Only one province in South Africa has experienced a big decline in the price of residential property when adjusted for inflation in Q2 2024.
While house prices declined in several provinces in the second quarter of 2024, Kwa-Zulu Natal is the only one to see a double-digit drop in the price of residential property when adjusted for inflation.
The national average purchase price has fallen by 1.4% to R1,458,924, while the average purchase price for first-time homebuyers is down by 1.8% to R1,150,238. After adjusting for inflation, property prices in these categories increased by 7.8% and 6.3%, respectively. These regions are the only ones where property prices have increased in real terms.
Johannesburg and the West Rand are the next closest, recording a decline of -2.6%– which translates to an inflation-adjusted -7.7% compared to last year. The report points out that rising municipal rates and utility tariffs are impacting net property income.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: Expectations Versus Reality - the Use of Generative Ai in South Africa's 2024 ElectionAnalysis - By now you've heard that 2024 is the ultimate election year. With over 60 countries around the world heading to the polls, concerns about generative artificial intelligence (AI) and its effects on electoral integrity have received plenty of media coverage.
Read more »
South Africa’s Smith Wins First Gold for Africa at Paris 2024 Olympic GamesSouth African athlete Tatjana Smith has become the first African to win gold at the ongoing 2024 Olympic Games in Paris, France, on Monday, July 29.
Read more »
South Africa: La Colombe in Cape Town Named Africa's Best Restaurant, 2024La Colombe, a contemporary French-meets-Asian fine dining restaurant located in Constantia, Cape Town, has been named the best restaurant in Africa for 2024.
Read more »
South Africa: Cold Fronts Bring Wind, Rain and Snow to South Africa - South African News BriefsWarnings as Cold Fronts Batter South Africa
Read more »
10 new speakers announced for Singularity South Africa Summit 2024Exponential technologies and decentralised identity to take centre stage at Summit in collaboration with Old Mutual on 21 & 22 October 2024
Read more »
2024 Odyssey OLED and Smart Monitor Lineups Now Available in South AfricaSamsung Electronics South Africa has announced that its new 2024 Odyssey OLED G6 gaming monitor and Smart Monitor M8 are now available in South Africa.
Read more »