'The Western Cape continues to outperform the rest of the provinces with an annual rate of 6.2%.'
As at the end of February 2019, the national house price inflation index was at 3.3 %, Lightstone’s residential index has disclosed.
The market has been ranging in the 2% to 5% zone “for some time” following a slowing in recent months, as shown by the provincial indices, but this is slowly changing as more provinces begin to break above this range.
“The Western Cape continues to outperform the rest of the provinces with an annual rate of 6.2%, despite a drop of about three percentage points in the past 12 months.”
The Ekurhuleni, City of Tshwane and City of Johannesburg metros are growing stably at rates between 2% and 4%, and the coastal municipalities are generally performing above this range.
This relationship extends to all coastal and inland properties, and the mid-value wealth segment continues to grow at more than 4% annually, the report says.