South Africa’s property market is in trouble

The FNB House Price Index’s annual growth decreased in February, averaging 2.3% year-on-year, which was down from 2.7%

House price growth in South Africa declined in February 2023, with buying activity declining, and properties sitting on the market for longer.annual growth declined in February, averaging 2.3% year-on-year , down from 2.7% in January.

The Western Cape scored a market activity score of 6.9 – slightly lower than the 7.0 rating in Q4 2022 – which was higher than the national average of 5.7 It added that, at these levels, the prevalence of downscaling is consistent with the historical average of 18% from Q4 2007. Whereas emigration-related sales remain steady at 9%, significantly lower than the 18% peak seen in 2019.

It expects a further 25 basis points hike next week, taking the peak interest rate to 7.50%, with mild interest rate cuts only occurring in Q4 2024.

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