State of the property market in South Africa

State of the property market pic

State of the property market in quarter 4 of 2016
The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rental growth takes a breather as drivers underperform
  • Industrial rentals unable to outperform inflation
  • Flat rentals are showing better growth than house prices
  • House prices tank in Durban but excel in Cape Town

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State of the property market in quarter 3 of 2016

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rental performance not too shabby, thanks to a services sector that hasn’t collapsed
  • Signs of continued weakness in manufacturing, a bad omen for rentals
  • Nominal values of new residential mortgages granted, are contracting
  • Flat-rental growth not too bad, but prospects remain daunting

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State of the property market in quarter 2 of 2016

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Johannesburg decentralized office rentals are resilient
  • Manufacturing recovers, but still not out of the woods
  • Smaller houses showing the strongest growth in prices
  • Flat rentals struggle owing to declining affordability

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State of the property market in quarter 1 of 2016

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Vitality in some Johannesburg suburban offices nodes
  • Slump in spending on durables does not augur well for manufacturing sector
  • Drivers of house prices showing no vigour
  • Johannesburg and Cape Town producing inflation-beating flat rental growth

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State of the property market in quarter 4 of 2015

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Tighter credit standards will further dampen the outlook for the housing market
  • Low business sentiment undermining prospects for industrial-rental growth
  • Cape Town office rentals playing catch up
  • Cape Town flat rentals beating inflation handsomely

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State of the property market in quarter 3 of 2015

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Modest growth in office rentals continues
  • Manufacturing output grows, but sector still far from being out of the woods
  • More heavy blows expected on the housing market front.   

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State of the property market in quarter 2 of 2015

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Claremont having a good run
  • The business cycle indicator’s loss of momentum does not bode well for industrial property
  • Residential landlords find some relief, and Cape Town flat rentals are booming in the wake of apparent large-scale semi-gration

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State of the property market in quarter 1 of 2015

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rentals feeling the pinch
  • Industrial property’s support pillars remain fragile
  • Growth in house prices slowly losing its momentum

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State of the property market in quarter 4 of 2014

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rentals in Sandton shrink
  • Underperforming manufacturing sector continues to place a damper on the growth of industrial rentals
  • Growth in flat rentals gaining some momentum

To read the full article please click here> (PDF - 64 KB)

 

State of the property market in quarter 3 of 2014

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rental growth decelerates in tandem with rising vacancy rates
  • House prices are buoyed by a softening in bank lending policies
  • Declining flat vacancies should bode well for rentals

To read the full article please click here> (PDF - 64 KB)

 

State of the property market in quarter 2 of 2014

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • How Pretoria’s office rentals caught up with the rest
  • Manufacturing sector’s underperformance does not bode well for industrial rentals
  • Smaller houses showing the strongest growth

To read the full article please click here> (PDF - 63 KB)

 

State of the property market in quarter 1 of 2014

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Restrained growth in office rentals
  • Still no magic on the residential rental front
  • House-price growth moving sideways

To read the full article please click here > (PDF – 63 KB)

 

State of the property market in quarter 4 of 2013

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rental growth not too shabby
  • Industrial rentals in Durban showing strong growth
  • An improvement in building activity, but still below recent historic highs

To read the full article please click here > (PDF – 66 KB)

 

State of the property market in quarter 3 of 2013

The following are the significant findings or conclusions made in this issue of Rode’s Report: 

  • A few pockets of decent growth in office rentals
  • Support pillars of the industrial property market are shaky.
  • House-price growth expected to lose some of its steam

To read the full article please click here > (PDF – 62 KB)

 

State of the property market in quarter 2 of 2013

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Mediocre growth in office market rentals
  • Industrial rental recovery relies on a healthy manufacturing and retail sector.
  • Drivers of house prices showing no vigour

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State of the property market in quarter 1 of 2013

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Weak office demand continues to hamper rentals
  • Poorly performing manufacturing sector posing the biggest threat to industrial rentals
  • House prices showing strong growth, but risk to outlook persists

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State of the property market in quarter 4 of 2012

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Listed property funds report impressive growth in distributions
  • No vitality in the office rental market
  • Growth in industrial rentals heating up, but we’re not out of the woods yet
  • House prices likely to do a dead cat bounce

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State of the property market in quarter 3 of 2012

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Manufacturing woes a hurdle to industrial rentals
  • Building industry still pessimistic but hanging in there
  • Cons outweigh pros in the housing market
  • Office rentals are stalling

To read the full article please click here > (PDF – 61 KB)

 

State of the property market in quarter 2 of 2012

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Capitalization rates going nowhere slowly
  • Firming yields driving listed property prices higher
  • Office rentals struggling

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State of the property market in quarter 1 of 2012

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Sentiment of property investors improves ever so slightly
  • Drivers of office demand losing their oomph
  • Office rentals contract

To read the full article please click here > (PDF – 61 KB)

 

State of the property market in quarter 4 of 2011

The following are the significant findings or conclusions made in this issue of Rode’s Report: 

  • Sandton office market booming 
  • Guarantee Fund a boon for prices in the affordable market   segment 
  • Building-construction industry experiences stagflation

