Bank Repossessed Properties at lowest levels ever
Property News: Repossessed Properties
In recent years South Africa has enjoyed one of the highest rates of property price growth in the world, but the down side of this is that it’s getting tougher to find an affordable new home.
One avenue buyers often choose to explore when looking for affordable houses for sale are Bank Repossessed Properties. A bank repossessed home offers buyers a cheaper alternative, and you can find quite a few bargains in the Property Repo Market.
But the number of Bank Repo properties has dropped to its lowest level ever.
Currently, Absa, Standard Bank and FNB hold nearly 700 properties in possession (PIPs), while Nedbank has none for sale, but this could change with drastic interest rate hikes.
ABSA currently has 321 repossessed properties, which are valued at nearly R29m, less than 0,02% of its total mortgage advances of R155bn. “This is lowest number of properties in possession (PIPs) ever held by the bank,” said Frik van Rensburg, national manager of repossessed assets for Absa real estate management.
Standard Bank had just over 7 000 properties in possession in 1999, currently it holds only 180 properties.
FNB holds eight PIPs which is far less than the 8000 it held in 1999.
The banks maintained that the sharp escalation of interest rates in 1998 caused unexpected expenses to impact on affordability and rendering the customer unable to meet monthly bond payments.
Category : Property News &Repossessed Houses
Siya Madolo
Dec 18, 2007
My wife & I need advise on going to property business. Just started the business.
Colin Brazendale
Nov 12, 2008
Unbelievable, I cannot believe that there are so much less PIP than in 1999.
I wonder if it is because there are more property investors buying up these PIP’s or there are more investors finding the people in distress before the bank does a repossession? Like myself.
Natalie
Jul 16, 2009
My husband and myself are looking for a PIP property, but they are always taken, I’m looking for a nice property one that is affordably but they always seem to be taken
Anne-marie
Aug 05, 2009
Good Day!!!
Please let us know if you want to sel your property for cash, looking to spend R680 000.Thank you and God Bless.
Anne_marie
Jacky
Dec 06, 2009
Hi,
I have 2 ppties to sell:-
1 in Roodekrans -70 Azalea Street-R1.2m
1 in Roodepoort West -7 Vaal Street -R800k
You can contact me on 0741102114
Dicky
Jan 15, 2010
I am a cash buyer looking for a property in KZN in either La Lucia, Glenashley,Durban North or Westville or Kingsway. If you know of someone who has a good property and wishes to sell immediately, please contact me via mail, Dicky.Ganasen@fluor.com
jackson
Jan 19, 2010
please thank yuo for yuor wonderful service having read the comments that people put down .iam also interested in repossessed house in richards bay
tony
Jan 24, 2010
I need to sell my 2 bed property in Germiston, asking R 550k, very secure in a security complex. Ideal as a starter home.
Emo
Jan 24, 2010
Please advise as to where exactly you looking to buy property as I’m selling my house and reside in the Eastern Cape-Port Elizabeth.
Neale
Jan 25, 2010
hi all
I am looking to buy a bank repossed house or any other house. but i am not sure where to look. all the sites i am visiting have house of half a million and so on. please send me a link that i can use to find houses that i can afford. price R0-120 000
Maureen
Feb 01, 2010
I need to buy an affordable house or flat in Johannesburg area. I need your advice please.
carl
Feb 02, 2010
I have two unbelievable plots in St Helena Bay near the sea. One plot business,nice development opportunity to build offices on one, and self careing on the other .1900sqmetres total.
Will sell for R690 000 .00 together.
Im not an agent.
Both plots adjoin one another
Email: carl@zsd.co.za
shanitha
Feb 04, 2010
I am selling my home in Benoni for R420 000, 2 bedroom,lounge, fully fitted kitchen and pantry, attic, outside room, laundry room, small toolshed, house is fully carpeted and has a pre paid electricity meter.
Email: shanitha.j@ekurhuleni.gov.za
Jo-Anne
Apr 14, 2010
Townhouse available in Celtisdal Centurion for R650K, 3 bedrooms, 2 bathrooms, lounge, kitchen, laminated floor throughout. Email jo-anne.jones@bayerhealthcare.com
Dave
Jun 27, 2010
Ocean going yacht 55ft to swap for property in durban
Luki
Jul 08, 2010
I am selling a 3bed face brick house in Lakeside, Vereeniging for 460k. it’s a private sale.
Thanx
email: lucas.magane@sasol.com
Moses Mwanjirah
Jul 26, 2010
I am a fisrt time buyer of a a property in South Africa based in Cape Town looking for a 3/4 bedroomed hs in the SS 700-800k with a pool. Alternately a some good ground to purchase 2k sqm
Lee Summerford
Sep 18, 2010
I am selling a house -4 bedroom, 2 broom,office and utility room, laundry,lounge ,d room, lg kitchen undercover entertain area in Empangeni R850 000.00
Contact Lee
0837572116
ivan
Sep 19, 2010
I have a small farm 13km Near Carletonville, 20minutes away from Roodepoort. On the moment I am staying in Richards Bay. My parents stay on the farm, I desparately want to sell my property so they can move closer to me and my family. The farm is 8.5 hectars and has 4 bedrooms, 2 bathrooms, 1 study, large lounge, dinningroom, kitchen, 2 large garages.
I want R2million. I’m willing to negociate..
