Property Newsletter | May 2023
Population growth, housing and investment growth …
and where do homeowners go when they sell their first home?
There’s an interesting mix of topics in our May 2023 edition of Property Newsletter, compiled and written for the industry. From a close look at what is driving housing in North West Province, to a global comparison on housing prices and we answer the question: where do homeowners go when they sell their first home?
Housing a priority in North West as population grows ahead of national average
Job opportunities attract people and people need housing … and that’s the story of North West Province. In Housing a priority in North West as population grows ahead of national average, we take a look at one of just three provinces in South Africa – along with economic powerhouses Gauteng and Western Cape – where population growth exceeded the national average over the last 11 years.
Where are they now?
Where are they now? looks at life after first time buyers (FTBs) move on. We often talk about FTBs in terms of what they bought, and where, and how old they were and what they spent, and so we decided to track the journey of FTBs who sold in 2022.
How housing prices in South Africa compare
Whether a first or second home, or in North West or elsewhere, South African homeowners have been experiencing negative real growth over the last 12 years. In How housing prices in South Africa compare, we share information supplied by globalcapitalist.com that compares nominal and real house prices growth from 2010 to 2022.
Latest House Price Index
National year-on-year house price inflation for April was 3.16%. KwaZulu-Natal and the Western Cape remained stable, while Limpopo and Mpumalanga experienced an increase. Conversely, the Eastern Cape, Free State, Gauteng, North West, and the Northern Cape all decreased. Notably, properties in the Low Value segment continue to display significantly higher annual property inflation at 9.1% compared to the Mid Value segment's 3.6%.
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