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State of the property market in quarter 3 of 2011

The following are the significant findings or conclusions made in this issue of Rode’s Report:

John S Lottering: December 2011

  • Real office rentals stutter
  • Business cycle indicators losing vigour, bringing with them implications for property fundamentals
  • Houses overvalued by 25%

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State of the property market in quarter 2 of 2011

John S Lottering: October 2011

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Poor office demand a damper on rental growth
  • Indicators flash health warning about health of industrial property
  • Weak mortgage lending restrains house-price movements

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State of the property market in quarter 1 of 2011

John S Lottering: June 2011

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office rentals starting the year off with a bang
  • Rental recovery bodes well for capitalization rates
  • Flat rentals outperforming house and townhouse rentals

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State of the property market in quarter 4 of 2010

John S Lottering: March 2011

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Office and industrial cap rates reflect renewed optimism
  • Industrial rentals end 2010 on a better note
  • Houses should not expect further help from the Reserve Bank

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State of the property market in quarter 3 of 2010

John S Lottering: December 2010

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Reprieve for office rentals in the form of steady vacancy rates
  • Industrial rentals continue to slide
  • Growth in house prices losing its oomph

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State of the property market in quarter 2 of 2010

John S Lottering: October 2010

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Reprieve for office rentals in the form of steady vacancy rates
  • Industrial rentals continue to slide
  • Growth in house prices losing its oomph

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State of the property market in quarter 1 of 2010

John S Lottering: June 2010

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Cap rates moving sideways
  • Uptrend in office vacancies striking
  • Flat landlords under huge stress
  • Nominal house prices turning the corner

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State of the property market in quarter 4 of 2009

John S Lottering: March 2010

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Cap rates moving sideways
  • Uptrend in office vacancies striking
  • Flat landlords under huge stress
  • Nominal house prices turning the corner

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State of the property market in quarter 3 of 2009

John S Lottering: November 2009

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Cap rates moving sideways
  • Uptrend in office vacancies striking
  • Flat landlords under huge stress
  • Nominal house prices turning the corner

PDF: To read the full article please click here > (PDF – 38 KB)

 

State of the property market in quarter 2 of 2009

John S Lottering: August 2009

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Modest real-rental growth to hold back cap rates
  • Still fairly good office-rental growth, but decelerating trend picking up
  • Flat rentals flat-lining
  • Signs of a nominal recovery, but real prices most likely to continue heading south

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State of the property market in quarter 1 of 2009

John S Lottering: July 2009

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Are cap rates topping?
  • Office market still in upswing
  • Industrial rental growth curbed to single digits
  • Tough times ahead for the affordable house market

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State of the property market in quarter 4 of 2008

John S Lottering: March 2009

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Capitalization rates could be peaking.
  • Listed yields strengthen on back of stronger long-bond yields.
  • The house market: Recovery or kaput in 2009?
  • Cement sales remain in the red.
  • Inflation expectations nose-diving.

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State of the property market in quarter 3 of 2008

John S Lottering: December 2008

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Capitalization rates’ tide turning.li>
  • Office market continues to enjoy double-digit rental growth.
  • Cooling industrial rental growth.
  • Stalling house prices.
  • Building-cost inflation collapsing?

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State of the property market in quarter 2 of 2008

John S Lottering: October 2008

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Cap rates showing a weakening (increasing) trend.
  • Office rentals continue to grow impressively.
  • Real house-price cycle topping in
  • Levelling-off in office and industrial building plans passed.

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State of the property market in quarter 1 of 2008

John S Lottering: July 2008

The following are the significant findings or conclusions made in this issue of Rode’s Report:

  • Industrial-leaseback and shopping-centre capitalization rates feeling the pinch, but no need to panic yet.
  • Vacant prime office space remains a rare commodity.
  • Industrial stands taking a break from triple-digit-growth rates.
  • More heavy blows expected in the residential property market.

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State of the property market in quarter 4 of 2007

Garth Johnson: April 2008

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Higher risk brought on by electricity shock might soon be reflected in capitalization rates.
  • Pretoria and Durban decentralized office rental growth lagging behind.
  • Industrial rentals continue to grow fervently.
  • Exceptional growth of industrial stand values sustained by industrial rental’s leveraging effect
  • People of colour dominating lower-priced house market
  • Non-residential building ambitions cooling off as well

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State of the property market in quarter 3 of 2007

Garth Johnson: December 2007

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Cap rates’ mixed reaction to interest-rate hikes.
  • Top decentralized office nodes show strong nominal growth.
  • Industrial real rental upswing phase now strongly entrenched.
  • Industrial stand values continue to surge.
  • House prices still growing at double-digit rates; but for how long?
  • Non-residential contractors more upbeat about future building conditions than their residential counterparts.

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State of the property market in quarter 2 of 2007

Garth Johnson: September 2007

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Cap rates are tending south again
  • Johannesburg’s office rentals are leading the upswing on the back of low vacancies
  • Office-zoned stands have great investment potential
  • The industrial market is still booming
  • The house market is still decelerating
  • The future belongs to non-residential contractors.

