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Residential Property Price Index April 2023 - House prices accelerate in Limpopo and Mpumalanga

Residential Property Prices remained subdued, with a below national average inflationary increase of 4.3 percent y-y in April 2023, unchanged from March 2023. Price adjustments on average  have been weaker in 2023 at 4.3 percent, compared to an average increase of 4.9 percent in 2022. In real terms (adjusted for inflation) property prices are down 2.6 percent y-y for the first four months of 2023 compared to a 2 percent decline in 2022.  Property prices in the Western Cape barely reached positive real growth at an average of 0.6 percent so far for 2023, North West showing a similar increase, while Mpumalanga and Limpopo reported solid growth in house prices, up 5.8 percent and 2.8 percent in real terms.  As at April, Limpopo recorded the strongest increase across all provinces with a nominal increase of 14.9 percent (up from 6.6 percent as at December 2022), or 8 percent in real terms.

Source: Stats SA, Industry Insight calculations.

 

 

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