In Part 1 we spoke about interest rates which are so topical at this point in time, across the globe.

Japan became the first major economy to adopt a Zero, [and even negative in January 2016], interest rate policy in 1999 as the Bank of Japan sought to stop a slide into deflation by making money available at virtually no cost. The rub of this is that any Japanese bank that parks money with the Bank of Japan needs to pay them interest to do so.

And so, began my exploration of some interest-ing facts:

The following countries have the highest Savings rates in the world:

Top 10 Countries with the highest Savings Interest Rates
Ranking Country Savings Interest Rate
1 Kyrgyz Republic 9.59%
2 Gambia 8.00%
3 Mexico 6.15%
4 Brazil 5.04%
5 South Africa 4.88%
6 Uganda 3.88%
7 Bangladesh 3.80%
8 Zambia 3.13%
9 Kingdom of Eswatini 3.08%
10 Seychelles 3.03%
Source: International Monetary Fund

I suppose you knew that the Kyrgyz Republic is a landlocked country in Central Asia with China to its East ☺

What’s interesting is that South Africa has the fifth-highest Savings rate in the world. I’m a little out of date, but no wonder, together with the exchange rate, the “swallows” from Europe and Britain love coming here for summers. To be honest, in our town we can’t wait to see their rosy-cheeked faces again; our first influx of tourists for half a year.

Then, there are those countries with the highest cost of Borrowing rates in the world:

Country Last
Venezuela 38.98
Argentina 38
Zimbabwe 35
Yemen 27
Liberia 25
Suriname 25
Congo 18.5
Iran 18
Haiti 17
Sudan 15.8
Angola 15.5
Sierra Leone 15
Ghana 14.5
Uzbekistan 14
Uruguay 13.8
Malawi 13.5
Nigeria 12.5
Guinea 11.5
Tajikistan 10.75
Mozambique 10.25
Gambia 10
Nicaragua 10
South Sudan 10
Madagascar 9.5
Egypt 9.25
Ecuador 9.12
Kazakhstan 9
Mongolia 9
Sao Tome and Principe 9
Turkey 8.25
Georgia 8
Zambia 8
Belarus 7.75
Ethiopia 7
Kenya 7
Maldives 7
Myanmar 7
Pakistan 7
Uganda 7
Bhutan 6.86
Tunisia 6.75
Azerbaijan 6.5
Burundi 6
Ukraine 6
Brunei 5.5
Guyana 5
Kyrgyzstan 5
Mauritania 5
Nepal 5
Tanzania 5
Bangladesh 4.75
Lebanon 4.53
Mexico 4.5
Rwanda 4.5
Sri Lanka 4.5
Vietnam 4.5
Armenia 4.25
Botswana 4.25
Russia 4.25
El Salvador 4.18
Bahamas 4
Benin 4
Burkina Faso 4
Guinea Bissau 4
India 4
Indonesia 4
Iraq 4
Ivory Coast 4
Mali 4
Niger 4
Senegal 4
Togo 4
China 3.85
Algeria 3.75
Honduras 3.75
Namibia 3.75
Swaziland 3.75
Lesotho 3.5
South Africa 3.5
Trinidad and Tobago 3.5
Bolivia 3.34
Cameroon 3.25
Central African Republic 3.25
Chad 3.25
Equatorial Guinea 3.25
Gabon 3.25
Republic of the Congo 3.25
Bosnia and Herzegovina 3.05
Dominican Republic 3
Laos 3
Libya 3
Papua New Guinea 3
Seychelles 3
Moldova 2.75
Croatia 2.5
Jordan 2.5
Qatar 2.5
Comoros 2.45
Belize 2.3
Cuba 2.25
Philippines 2.25
Barbados 2
Brazil 2
Colombia 2
Mauritius 1.85
Guatemala 1.75
Malaysia 1.75
Cambodia 1.5
Kuwait 1.5
Macedonia 1.5
Morocco 1.5
Romania 1.5
United Arab Emirates 1.5
Serbia 1.25
Taiwan 1.13
Bahrain 1
Cape Verde 1
Iceland 1
Saudi Arabia 1
Hong Kong 0.86
Macau 0.86
Costa Rica 0.75
Paraguay 0.75
Hungary 0.6
Albania 0.5
Chile 0.5
Jamaica 0.5
Oman 0.5
South Korea 0.5
Thailand 0.5
Australia 0.25
Canada 0.25
Czech Republic 0.25
Fiji 0.25
New Caledonia 0.25
New Zealand 0.25
Peru 0.25
United States 0.25
Singapore 0.16
Israel 0.1
Poland 0.1
United Kingdom 0.1
Austria 0
Belgium 0
Bulgaria 0
Cyprus 0
Estonia 0
Euro Area 0
Finland 0
France 0
Germany 0
Greece 0
Ireland 0
Italy 0
Latvia 0
Lithuania 0
Luxembourg 0
Malta 0
Netherlands 0
Norway 0
Portugal 0
Slovakia 0
Slovenia 0
Spain 0
Sweden 0
Japan -0.1
Denmark -0.6
Switzerland -0.75

