Western Cape property booms

A record R19.24 billion of residential property was sold by Western Cape estate agents in the first 11 months of this year, the Cape Times reported.

This was R2bn more than the same period in 2006, despite a 13 percent drop in the number of sales.

The figures were compiled by an independent company, Cape Property Services, from an analysis of agents’ sales.

In October the average Cape Town house price rose to a record R2,34 million.

Comment from a reader;

Mrpapari said at Jan 8 2008 7:05AM It is just plain crazy to even begin to contemplate that the average house in Cape Town, a secondary tinpot city in a third world banana republic, costs a whopping R2.3 million.

IK would love to see the sales for 2008. Since there is no more growth in the price of property, 2008's results will be dramatically down.

If unit sales fall 13% again and prices stay the same, then the overall market sales will drop big time.

The SA property is all but dead and any honest estate agent (practically dont exist) will admit it.

Artcile from: www.sundaytimes.co.za