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Northern Cape house prices grow at 23%

kimberley northern capeNational house price inflation is 3.4% as at the end of December 2016. This is according to property data analysts, Lightstone Property, which said that the overall picture at provincial level it was evident the market had been slowing down over recent months, and that this was more pronounced in the Western Cape and the North West provinces.

The Western Cape has moved from second- to fourth-fastest growing province – the first time in over a year where it is outperformed by another province other than the Northern Cape which currently grows at a staggering 23.8%.


Did you know: Kimberley, capital of South Africa’s largest province, was the first city in the southern hemisphere to install electric streetlights (1882), hosted the first stock exchange, and had the first airport to install lighting equipment (and first night landing by a pilot in 1931). Following the diamond rush, which started in 1866 when young Erasmus Jacobs discovered a 21.25-carat diamond on the banks of the Orange River near Hopetown, the town developed organically – in a haphazard and coincidental manner with one-way streets spiraling around the Big Hole.


lightstone provinces HT

Source: Lightstone Property

The Gauteng metros of Ekurhuleni, City of Tshwane and City of Johannesburg continue to grow at between 3% and 6%, while the coastal municipalities of Ethekwini, Nelson Mandela Bay and City of Cape Town are slowing down in line with their respective provinces.

The low- and mid-value wealth segments continue to buck the trend by growing at more than 5% annually, while the high and luxury wealth segments are inflating at rates below 3%, with the luxury inflation band teetering at 0%.


* Lightstone applies the repeat sales methodology when reviewing and reporting on property data. In contrast to average house price indices, repeat sales indices provide a measure of the actual price inflation of houses that have transacted twice within a particular period of time. The main benefit of this is that it is less influenced by the mix of transacting properties. The repeat sales methodology is recognised as the premier methodology for indexing house prices and is used by many international residential property price indexers including the Office of Federal Housing Enterprise Oversight (OFHEO) in the United States.
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david.steynberg@gmail.com

David A Steynberg, managing editor and director of HomeTimes, has more than 10 years of experience as both a journalist and editor, having headed up Business Day’s HomeFront supplement, SAPOA’s range of four printed titles, digimags Asset in Africa and the South African Planning Institute’s official title, Planning Africa, as well as B2B titles, Building Africa and Water, Sewage & Effluent magazines. He began his career at Farmer’s Weekly magazine before moving on to People Magazine where he was awarded two Excellence Awards for Best Real Life feature as well as Writer of the Year runner-up. He is also a past fellow of the International Women’s Media Foundation.

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