Ooba: Property prices grow

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PropertyTwo Independent Newspapers. Photo: Leon Nicholas.

Johannesburg - Property prices showed positive growth in February, bond originator Ooba said on Monday.

“Ooba's average purchase price recorded for February was R958,048 - a healthy 5.4 percent year-on-year increase and a month-on-month increase of 0.2 percent,” said marketing manager Katherine Furstenburg in a statement.

The average purchase price for first-time buyers also showed positive year-on-year growth of 4.2 percent to R728,125.

The average approved bond size was 3.7 percent higher year-on-year and 1.2 percent higher month-on-month at R811,299.

The average approved bond size recorded for first-time buyers was R656,321, two percent higher year-on-year.

“In February, 52 percent of Ooba's total bond applications were from first-time buyers,” said Furstenburg.

The average deposit in February was R146,749, 15.3 percent of the purchase price.

This was a decrease of 5.6 percent month-on-month.

“All of these metrics show continued positive growth in the property market, as the result of a combination of lender and buyer confidence,” Ooba chief executive Rhys Dyer said. - Sapa

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