#WaterWatch

No significant impact on property market due to drought in WC

Dam levels in the Western Cape continue to drop by 0.8% leaving them this past week at 25.5%.

CapeTalk's Kieno Kammies looks at how the current drought situation has affected the local property markets.

He speaks to household and property sector strategist at FNB, John Loos in order to get a measure of the current property sector.

Loos says at the moment they can't really tell if the drought has negatively impacted the property market in the Western Cape.

However, he says there are signs of slowing house price growth in the Western Cape.

He says this was expected with or without drought because the Cape property market has run stronger for a number of years and now it's facing affordability challenges.

The state agent surveys are telling us that first-time buyers are a bit lower in the Western Cape compared to Gauteng and that reflects the deterioration in affordability.

John Loose, Property Strategist at FNB

FNB figures indicate that the Western Cape has seen exceptional house price growth over the past five years of 50.4% to the end of December 2017.

To hear more of what Loos had to say, listen below:


This article first appeared on CapeTalk : No significant impact on property market due to drought in WC


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