a low base as post-lockdown recovery continues, but hotel income level still falls short of “fully recovered” status, remaining significantly weaker than pre-lockdown levels. The StatsSA release of September 2022 preliminary monthly tourism statistics showed the Hotel Sector’s income levels making further progress on the...

A university city, Bloemfontein’s residential property market enjoys the spin-offs of its well-established educational infrastructure by way of accommodation for students, employees, associated services and the investment by parents, says Pam Golding Properties area principal, Ulrich Sirgel. The University of the Free State has a total of 41 169 students, 29 560 of whom are on the Bloemfontein campus and...

Cape Town and the surrounding coastal towns and villages boast a significant short-term rental market which is set to once again boom this summer as local and international visitors are finally set to return in their number. Ross Levin, MD for Seeff Atlantic Seaboard and City Bowl, says this could be a massive summer season for Cape Town with rates and occupancies expected to reach, and possibly exceed...

While consumers are justifiably concerned about another interest rate hike this month, ahead of the festive season, the Reserve Bank’s timeous response to inflation means we could see rates drop again towards the end of 2023, says Carl Coetzee, CEO of BetterBond. “There’s no denying that South Africans are feeling the pinch, and another repo rate hike this month will be our seventh consecutive...

Prior to the pandemic, urbanisation was a key watchword, but since lockdown restrictions eased, there has been a spike in reverse migration; from inner cities to the suburbs and even further afield, however, not everyone looking to move out of the city wants to relocate as far away as traditional suburbia. “Although many people want a little more space and less congestion these days, for any number of...

Semigration is the hottest trend in the property market. According to Samuel Seeff, chairman of the Seeff Property Group migration and moving is part of any property market. He says while some are moving out of necessity for work, family or retirement, there is now a trend of people moving for better service delivery, security and lifestyle. This move is not always as drastic as to semigrate to the Cape...

South Africa’s largest letting group shares insights on the current rental market and advice for concerned landlords. In an inflationary environment with increasing interest rates, landlords are facing higher mortgage repayments. The spike in inflation (which, in June, reached its highest rate since May 2009) means that the cost of maintaining properties has increased too. At the same time, tenants’...

If you are looking to buy property that you would like to bequeath to heirs at a future date, establishing a trust is worth considering as it can give you greater control over what happens to the property when are no longer around. “Most of the time, people buy property as their primary residence with a view to upgrading – or downsizing – at a future date when finances and circumstances allow,...

Amidst a slowing economic recovery and rising interest rates, the residential rental market is proving to be surprisingly resilient, according to recent data released by TPN Credit Bureau. The TPN Residential Rental Market Monitor for the second quarter of 2022 reveals that residential rental tenants are paying their rentals despite facing economic challenges which are being exacerbated by load shedding...