Residential Property Market improving

From Business Day: THE residential property market has experienced a dramatic improvement over the past 18 months, with prices stabilising and buyers having easier access to financing.

Real estate agencies believe the market has moved back to pre-recession levels, with houses being sold far more quickly than they were in 2008-09.

But customer affordability is expected to weaken next year as the South African economy continues to come under strain because of weak growth and rising interest rates.

“On average, a house took 20 weeks to sell in 2009; now it takes about two weeks,” Seeff Property Services chairman Samuel Seeff says. A combination of factors was driving the rising demand for houses.

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