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Township property insights

20 April 2006 Angelo Coppola

Demand is outstripping supply when it comes to the township residential property market, and affordability remains good, says the latest findings from the FNB Residential property barometer.

Three areas were looked at in the old stock sector showed good activity, slightly higher than the general activity levels. There is still a positive vibe in these areas Gauteng, Cape, KZN, and the privately owned market is the most activity.

For the next quarter the property professionals say that the privately owned new developments will be the growth area.

In terms of the council houses activity, he says that older people live on these properties, with the younger people looking at the new developments. There is also a moratorium of five years on the council houses being transferred.

Gauteng shows that there are seven buyers to one property, Cape Town eight to one and the Durban numbers are unnaturally high at 16 buyers to one.

Property prices nationally in the townships range from R145k (Gauteng council-owned) to R275k (privately owned Gauteng houses). While Cape Town averages at R2178k and Durban comes in at R208k.

In Gauteng first time buyers represent 57% of buyers, while women account for 51% of the township property buyers.

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