Listed property had another good run in 2004 achieving average total returns of 41%, outperforming the JSE Securities Exchange’s all-share index, bonds and cash. Those who invested in listed property via specialist unit trust funds (offered by among others Coronation, Marriott, Old Mutual and Stanlib) would have achieved similar returns. Figures from Standard & Poor’s (see unit trust pages) confirm that flexible property unit trust funds achieved total returns over the past 12 months of between 30% and 38%. The top performer in this sector was Old Mutual’s SA Quoted Property fund.

Property unit trust Stanlib Property Income Fund, which invests in the property sector of the JSE Securities Exchange SA on behalf of its clients, recorded a total return of 36,7% last year.

Those of us with debt to pay off will be sleeping easier thanks to the cheaper money that Reserve Bank Governor Tito Mboweni's interest-rate reductions have brought this past year.