July transfer duty revenue growth still very strong, but continues to broadly move sideways

July SARS (South African Revenue Services) revenue data still showed robust growth in transfer duty revenue. The monthly year-on-year growth rate was 24.6%, up from June’s 23.9%.

However, the recent growth rates continue to appear to be reflecting the formation of a broad “growth peak”, as the transaction volume base gets higher.

While the recent months’ growth rates remain very strong, they remain off the 49.4% year-on-year growth peak in January. In addition, with monthly data movements often being volatile, we like to smooth out the number with a 3-month moving average, and for the 3-months to July we saw growth of 22.86% year-on-year, marginally higher than the 22.7% of the previous month’s 3-month moving average, but significantly off the 35% recorded for the 3 months to February. Read more