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% year-on-year increase and a month-on-month increase of 0.2%,” 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% to R728 125.
The average approved bond size was 3.7% higher year-on-year and 1.2% higher month-on-month at R811 299.
The average approved bond size recorded for first-time buyers was R656 321. This is 2% higher year-on-year.
“In February, 52% of Ooba’s total bond applications were from first-time buyers,” said Furstenburg.
The average deposit in February was R146 749, 15.3% of the purchase price. This was a decrease of 5.6% 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 CEO Rhys Dyer said.