Consumer inflation in South Africa dropped to its lowest in four years in October, setting the stage for another interest rate cut by the South African Reserve Bank (SARB) this week. Statistics South Africa (StatsSA) said that the consumer price index (CPI) increased by 2,8% in the 12 months to October 2024. “This represents a sharp decline from 3,8% recorded in September. October’s print is...
Economy
Balwin Properties’ headline earnings fell 57% to 16.26 cents a share for the six months to August 31 after activity in the residential property sector remained under significant pressure, mainly due to the prolonged high interest rate environment. The developer of large, middle-to-upper income sectional title estate's revenue decreased 28% to R852.7 million, while profit for the period fell by 57% to...
The third quarter of 2024, to the end of September, produced bumper returns for South African investors, with the JSE having its strongest third quarter in 11 years and local bonds also performing strongly. Returns from global equities and bonds, however, were muted. The quarter also saw the rand strengthen against the US dollar, inflation continue its downward trend and, to the relief of consumers...
By Kanyane Matlou After half a decade in the doldrums, South African (SA) listed property appears to have finally turned a corner, with year to date (28.9%) and one year (55.0%) returns outstripping those of other domestic asset classes. The positive sentiment post-Government of National Unity has played a major role, but so too has the improvement in sector fundamentals as reflected by the recent...
South Africa’s economy appears to be on a more confident trajectory than it was before the national elections in May, with the successful formation of the Government of National Unity (GNU) combining with lower inflation and an improved power supply to boost consumer confidence. All eyes will be on Finance Minister Enoch Godongwana as he delivers his Medium-Term Budget Policy Statement (MTBPS) on...
Anecdotal evidence indicates that the impact of local interest rate cuts may take up to 18 months to materialise. However, Grant Smee, CEO of Only Realty Property Group, believes the residential property market might begin to show signs of recovery sooner than anticipated. “In recent years (and barring the Western Cape), South Africa’s residential property industry has largely been viewed as a...
South Africans are enduring the effects of a sustained period of rising costs and increased debt payments which in turn have put them under severe financial pressure, for many homeowners, this pressure has seen them being unable to keep up with their monthly home loan repayments. According to credit bureau TransUnion, as many as 7.2% of homeowners are three months or more in arrears on their home loan...
Cape Town - Mayco Member for Economic Growth, James Vos, has touted all upgrades to the venues the City of Cape Town manages, and how it is continuing to leverage and improve them. The Strategic Assets portfolio under the Economic Growth Directorate manages immovable property assets of high economic, heritage, touristic, and environmental value, such as Athlone Stadium, the Good Hope Centre, City Hall,...