Thank you
Ivan Stander
076 955 1664
Michelle
Sep 22, 2010
I am looking for a 3 bedroom lock up and go apartment in the Fishhoek, St James, Kalkbay area for up to R850 000.
RICHARD
Oct 23, 2010
hi there, im looking for a house repossessed in mitchells plain or belhar,elsies river areas for under R150 000.thank you
c Smith
Nov 02, 2010
Parklands R680 000. 3 Bedroom, 2 Bath,Openplan Kitchen ,Lounge ,Diningroom, Garage. Lock up and go!!!
Need a 1 Bedroom flat near Stellenbosch University, may be u can help???
Leonard
Nov 04, 2010
I am looking for a 3 bedroom, 2 bathromm house in the Centurion or Midrand area
Brian
Nov 10, 2010
Hi C Smith, is the house you selling in Parklands Johannesburg, if so and its still available, can you please contact me on 0722122839.
Thanks,
Brian
Ronwyne King
Nov 24, 2010
Hi…Looking for really decent houses Richardsbay, Meerensee,Bay-Front Richardsbay….willing finish if half finished….a waterfront plot as well would suit.
Linda Hales
Nov 29, 2010
Hi I need to sell my Business building in Stikland Triangle Bellville for in 3 or more bedroom house Bellville, Brackenfell.
CYNTHIA CHARLES
Dec 07, 2010
property forsale 3beds,lounge/din,paving,level and walled fully secured on bus route and easy accessable selling price R595 000.00
Mohammed
Dec 11, 2010
Hi i have small holding farm with a house in bloemfontein with a river as a boundry, the sale is rather urgent as i want to relocate 500k not neg .
w stoltz
Dec 20, 2010
soek huis in springs ( karelstr omgewing ) of brakpan sentraal
E Lange
Jan 12, 2011
Ottoshoop thached double storey in 55 Commisioner street. I would like to make an offer.
082 447 6463.
hilda
Jan 14, 2011
my husband and i are looking for a house in khuma stilfontein jouberton area.
Antoinette
Jan 19, 2011
All buyers – I deal with sales of PIP’s, distressed properties and foreclosures in Cape Town and surrounds. Contact me should you wish to buy a property with 30-40% equity or sell yours urgently before it gets attached by the sheriff. We can save you before it gets that far.
Gladys
Feb 16, 2011
hi Antoinette, please let have your contact details. thanks
silas
Feb 21, 2011
hi
im looking for an affordable pip house in jhb south. can afford up to R300 OOO
Johnathan
Feb 21, 2011
Hi my fiancé and I are looking for bank reposed house around the Florida Discovery area for about R300 to R450k first time buyers
Hayley Buckley
Mar 04, 2011
My husband and I are first time buyers looking to purchase a repossessed property in the Upper Highway Area (Kloof, Botha’s Hill, Hillcrest, Gillitts Everton) for around R800,000 – R1,000,000). Please could a list be forwarded to us.
Many thanks & kind regards
Elizabeth Thompson
Mar 16, 2011
I am interested to buy a repossessed house to the value of R200 000 – R300 000 in goodwood, parow or anywhere in te northern suburbs, cape town. Please let me know soonest.
Lynweth
Mar 16, 2011
Looking for 3 bedroom house in Belhar/ Kuilsriver area. Approx. R500 000.00. Occupation 1 May
Gareth
Jun 01, 2011
Wanting a property in Western Cape under R1mil. Something which is about to be attached by bank or a prop in posession already. Not interested in anything that is market value.
Pref City Bowl or Strand or Fish Hoek area
Please call if you having anything
0834067070
Angus
Jun 02, 2011
Hi,
I’m looking for an 2 bed 1 bath apartment in city bowl/gardens area in cape town
with 1 parking which is distress,pip or bank repo sale,Will pay max R 750k cash buyer.
email or call 083 326 2628.
Thanks
Mary-Ann
Jun 03, 2011
Me and my husband want to sell our 3 bedroom house in Bellville South for R580,000, fully fitted kitchen, blinds in all rooms and more contact me at 0726997387
Hayley Howard
Jun 06, 2011
Myself and my partner are looking for 3 bed, 2 bathroom, small garden, stand alone in the Paulshof, Sunninghill, Woodmead and surrounding area’s. Budget R1.1m. Don’t mind if it needs TLC!
Lewis Naidoo
Jun 11, 2011
I AM LOOKING FOR A 3 BEDROOM HOUSE / 2 BATHS / DOUBLE GARAGE PLUS / MINUS 1200 SQUARE PROPERTY EDENVALE AND SURROUNDING . TO BUY CASH 1 MILLION
nare
Nov 22, 2011
Hey all buyers in and around pretoria. I have quick sale properties from the banks. Pip’s, destressed sellers and repo. Email me on narex1006@yahoo.com.
Pamela
Dec 07, 2011
Hi’ sellers,I’m looking for a repo. house around Thembisa,Ivory Park/Ebony,I can afford to pay from R1,500 a month it can 2-bed/3.my email address is Pamela.zwane@eurocopter.co.za.Thanking you in advance.
Wonga Zilwa
Dec 12, 2011
High I’m looking for 1 or 2 bedroom house 1 bath/ 1 garage surrounding Pretoria and Township less than R200.000
Email me wonga.zilwa@dpw.gov.za. or call 076 260 1807/0836736028