Average house prices in South Africa reached 3.3 percent y-y in September 2024 (latest available data from Stats SA), showing the strongest annual increase since December 2022 (3.5 percent). September 2024 also saw the first cut in the prime lending rate to 11.5 percent, with two more 25 basis point cuts announced since then, that has lowered the prime rate to 11 percent by January 2025. This should bode well for house price growth going forward. However local government services, provincial investor sentiment and housing supply will continue to impact overall house prices in specific provinces. Recent escelation in house prices in in Limpopo resulted in the province showing an above average increase of 8.1 percent (down from 8.4 percent in the previous month), and averaged 2.8 percent higehr for the first nine months of 2024, on par with the national average of 2.7 percent. House prices in the Western Cape moderated slightly to an annual increase of 5.7 percent y-y (from 6.1 percent in August), and remained well above the national average at 6.3 percent, during the first nine months of 2024. House prices in the Western Cape is not solely driven by the City of Cape Town where house prices averaged below 5 percent…… Click here to download the full dataset, including charts and trends.