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State of the property market in quarter 1 of 2007

Garth Johnson: June 2007

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Cap rates on an even keel.
  • Double-digit income-stream growth for listed funds
  • Cape Town and Pretoria office markets battle to turn the corner
  • Industrial rentals still steaming ahead
  • House prices still showing little impact of interest-rate hikes
  • Residential contractors’ profit margins are contracting.

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State of the property market in quarter 4 of 2006

Garth Johnson: March 2007

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Cap rates take a breather.
  • Listed property’s comeback.
  • Office market accelerates but Cape Town still in doldrums.
  • Industrial boom still on.
  • House-price deceleration takes a break.
  • Building contractors remain optimistic

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State of the property market in quarter 3 of 2006

Garth Johnson: December 2006

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Cap rates putting on the brakes.
  • Investors in listed funds wake up to fundamentals.
  • Office rentals still haven’t taken off convincingly.
  • Industrial boom far from over.
  • Small-town houses offer the best yields.
  • Building contractors’ growth in profit margins slows.

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State of the property market in quarter 2 of 2006

Garth Johnson: September 2006

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Cap rates resist threat of interest-rate hikes.
  • Listed property’s recent blow.
  • Office market’s vigour starts to show.
  • Industrial rentals continue to grow.
  • House-price growth still declining.
  • Building activity set to keep pressure on building costs.

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State of the property market in quarter 1 of 2006

Garth Johnson: June 2006

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Capitalization rates and hurdle rates still falling.
  • Listed property’s income yields surprise again.
  • Real office rentals still battling to turn the corner.
  • Prospects for industrial property remain good.
  • House-price growth decelerates further.
  • Building-cost inflation remains high.

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State of the property market in quarter 4 of 2005

Garth Johnson: March 2006

The following are significant findings or conclusions made in this issue of Rode's Report:

  • Capitalization rates continued their decline
  • Leaseback escalation rates seem fair
  • Income-stream growth of listed funds holds key to future returns.
  • Real decentralized office rentals continued to decline.
  • Rentals in most of the major industrial conurbations continued to grow.
  • Flat-rental growth still not beating building-cost inflation.
  • House-price growth still has some momentum.
  • Building-cost inflation expected to remain robust.

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State of the property market in quarter 3 of 2005

Garth Johnson: November 2005

The following are significant findings or conclusions made in this issue of Rode's Report :

  • Shopping-centre capitalization rates take a breather.
  • Income-stream growth drives listed funds' prices.
  • Nominal rental growth shows promise, but is still not close to beating building-cost inflation.
  • Industrial rentals still racing ahead.
  • House prices still losing steam.
  • Building-cost inflation still strong as a result of robust building activity.

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State of the property market in quarter 2 of 2005

Garth Johnson: September 2005

The following are significant findings or conclusions made in this issue of Rode’s Report:

  • Capitalization rates for all property types are still declining, although office and industrial rates probably still have the most to shed.
  • Listed property yields are expected to remain around current levels in the short to medium term ...

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State of the property market in quarter 1 of 2005

Garth Johnson: June 2005

Demand for industrial and office space continued to strengthen during the first quarter of 2005. However, the office market is still lagging the industrial market on some fronts. Even though house-price growth decelerated during the reporting quarter, it is still growing at an awesome rate.

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State of the property market in quarter 4 of 2004

Garth Johnson: March 2005

On the non-residential front, the office market is still battling in places, but solace is to be found in the industrial property market, which is still in fifth gear. Anecdotal evidence suggests that the residential property market was still growing at a firm pace in the first two months of 2005, which is what we expect it to do for the remainder of the year, albeit not at the same tempo as in 2004.

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State of the property market in quarter 3 of 2004

Garth Johnson: December 2004

All indications are that the focus will shift from residential to non-residential property over the next few years. Notwithstanding this, the residential property market is expected to lose steam only slowly. Hence, next year will probably be a good year for property all round.

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State of the property market in quarter 2 of 2004

Garth Johnson: September 2004

Non-residential property's market values increased further in the second quarter of 2004, driven mainly by the continued rerating of property by investors.

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State of the property market in quarter 1 of 2004

Dirk De Vynck: June 2004

Conditions in the non-residential property market improved further in the first quarter of 2004, with the majority of property indicators showing that an upswing in real rentals must be close.

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State of the property market in quarter 4 of 2003

Dirk De Vynck: March 2004

On the whole, conditions in the non-residential property market seem to be improving. Evidence of this can be found in the continued decline of standard capitalization rates as well the healthy office take-up recorded in especially the decentralized office nodes. However, by the end of 2003, there was still no recovery in the real rentals of office and industrial buildings.

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State of the property market in quarter 3 of 2003

Dirk De Vynck: November 2003

Finally! Non-residential property appears to be over the worst. The best evidence of this can be found in the decline of standard capitalization rates in quarter 2003:3, which was noticed for all non-residential property types, except industrials.

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State of the property market in quarter 2 of 2003

Dirk De Vynck: September 2003

On average, the majority of our non-residential property indicators for quarter 2003:2 still pointed to a market under siege. As for residential property, house prices were still firmly nestled in their upswing, whilst real flat rentals were consolidating.

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