The South African residential property market is adjusting to the tough economic climate and new homes are getting smaller and more basic – with fewer bedrooms, swimming pools, staff quarters or garages. These reductions have implications for home inspection fees: HouseCheck home inspection quotes are based on the number of rooms and so HouseCheck clients will pay less for a house inspection of a smaller, more basic house.
The latest FNB Property Barometer reveals that new residential stands which in 1970 to 1974 averaged just over 1 000 square metres dropped by 2010 to just over 500 square metres in size, meaning they have been literally halved in size on new developments.
New residential stands,in 1970-74 averaged about 1 000 sq.m. By 2010 the size of stands in new developements had halved to 500 sq.m. The average sizes of houses also fell – from 203 sq.m.in 1970-74 to 146 sq.m. in 2010. Sectional title units are also getting smaller and today new sectional title units average only 90 sq.m. – down from 130 sq.m. in 2000-04.
There has also been a marked falloff in new houses with servant’s quarters and swimming pools. In 1955-59, half of new houses had staff quarters, but by 2010, only 11 per cent of new houses in South Africa had staff quarters. There are also fewer swimming pools in new SA houses down from 40 percent In 1980-84 to less less than 10 percent of new houses in 2010.
The number of new houses without garages is also growing. By 2010 only half of new homes had garages. There has also been a sharp drop in four bedroom houses and a rapid increase in the proportion of two bedroom homes.
(Information from a news report on the Property24 website.