From Business Day:
Du Toit said Absa was expecting a continued decline in house prices in real terms over the next two years.
Samuel Seeff, chairman of Seeff Properties, said there was “literally no house price growth in most areas of SA”.
But Seeff said there were a “couple of areas” that were bucking that trend. “Those areas are very much the upper end of the market.
“These include Bantry Bay, Clifton and the Victoria & Alfred Waterfront (all in Cape Town). [CT Bubble - Oh I'll just buy there then, I sure can afford the R60 000+/month bond payment]
“But for the rest of the market, what we’ve seen is that in general it is stagnating, and in real terms there is a decline,” he said.
Still, Seeff said he did not “believe that we need to go into panic mode”.
So if the market is going to stagnate for two years I guess that means all that "World Cup will boost property prices" from agents and other vested interests were bulldust.
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