As at the end of September, national annual house price inflation was at 2.9%, according to Lightstone’s latest residential property index.
This is a drop from the 3.25% at the end of August. Monthly inflation is 0.21%.
The Western Cape continues to hold the second-highest price growth of 4.5% (down from 4.6% last month), behind Limpopo’s 5.9% and up from 5.4%.
House price growth in other provinces (compared to the end of August):
◆Eastern Cape: 3.4% (from 3.2%)
◆KwaZulu-Natal: 2.5% (from 2.2%)
◆Gauteng: 1.9% (from 2.1%)
◆Northern Cape: 2.7% (from 1.7%)
◆Mpumalanga: 1.9% (from 1.6%)
◆Free State: 1.6% (from 1.5%)
◆North West: 0.5% (from 1.3%).
“Our inland municipalities – Ekurhuleni, City of Tshwane and City of Johannesburg metros – are growing stably at rates between 1% and 4%, whereas the coastal municipalities are generally performing above this range.
“The low- and mid-value wealth segments continue to grow at more than 4% annually,” Lightstone states.