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The third quarter of 2023 produced a mixed bag of results for the local housing market. While overall performance is down year-on-year, there is a minor improvement on the previous quarter's results.According to Lightstone Property data, as of 04 October 2023, the number of transfers recorded at the Deeds Office for the period July to September 2023 amounted to 48,838. When reviewed against the figures from previous RE/MAX National Housing Reports, this amount is down by 20% YoY.
However, when the stats from Q3 are compared to the previous quarter, the total number of transactions reported by Lightstone is up by 8%. “Another promising sign is that the total listing leads received via remax.co.za increased by 14% compared to last quarter. With interest rates holding steady at the previous announcement, we might be seeing the first signs of a market that is finally adjusting to the higher interest rates,” Goslett notes.
The difference in house price performance is also reflected in the number of transactions that occurred for each housing type. Of the 48,838 transfers, a total of 23,382 freehold properties and 13,461 sectional title units were sold countrywide . Reviewed against previous RE/MAX National Housing Reports, the number of freehold properties registered dropped by 21% YoY, and sectional titles dropped by 19% YoY.
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