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 Malema rants hurt house prices

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PosOnderwerp: Malema rants hurt house prices   Mon Mar 29, 2010 9:00 pm

Malema rants hurt house prices
Mar 29 2010 13:27

Leani Wessels

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Malema rants hurt house prices
Mar 29 2010 13:27

ANC Youth League leader Julius Malema's controversial utterances do not bode well for the country's residential property sector, says a major bank.




Johannesburg - ANC Youth League leader Julius Malema's controversial utterances do not bode well for the country's residential property sector.

First National Bank's property market analytics division said on Monday Malema is placing the sector at risk by boosting emigration selling.

"Sentiment appears positive in the residential market," said FNB Home Loans strategist John Loos in a report. "But recent political developments in the form of the 'hate speech' issues rearing its ugly head pose risks for sentiment."

According to Loos, such events can lead to a renewed rise in the prominence of emigration selling.

An emigration selling surge in 2008 (during the Eskom crisis and after the ANC's Polokwane congress in 2007) saw an oversupply of property on the market at the time.

"The reality is that events that stir up a lot of hype do have the potential to dampen sentiment in some of the country's major residential markets," said Loos.

The report also said that despite positive economic data released in March, households are still struggling with debt.

Mortgage rates are at their lowest level in three decades as the South African Reserve Bank (Sarb) cut the interest rate to 6.5% in Match. February's Consumer Price Inflation figure had dropped, and the Sarb's leading business indicator for January showed further economic growth is likely in the short term.

Loos said the economic data releases were "the shining light" for property in March.

"[It's] all very positive for residential property demand," he said.

However, the Sarb Quarterly Bulletin showed household finances are still in a state of despair. Households' debt to disposable income ratio rose again from 78.4% to 79.8% in the fourth quarter of 2009.

According to Loos, the high debt levels of households imply there's little room to absorb any negative events such as rate hikes.

"Current high levels of debt-service ratio, at a time when interest rates are probably at or near their low point, continue to place the housing sector and thus the housing market at risk," said Loos.

- Fin24.com






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Safe

Mar 29 2010 20:23
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I emigrated 18 months ago, looks like I was right..., if not now probably in the next 5 years, time will tell, I hope I am wrong, I love SA.
VinChainSaw

Mar 29 2010 20:19
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I live abroad and am in SA for a holiday. I honestly cant believe anybody even listens to Julius. Seems middle-class paranoia is the same in every western country. Have seen it in the UK, Europe and US. If you make financial decisions based on an idiot's utterances then you deserve whatever yopu get. I heard the samne nonsense when Mandela and JayZee took office and the sky is yet to fall on my head.
AJ

Mar 29 2010 18:41
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I love the "RSA will never be like Zimbabwe" ...too late, it is and crime wise much much worse. I know I live 1/2 in both. Objectively rank all the (SA) gov departments and para-stats. ...improving or not?...then debate the slope of the line. Live with or leave...well of course if you can.
F1

Mar 29 2010 18:33
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Who is this JM ?
Freddy

Mar 29 2010 18:22
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Malema's ranting & raving is going to cost him severely to such a degree he will have nightmares.
Expat in Europe

Mar 29 2010 18:18
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Mash, you have missed my point completely. I referred to EDUCATED people who PLAN AHEAD. Do you really think I just decided one morning to dump all my assets and jump on a plane? I planned carefully, sold at the peak, waited for the rand to temporarily increase in value against the overseas currencies, transferred the bulk of my funds, etc, etc. Point is, my family and my assets are safe now and I can move around the world with ease. If you don't know, most European countries are very keen to ac
Paddington

Mar 29 2010 17:56
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WHO IS THIS MAN ...SEER VAN RENSBURG???
http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-2386-2401_2577829
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PosOnderwerp: Doen julself 'n guns   Mon Mar 29, 2010 9:02 pm

Mense doen julself 'n guns en gaan kyk 'n bietjie na die comments. Wat is jul opinie? En hou bietjie dop watse tipe vrae gevra word.
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