Are house prices picking up again?

S

Sly21C

Expert Member
Joined
Feb 14, 2008
Messages
4,632
Reaction score
19
Location
Pretoria
I am planning to buy my own house/apartment in about 3 or so years time. I have read about the decrease in house prices, especially this year. Are house prices picking up again? Or will house prices still go down? In about 3 or so years time I would like to buy a house in a complex, townhouse, around Centurion maybe.
 
Municipalities will try their best to not let that happen. Otherwise they can't charge the rates that they have until now.
 
They're going up ... you pretty much have 6 or so months of slower growth - bot from 2010 on they'll be escalating again.

Remember with all the rate cuts, more people can afford houses.
 
Not exactly - rates can't solve all the problems. I don't think we've hit the bottom yet... and I'm not just saying this to be negative - I just bought a house :)
 
Sly21C said:
I am planning to buy my own house/apartment in about 3 or so years time. I have read about the decrease in house prices, especially this year. Are house prices picking up again? Or will house prices still go down? In about 3 or so years time I would like to buy a house in a complex, townhouse, around Centurion maybe.
Click to expand...

I'm also wanting to buy another place in 3 years time when this one is almost paid off.

With my luck, prices will start to climb in 2 years time and drop again once I've bought it.
 
Two or three rate cuts ago, we fixed our bond payment with the bank, so now we are happily paying off much more than we ought to. It feels good knowing that you're making rapid progress!
 
I just bought a house in Pierre van Ryneveld and in my opinion the prices have more or less bottomed out.
My guess is that the prices will remain more or less stagnant until the end of 2009 and then begin a slow recovery during 2010 with only significant recovery taking place in 2011 and onwards.
I think there will still be houses in the bargain bins for the next 6 to 12 months.

Just keep your eyes on the trends of the global recession and the lending criteria of the banks. Once people can afford to get back into debt and the banks start lowering their deposit requirements things will start to swing back.
 
My take on it is that house prices will maybe drop a little until the end of the year and then stabilise for the next couple of years.

I just can't see upward demand-driven price pressure on houses, because first-time buyers, speculators and (to some extent) investors are not there anymore - and they sustained the boom times.
 
Paul_S said:
I just bought a house in Pierre van Ryneveld and in my opinion the prices have more or less bottomed out.
My guess is that the prices will remain more or less stagnant until the end of 2009 and then begin a slow recovery during 2010 with only significant recovery taking place in 2011 and onwards.
I think there will still be houses in the bargain bins for the next 6 to 12 months.

Just keep your eyes on the trends of the global recession and the lending criteria of the banks. Once people can afford to get back into debt and the banks start lowering their deposit requirements things will start to swing back.
Click to expand...


Which is close to what I think as well.

We must be right ... :)
 
And I wanted house prices to hit the bottom 3 years from now....:sick:. But I also think that house prices will remain under pressure for this year and will gradually pick up after the world cup or end of next year. Maybe I must consider buying a house sooner? Say a year from now?
 
567 had a guy on the radio about a week ago saying that commercial property was still on the way down. He said residential had not reached it's bottom yet but that it was close.

My view is that there are still deals out there where people are trying to get rid of places because they just don't want the risk of another round of interest rate hikes so silly offers are still be made and accepted. A colleague got a place about 4 weeks ago at R800k below asking price in the CPT northern suburbs (asking was R2.6m owner accepted R1.8).
 
2 top leverages when buying houses in my books are time and cash. If you have time to look and are not under pressure to move etc and cash to make a deal happen quickly you're in the best position.
 
@Sly21C: I work for Lightstone. You will see at the top of the page you can register for free (no spam involved), this will give you 100 credits. With this 100 credits you can do various things, one is a valuation report (40 credits I think). This valuation report gives you information about the property like the estimated value, last sales price, comparable sales in the surrounding area. Most of the major banks use our system to value a property when you apply for a bond.

You might find that this is quite useful information to have when you are in the market looking for a property:D
 
My parents have just sold a townhouse in PE for R950k, which they bought in 2003 for R250k.

So even if price growth decreases or even if prices drop slightly it doesn't change the fact that houses are extremely overpriced.
 
We haven't even come close to see the end of this decrease in house pricing yet...

The effects of the economic slowdown haven't trickled all the way through the markets yet.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X