Fascinating hey? The bottom 3 have all bought into negative interest rates as a policy. Those many at zero are probably watching them in anticipation. The highest 3 are basket cases brought on by disgusting government [being the most diplomatic term I can use to describe the bankruptcy of their policies]. And South Africa finds itself somewhere in the middle, seemingly well-managed in the crisis to have reached this point. And now that you know where it is, Kyrgzstan has a borrowing rate of 5% – another reason why you should not be living there – just joking, all my Kyrgzstanese friends ☺

Our housing market has exploded post lockdown Level 2. We know that there was pent-up demand but no doubt the sharp reduction in interest rates has contributed. What really impressed me in the latest ooba statistics was the total approval rate they achieved. Off a high during covid in July 2020 of 80.29%, for the past year, they have achieved an average per month of 80.29%. absolutely brilliant and a salute to the banks as well!

Cost of ownership in homes is basically bond repayments, service costs and levies, where applicable. However, in the latest Property Insights from John Loos, FNB Property Sector Strategist, entitled, Don’t expect major “fireworks” in the Commercial Property Sector on the back of low interest rates, he tells us [by way of extract]:

This property segment [Commercial property] is less sensitive to interest rate moves than the Residential Market, and negative economic growth forces are currently the dominant influence on it.

SARB’s latest repo rate unchanged decision doesn’t alter the fact that the Bank has given very significant stimulus… [and] this appears to have breathed significant life into the residential demand side of the property market. But it appears to be a tale of 2 markets, with the Commercial property market seemingly far more subdued and not taking the low-interest rate “bait”. And more focused on the economy than on interest rates.

But there are some good reasons to expect the residential market to be noticeably stronger currently, and likely in the remaining months of 2020 at least. We say this for the following main reasons:

1. The Commercial Property market typically takes longer to respond to interest rate cuts that Residential

Firstly, following major interest rate cutting cycles in the past, the resultant growth surge in new residential mortgage lending has often been more rapid than that of new commercial mortgage lending. This points to households on average being more sensitive to interest rate moves, and typically making property buying decisions in a shorter time frame than their commercial property counterparts.

This begs the question as to why this should be?

2. Households possibly make quicker investment decisions than businesses, while also perhaps possessing a stronger “ownership culture”

Typically, I believe that on average the household decision-making process regarding whether to buy a home or not is significantly quicker than that of the average business. In the case of the latter, there are arguably more considerations regarding cash flows and alternative uses for those, and often more people to consult with. I am also of the belief that there is a stronger culture of property ownership prevalent in the Residential Market. Households often see homeownership as a creator of wealth, repaying a bond on something one owns as a better alternative to paying rent to a landlord.

3. The recent COVID-19 lockdown was a major production side economic shock, arguably hitting businesses far harder than households to date. The weak economy thus appears far more as an influence for the Commercial Property Sector than low-interest rates.

In the current economic environment, it may indeed make sense for many business owners not to rush into buying their property at the same rate that a portion of households appears to be going for the home buying option. The TPN tenant data suggests, therefore, that the business tenants have to date taken a far greater financial knock than residential tenants (largely households). In the 2nd quarter of 2020, as lockdown got underway, the percentage of residential tenants in good standing with their landlords dropped from 81.52% in the 1st quarter to 73.5%. By comparison, the percentage of commercial tenants in good standing dropped far more severely, from 77.85% to 50.36% over the same 2 quarters.

The lockdown was a production side shock, and to date appears to have done far more damage to businesses than to households. This added to the likelihood that we would not see any significant commercial property demand response to interest rate cuts this year, and indeed this appears to have turned out to be the case so far.

4. But 2020 rate cutting has made a difference to the commercial property market nevertheless… providing crucial relief for tenants and owners, possibly containing the growth in supply of property on the market.

However, we do see aggressive interest rate cuts as having an important function in the Commercial Property Market, but perhaps more on the supply side of the market.

