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Townships - property interest is picking up significantly

30 January 2006 Angelo Coppola

The 7th FNB property barometer looked at the 'township' property sector for the first time.

On the township property sector, FNB looked at this sector for the first time, as activity levels start to increase. Soweto, East Rand,Midrand, Attridgeville, Sebokeng, and Kagiso, were covered.

There was a 50:50 split although the majority felt that there was a lot of activity and with most saying there was more activity in the townships, compared ot the national picture.

So who is buying? Well, nurses, police, social workers, and teachers, with some private sector buyers and an even smaller white collar sector. This is a real turn-around, and shows that salaries are now affording this sector the opportunity to purchase with the younger generation the bigger buyers.

Confidence levels remain higher than the national average. With a pent-up demand and not enough supply. There is a different mindset here. The older people will keep their houses, as this house will stay in the family, which limits the movement of stock. There isnt enough development.

The property generally turns over in three weeks with most of the buyers being women, which is different than the national norm, and most are buy to live purchases. With home improvements a high growth sector, mostly for living purposes. The average property price is in the region of R223 000.

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