SA’s residential property market is changing, and mostly for the better
In this issue, we take a look at how sales volumes have recovered from Covid-19, along with rising sales and a high number of First Time Buyers in the residential property market. In our towns story, we look at the growth of residential sales prices in five randomly selected townships. There’s more, we also take a snapshot of the suburbs where most sales were recorded, per price band, in the last year.
Residential property volumes at highest since 2007-2008
Residential property sales volumes pulled back in 2022 after a strong post-Covid-19 recovery in 2021, while transaction values continued to increase, albeit more slowly in 2022.
Read MoreFirst-time homeowners buying later, staying put for many years
An analysis of data by Lightstone shows that First-time homeowners in South Africa are entering the market later than ever – and staying put for many years.
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Average value of registered residential property sales in townships rises over 10 years
Lightstone analysed residential market indicators in five randomly picked townships to provide a snapshot of homeownership patterns from 2013-2023.
Read MoreWhere are different age groups buying
The popular choice of suburbs among different age groups by Lightstone Property price bands.
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The clock is ticking for CoJ and CT residents
The deadline for City of Capetown ratepayers to lodge their valuation roll objections is 30 April 2023 and for City of Joburg ratepayers the deadline has been extended to 5 May 2023.
Property owners can purchase a Property Value Buyer Report on our new platform, EzRates by Lightstone. This gives them a view of the anticipated estimate of their property and helps property owners better understand whether or not they need to object to their Municipality’s valuation.
Should the municipal value be significantly higher than the market estimate, we suggest ratepayers engage a certified Valuer who can assist with the objection process.
Go to EzRatesHouse price index
Lightstone data shows that property inflation in certain provinces has outpaced others. According to our latest residential property indices, the current annual property inflation rate is at 2.51%, and monthly is equivalent to 0.12%.
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