Rather than bolstering property demand, the key role the rate cuts earlier this year has possibly been in providing relief to current property owners. However, the 2020 rate cuts probably haven’t been sufficient to prevent a significant oversupply of property in this economic environment, but we do believe the supply glut may have been headed for far higher levels had there hypothetically been no rate cuts.


In short, the 300 basis points’ worth of interest rate cuts to date in 2020 has likely provided significant support for the Commercial Property Market through providing relief to businesses. However, in this severe recession, the stimulus impact has largely gone unnoticed, overshadowed by the negative recession economic impact.

The Residential Property Market, by comparison, appears to have responded quite noticeably to interest rate cuts. To an extent, this is normal, the residential market having responded more rapidly to interest rate stimulus in prior major rate-cutting cycles too. But… the Residential Market appears to have responded far more significantly to this year’s interest rate cutting than the Commercial Property Market.

These Insights are a valuable case study for our interest rate discussion. Fundamentally, for all the power of interest rate manipulation, it cannot make everything happen for everybody. For some, it drives us to buy but for others, it serves only as a survival tool for their business. John is talking to businesses buying their properties as a rent saving and wealth creation tool, but another personal case study really drives home the point. A property investment portfolio reveals the true tragedy of Commercial property in 2020.

The decline from the initial investment cost to this month is 61% and the yield on the investment against its initial cost has declined to 4.7%. No doubt the fund manager has included the entire Property Index in their tracker fund and so this impoverished result reflects the state of Commercial property in South Africa. No wonder Growthpoint has revalued all its properties by 20%. In this sector, a drop in interest rates on the bonds would be meaningful, but as I walk past a vacant Edgars store in my local shopping mall, it really says it all. One of two anchor tenants gone bust probably owing millions to the landlord. In short, it will take more than a 3% reduction in cost of borrowing to even come close to rescuing the Commercial property valuations.

I’d like to finish on a positive note with something that really struck me when I read it. It is not directly related to interest rates but is of obvious importance for the rescuing of our towns’, in general. We know that small business has been decimated by covid’s lockdown and I believe some 28000 of them have gone out of business. This article in Businesstech by a Staff writer, Catherine Wijnberg,  on 5 September 2020 entitled, The basic economics of spending R10 in South Africa – and the importance of supporting local, is a real-good, feel-good read:

There are those who have lots, and those who have little, yet if people understood the power of a single Rand to change the future of the country, everyone might spend it very differently. In 2015, a paper on the negative impact of shopping malls on local economies used research from India, USA and South Africa to explain how the arrival of a glamorous mall sucks the money out of the local community and pulls it away, into the coffers of big business.

The counterargument in favour of malls is that small, rural and township dwellers deserve first world shopping, which provides local jobs and convenience, entertainment, and better pricing than traditional high street shops. Most township residents would certainly vote for glorious first-world shopping and low prices, at least in the first year.

By year three, however, they might notice, for example in the small town of Grabouw or Knysna perhaps, how the main street is deserted. Small businesses that had thrived there for generations are now reduced to mere shells of their former self and replaced by those selling counterfeit, imported T-shirts or cheap bling.

The money circulating locally has dwindled, small businesses have closed, many jobs have disappeared, and local wealth departed along with them. By year four or five, the shopping malls also suffer as local buying power is depressed along with the lower employment rate, resulting in an overall downturn in spending.

For those who need more convincing, it is important to look at the maths of it. In basic terms it works like this – in the days before the arrival of malls and major chain stores, Mary would spend R10 at the baker; who (assuming a 10% profit retention); would spend R9 at the butcher; who would spend R8 at the tailor; who would spend R7 at the school; who would spend R6 at the stationery store; who would spend R5 at the farmer’s market and so on. A simple illustration of how one R10 note can create wealth ten times over.

Local wealth

In today’s reality (especially in poor communities such as the Eastern Cape where up to 60% of the population live off social grants and there is very little local economic activity), Mary gets R10. She spends R7 at the local Boxer store where R2 of her money goes to local shop wages, R5 goes to national suppliers elsewhere in the country and R1 goes to shareholders at the JSE.

She also spends R3 to buy data at MTN, so all that money goes to MTN headquartered in Gauteng. None of her R10 circulates in the local economy so no one other than Mary benefits from it. Money in equals money out and there is zero local wealth creation. Mary’s R10 didn’t stay in the local community for even one day.

