The latest Residential Property Price Index shows that homeowners are starting to see their property values rise again – but the joy is not spread equally across major cities.
The latest Residential Property Price Index from Stats SA for March 2024 shows that property price inflation is showing an upward trend, providing some relief for homeowners in the country who have faced flat or declining rates in the past few years.For existing homeowners, inflation is a positive development as the value of their properties goes up, resulting in higher sale values. However, for those looking to enter the property market, it may prove more challenging.
However, prospects for 2024 show a turn, with prices gradually increasing and the prospect for interest rates to be cut soon—economists anticipate the start of the cutting cycle as soon as next month .Looking at inflation rates across provinces and metros, it’s clear that a big driver of national inflation comes from the Western Cape, where price inflation sits at 7.7%. This is followed by the North-West, with inflation at 5%.
This likely reflects the massive problems that have best these cities on a local level. eThekwini has suffered a major infrastructure collapse over the past year after being battered and beaten by storms—and in the CoJ, perennial neglect and maladministration by a revolving door of political leaders have resulted in the city also being on the verge of collapse in service delivery and infrastructure.
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