Property prices in the Western Cape increased by 7.6% and decreased by 1.1% in Gauteng between June 2023 and June 2024 according to StatsSA’s latest Residential Property Price Index (RPPI). Nationally, property prices reflected an overall increase of 3.2% from a revised 3% in May 2024.
The North West registered a 4.3% increase, the Free State a 3.8% increase, the Eastern Cape and Mpumalanga increases of 3.1% each, the Northern Cape a 2.5% increase, Limpopo at 2.2%, and KwaZulu-Natal a 1.8% increase. Gauteng was the only province to record a decrease in property prices for the twelve-month period.
The RPPI for properties sold for the first time increased by 4.7%, a 0.8% month-on-month increase in June 2024.
For resold properties, the RPPI increased by 2.8% during the twelve months with the index increasing by 0.3% month-on-month in June 2024.
Sectional title property prices increased by 1.8% between June 2023 and June 2024 with a 0.2% increase month-on-month in June 2024 with freehold property prices increasing by 3.5% with a 0.4% month-on-month increase in June 2024.