This is not just a South African phenomenon. This indicates that this is more than a mere economics problem, but a social and cultural one – why do some communities care for each other, by shopping local and others not? Is it because South Africans simply haven’t understood the power of that rand in their hand, or is something else at play?

Why supporting local matters

It is time to ask the question of rich and poor alike: “If I knew this R10 could change the lives of ten other families in my community simply by spending it locally in a small spaza shop, a corner café or a farmer’s market, then why am I not doing that?”

By supporting small independent businesses in our community, encouraging citizens to trade with other local businesses using local collaboration platforms, local discount cards, and pleasurable local entertainment will build stronger, supportive human communities, generate local jobs, and ensure that our money circulates so that ten families can benefit from every R10 that enters the system.

Shopping malls can also develop more viable long-term strategies such as those showcased by the V&A Waterfront in Cape Town, who have improved their lasting appeal and built a more sustainable and healthy surrounding economy by actively encouraging a diverse mixture of smaller businesses. [Clicks have also had to re-think their shelf space for smaller businesses [Writer].

Recovery and regrowth of South Africa’s economy is our responsibility; now that you know the power of your money, where are you going to spend your next rand?

I really enjoyed writing these two blogs. Some of the information is just interesting. Some are new learning. But this last article amazed me in its simple logic and powerful influence. I happen to have a 5-star country market just up my street and love to frequent it and I’ve just returned from a local butcher who makes the best boerewors in town according to… wait for it… Facebook!

But what about HLJ? We know the interest rate and its impact, we have demonstrated a keen interest in your business for 17 years and value your impact, and we have a national footprint of highly skilled consultants for impact. We value your business and want your business; we have just had another record month because of your business. And we find ourselves humbled and grateful to have survived a mean pandemic with you.

“Interest” has just taken on a whole new meaning and we Thank You.

Yours in Property


On Tuesday I flew to Joburg for business. Boarding my usual redeye Kulula flight, I was struck by the SAA plane parked next to us. The stairs were pulled up but not engaged and the pilots’ windows were frosted by early morning dew. Obviously, that plane was going nowhere and that had been so for some time. Isn’t it sad that two unions could cause that 15000 employees received half their pay and, according to management, the other half and their 13th cheque [?] will be paid next week.

The only thing I can see as good in all of this is that the unions have again highlighted the travesty of management’s incompetence and corruption including poverty, illness-pleading Dudu Myeni and that DPE has stood firm on not funding the business. To the latter point, where the R2bn rescue-package comes from I have no idea.

Property isn’t flying either but in my bones, I feel something is happening. Property is caught up in the economic malaise but I’m really hoping we won’t need business rescue. Reading the latest research, Standard Bank lends some substance to my emotions in their Property Research on 14 November 2019:

Bottom seems in sight — but a long recovery awaits

Nominal house price growth, per our inhouse Standard Bank House Price Index (HPI), ticked up to 4.0% y/y in October, from 3.7% y/y in September. HPI growth was 0.5% m/m, after contracting 0.3% m/m over the same time. Still, house price growth has struggled to grow at rates similar to last years because of SA’s sustained weak economic fundamentals such as rising unemployment rates, labour market uncertainty, and depressed confidence.

You know, coming off a previous month’s negative house price growth, I’ll take anything on the upside. I’m also acutely aware of the previously reported record month in Origination. That flows through to every market player and is such amazing news. In Hermanus, there is something abuzz. From the “dead” and “if only someone would phone in” to “there’s something happening”.

A home was sold to Americans at a good price in the scheme of things. A local paid R6.9m for a 1-bed home on the golf estate. The town is buzzing and occupancies are projected at 80% over Season compared with 30-50% last year. It seems relative social calm and the full dams is having a positive effect. “Bottom seems in sight” is a really good headline from a major bank and it’s a damn side better than we’ve seen for a long time.

The SARB interest rate decision was excellent in my opinion. 0.25% is neither here nor there and at 3/2 in the voting, it was an exceptionally close call. Very interesting to see that FNB Commercial Property called a reduction mainly as a result of benign inflation and no particular cost pressures in the medium-term. Being wrong in these times is not unforgivable as the SARB had to choose conservatism in the light of Ratings gloom.

Last Friday’s negative watch by S&P was a case in point and reading the IMF’s urgency this week leaves no room for doubt as to content and speed of the reforms required to spur growth. We are headed for a fiscal cliff if we don’t cut debt. In my last blog I said SAA was a dry run for Eskom.

