Residential property sales in 2024 were in line with sales recorded the previous year, according to data reviewed by Lightstone.
Top selling suburbs
Suburbs with at least ten sales and average paid >R10m
The Western Cape accounted for the top 27 suburbs with at least ten sales where the average price paid was more than R10m. Bishopscourt, Clifton and Bantry Bay recorded sales of R50m.
Suburbs with at least ten sales and average paid R5m – R10m
While suburbs in Gauteng did not record at least ten sales at an average of R10m, it did record sales in the R5m-R10m price band – and there were significant sales at the top end, with R35m recorded in Inanda.
In KwaZulu-Natal, Zimbali led the way in the R5m-R10m category with an average of R6.5m and a year high of R24.5m.
St Francis Bay was the outlier in the Eastern Cape, with a high of R28m paid and an average of R5.3m.
Age of buyers
Nearly half of First Time Buyers were between 30-45.
There were more First Time Buyers under 45 years of age than repeat buyers – and more repeat buyers in the older categories.
First Time Buyers vs other
House price bands
Only 5% were over R4m in value while the largest band in terms of sales was under R500k.
Purchases per transaction value
Type of properties
Freehold accounted for more than 50% of all properties.
Property type
Transactions: bonded or unbonded
Approximately half of transactions were bonded.
Number of bonded vs transactions not bonded
New stock
50.5k new residential units were added to the market in 2024 (2023: 60k).
Non-residential (excluding farms)
- Includes transport, mining, government, community services, water treatment centres, etc
- 2024 has exceeded 2023 in volume and value
Transaction value of 2024 non-residential transactions in Billions
- Year to date spend on non-residential: nearly R83 billion
- Number of properties: 37 636
Commercial sales
