Move over W.Cape, Cape Town – SA has new leaders in home price growth

Property price inflation is highest in Mpumalanga and Buffalo City.

Property prices in Mpumalanga have increased by more than 17% in the past year, a surge that has left even the Western Cape trailing far behind.

In fact, Limpopo follows in second place, with annual home price growth inflation above 7%.

When it comes to prices in the country’s metros, Buffalo City rules the roost, followed by Ekurhuleni; on the opposite end of the scale, KwaZulu-Natal and Gauteng – and their main cities, wallow at the bottom of the price inflation rankings.

Read our latest Property360 digital magazine below

Stats SA’s latest Residential Property Price Index for March, released on Thursday, shows that nationally, property prices in the provinces grew by 3,6% in March 2023 compared to the year previously, while, in the metro areas, price growth was 3,1%.

Provincial property price inflation

Mpumalanga recorded price growth of 17,3% while Limpopo sits a fair bit behind with inflation of 7,4%.

These provinces are followed by:

  • Western Cape: 5,7%
  • Northern Cape: 4,2%
  • Eastern Cape: 3,9%
  • Free State: 2,8%
  • Gauteng: 1,9%
  • North West Province: 1,4%
  • KwaZulu-Natal: 2,4%

Metropolitan property price inflation

East London’s Buffalo City recorded residential property price growth of 7,9%, and is followed by Ekurhuleni with 4,7%.

These metros are followed by:

  • City of Cape Town: 4,6%
  • Mangaung: 3,1%
  • eThekwini: 3,1%
  • Nelson Mandela Bay: 1,8%
  • City of Johannesburg: 1,6%
  • City of Tshwane: 0%

Be the first to comment

Leave a Reply

Your email address will not be published.