In the manner it’s turning out, I am left a little bemused. A salary increase of 5.9% with a promise of the 8% if the specially appointed consultant can find the necessary cost reductions, is half-pregnant. On the other hand, Solidarity’s serving papers for business rescue still need to be responded to by the government. I would be amazed politically if they succeed but commercially, I cannot see any other option than to shut SAA down. “Half-pregnant” is that feeling you get when increases are being given and business rescue to avoid total collapse, is imperative.

Durban, my ex-favourite city, is lifting off. I believe it’s the warm water. FNB believes semi-gration has now moved eastwards; maybe we call it “easti-gration” ☺. Cape Town has had its time but now Durban is the new playground of Gauteng. Spurred on by the easier access of the airport and the new beachfront promenade, property prices may outperform the country. FNB’s Commercial Property Insights of 20 November 2019, talk to the point and even if they’re half-right, residential property will follow commercial property as people are employed. Hold thumbs, every region could do with a lift!

And here’s a thought from ABSA to leave you a little perplexed. In their Homeowner Sentiment Index, 23 October 2019, they have this to say:

Positive sentiment regarding conditions in the South African residential property market was somewhat lower in the third quarter of 2019 compared with the second quarter, despite a cut in lending rates in late July and a rebound in economic growth in the second quarter after a contraction in the first quarter.

To be honest, I’d take anything that started off with “positive sentiment” but it’s a bit of a downer to read that it’s “lower”. I’m feeling more and more that 2019 will be a year of highs and lows. The net result of that is the old story of the half-full glass. Half-full or half-empty? Always the question, the answer of which is loaded with insight and meaning. With it comes the issue of what I can control and what is out of my hands. When I read today that Donald has signed a pro-protesters Bill into law that commits the USA to support the Hong Kong protesters, what am I to do with the fact that it has made China raving mad?

I mean let’s face it, you or I are victims or benefactors in such a global play. All we can really do is decide if it might affect us and how, and then determine to drive our businesses like an upswing is coming until we feel ourselves lifting with the tide. HLJ encourages you. We swim in the same sea and fish in the same ponds.

We have feelings of euphoria and discouragement just like you. But we remain committed to honest, hard-working success and want you to experience that as well.

Have a Kulula moment and fly!

Yours in Property


We celebrate Spring Day on 1 September 2019. But really Winter is from Friday, 21 June to 23 September. From the 23rd, our nights begin to shorten and our days lengthen. Nature comes alive and I wish I could send you some of the pictures and videos that I have received. You can Google the Cape flowers and feast your eyes.

Bottom line, sunshine raises our spirits and gets us out of bed earlier in the morning. We know the property market also adjusts upwards seasonally from October to early December, literally like night follows day. Enjoy the Sales!

With this brightness in mind, we cover a few excerpts of articles that are really interesting.

#ImStaying has hit the ground running with 330000 members and growing. In a Businesstech article dated 30 September 2019, #ImStaying is Spreading, 5 reasons were given for people not leaving the country:

Popular for reasons for staying include:


  • Diversity – A number of people on the group praised the country’s diversity – including South Africa’s multilingualism and the fact that people of different races are living side-by-side after years of apartheid. Commenters also praised the ‘mish-mash’ of cultures which makes the country unlike anywhere else in the world.
  • Family – A number of commenters indicated that they intend to stay in the country due to strong familial ties. Many posters indicated that they also have an ‘extended’ family including friends, colleagues, and employees who make them want to stay.
  • Quality of life – A large number of posters indicated that South Africa has some of the best weather and landscapes in the world. People also praised the general quality of life including friendly people, food culture, and the activities available to them.
  • Career – A number of people indicated that they remained in the country due to their jobs. Some posters indicated that they were proud to contribute to the economy, while others said that they received great personal satisfaction from their work.
  • Natural beauty – people also love South Africa’s natural beauty, including the beaches, mountains, and the many game reserves full of wildlife. The country is also being praised as having the perfect weather.

The page has garnered significant traction on social media and currently has over 330,000 members as of Monday (30 September).

The first reason is my best. The South African national motto is:

!ke e: / xarra //ke
Written in the Khoisan language of the /Xam people and literally means, Diverse People Unite. It calls upon each individual’s effort to harness the unity between thought and action and ourselves. Our old motto was, Unity is Strength. How the two make much sense for a united South Africa. I often hear that what unites us is greater than what divides us – we long for that to dawn on each of our people.

Last time I wrote I said,

“…next time you’re at the braai, think about tossing in just one morsel of Hope to the conversation…

Above are five good reasons to remain in South Africa and be part of the solution.

