Statistics South Africa has published new data tracking the change in residential property prices across the country.
In its latest Residential Property Price Index for December 2022 the annual national residential property price inflation was 5.3% in December 2022, down from 5.4% in November 2022.StatsSA’s residential property price index records property transactions register with the national deeds office. RPPI aims to measure the rate at which the prices of residential properties purchased by households change over time, said StatsSA. It measures this rate at national, provincial and metropolitan municipality levels.
“The RPPI excludes out-of-scope transactions and includes transactions where the buyer is an individual, and the seller is an individual, company, estate, foundation or body corporate.”Western Cape and Gauteng“Western Cape increased by 8.0% year-on-year and contributed 2,3 percentage points. Gauteng increased by 2.6% year-on-year and contributed 1.2 percentage points,” reported StatsSA.
The RPPI for all metropolitan areas increased by 3.8% between December 2021 and December 2022. The main contributors to the 3.8% annual inflation rate for metropolitan areas were:Ekurhuleni – increased by 4.8% year-on-year and contributed 0.6 percentage points.Overall, Buffalo City saw the biggest increases at 8.3% year on year. Year-on-year increases for the metros were recorded as follows: