OOPS-A-DAISY!!! Wasn't the booming township housing market supposed to prop up our entire bubble?
This from Fin24.com on Sunday:
"In the past year we have seen many agencies shut down," said Mighty Raseroka, managing director of Mighty Obriene Homes, a market player in Ga-Rankuwa and Soshanguve.
"It's tough out there. Generally the residential property market has come down, but in our markets the situation is bad," he said.
"Some of these properties are fetching up to 40% less. Your standard township four-roomed house which in 2006 sold for R280 000 today goes for about R200 000.
"It's a buyer's market out there; they make the prices."
Oh dear...
Another scrap of news: PrivateProperty.com (which I've been monitoring for about a year) has been slashing and burning listings - about 30% of its listing have been removed, but not because properties have sold. The site now tells you that the property is "no longer available for purchase", as opposed to its normal "sold" label.
So clearly people are stamping their little feet with rage, outraged that no-one is paying their asking R1,2 bar for a R800,000 property, and are hoping to ride out the slump. Yeah, that'll work.
Either that, or Privateproperty.com is slowly going out of business.
We've just moved to the USA, where we have bought a house that is the same size and on the same size erf as the one above, and we paid TEN times less - about R2.5 million. Ok, so we don't overlook a vineyard. Knock R100,000 off the price then.
2 comments:
OOPS-A-DAISY!!! Wasn't the booming township housing market supposed to prop up our entire bubble?
This from Fin24.com on Sunday:
"In the past year we have seen many agencies shut down," said Mighty Raseroka, managing director of Mighty Obriene Homes, a market player in Ga-Rankuwa and Soshanguve.
"It's tough out there. Generally the residential property market has come down, but in our markets the situation is bad," he said.
"Some of these properties are fetching up to 40% less. Your standard township four-roomed house which in 2006 sold for R280 000 today goes for about R200 000.
"It's a buyer's market out there; they make the prices."
Oh dear...
Another scrap of news: PrivateProperty.com (which I've been monitoring for about a year) has been slashing and burning listings - about 30% of its listing have been removed, but not because properties have sold. The site now tells you that the property is "no longer available for purchase", as opposed to its normal "sold" label.
So clearly people are stamping their little feet with rage, outraged that no-one is paying their asking R1,2 bar for a R800,000 property, and are hoping to ride out the slump. Yeah, that'll work.
Either that, or Privateproperty.com is slowly going out of business.
BC
I couldn't resist this...
http://www.iolproperty.co.za/view-property.jsp?PID=1726471
R22 million - are they insane?
We've just moved to the USA, where we have bought a house that is the same size and on the same size erf as the one above, and we paid TEN times less - about R2.5 million. Ok, so we don't overlook a vineyard. Knock R100,000 off the price then.
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