Our President has started a weekly newsletter to the nation. That’s going to be interesting. I like the fact that he is positive whilst being a realist. That must be a tough ask after the weekend NEC at which Tito Mboweni, our Finance Minister, tabled his latest economic turnaround plan. However, Businesstech today [30 September] in an article, What you need to know about the state of South Africa: Ramaphosa, quoted him:

“Concerns are real. This year, the economy will record growth that is lower than expected (and much lower than what we need). Government finances are stretched about as far as they can go, and several industries are looking at retrenching workers.”

Ramaphosa added that much of the country’s confidence has dissipated as the reality of the country’s problems become clearer.

“This confidence was born out of the hope that we would quickly undo the damage that was done over a number of years. Implementing change does take time,” he said.

In isolation, that’s an understatement. However, he is telling us that changing things takes time. The pace of change is too slow for the Goodies and too fast for the Baddies. I guess we need to be grateful that so much is happening [Google JP Landman’s articles if you want a list of all that’s taking place since the beginning of 2019], and have the patience that a Constitutional democracy demands. One thing to mention is Justice Minister, Ronald Lamola’s, Special Tribunal which will fast-track the recovery of billions looted from the State which will commence its work on 1 October. Strength to your arms, Minister Lamola!

FNB’s Property Insights by John Loos dated 25 September 2019, gives us the data to support what many of us are feeling in the market. New Mortgage loans have declined by -7.82% qoq from 1st quarter 2018 to 2019. I don’t know the impact of the pipeline on this number but obviously it is affected by developments. I must guess that the construction and sales of these complexes are slowing down though, I must say, driving down Bryanston Avenue, Sandton last week, you could have fooled me. From R3-R12million it is wall-to-wall new complexes. Long may it last if we consider that the New Commercial Property Mortgage loans have declined by -29.6% in Q12019; that’s heavy. John expresses the hope that residential loans will begin “leveling out”. Staying with FNB’s Property Barometer, “emigration-driven sales”, prevalent in the higher end of the market, declined from 14.2% to 13.4% in Q22019. That’s good and in the right direction. Perhaps #ImStaying-type initiatives do have an impact – they sure beat negative news.

Allied to this news is an interesting turn which we trust becomes a lead indicator. Property24, quoting Dr Andrew Golding of Pam Golding, reports that time on the market is showing positive signs. We extract:

“The time to sell varies according to a number of factors which include: realistic pricing in the current market, desirability of location – namely high demand, sought-after centres and key hubs, as well as other macro-economic and socio-political impacts.

“Currently, we are finding that properties in the price bracket up to R4 million are selling at a median period between 34 and 43.5 days, while homes in the price band from R4 million to R6 million sell in 76.5 days, those from R6 million to R12 million at a median of 90 days, while those in the upper price brackets generally take somewhat longer to sell.”

I close with a statistical analysis from Standard Bank Property Research, Evolution of SA House Prices 1991 – 2018, dated 16 September 2019. That is a long period and the full article demands a read by those of us interested in things statistical. For the others [], here’s a summary.

Considering Household Disposable Income [what you have left after benefits and tax], Household Debt-to-Income [your proportion of debt repayments to your HDI], Prime rate, and Building Plans Passed, you have the possibility of affording a home. In fact, according to this research, 84% ofthe fundamental growth of SA house prices is due to the confluence of these indices. I would not argue with Standard Bank but I can’t help but wonder what the correlation would have been if they had used Business Confidence and plotted house prices to this index. Confidence, not money, buys houses – a simplistic statement but the absence of confidence makes buyers terribly skittish and sellers reluctant to face the new reality of the value of their houses. That said, this research was really good and over a very long period. Excellent thank you, Standard Bank!

A mixed bag indeed. But I can’t help think that, like the budding little White Stinkwood trees up the path to church this morning, there are green shoots beginning to appear. Maybe it’s the longer sunny days, maybe it’s Braai Day and the time spent with families, maybe it’s the Whale Festival and the hordes of visitors in town who were not disappointed. Or, maybe, it’s just Hope.

Two quotes to close:

Incredible change happens in your life when you decide to take control of what you do have power over instead of craving control over what you don’t.

– Steven Maraboli

And finally, the Arch:

I’m not an optimist, but I am a prisoner of Hope.

Yours in Property.

Commercial Loans – the investment of a lifetime!

Commercial Loans – the investment of a lifetime! However commercial property finance is highly specialised. Let us guide you through the process –