My understanding is that it falls into the a similar basket as bonds. People have been looking for yield (income)over the last few years rather than investing in equities. This has been driving up prices as investors were willing to pay more for something that's going to give them an income of sorts hence the steller performance of property shares. They have become over valued, whereas equitites are at a more attractive value and have started performing well both locally and internationally so there is a big move to equities out of bonds and propery stock.
Investors are not stupid they know that interest rates should be much higher with this falling rand and the false inflation rate the Reserve Bank is trying to hide. When they do go up rental income will be reduced by higher bond repayment costs. The difference between the dividend percentage rate and the higher interest rate can only be justified with lower share price so that the rates become compatible until rental increase to justify higher share prices. Higher interest rates may stun growth thereby reducing rental income further and forcing share prices even more down. You can blame it all on the Reserve Bank for not slowly increasing interest rates sooner thereby stopping the speculators from taking advantage of the imbalance. Their reputation of keeping the inflation within the band is a false one, and the workers demanding higher wages are the ones feeling the Reserve Bank's lies.