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Did You Know - Western Cape House Price Growth Average 10,94% P.A. Since 2010

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Did You Know - Western Cape House Price Growth Average 10,94% P.A. Since 2010

Since the beginning of 2010 (the start of the post-2008/09 recession recovery), the average house price for the Western Cape has risen cumulatively by 76.6% - i.e 10,94% p.a. for the last 7 years.

By comparison, the next strongest growth was in KwaZulu-Natal, with a far more moderate 45.3% (6.47% p.a.) and Gauteng with 41.3% (5.9% p.a.) over the same period.

According to John Loos, the FNB’s household and property sector strategist , the Western Cape’s Q4 2016 year-on-year average house price growth was down to 8% - according to FNB House Price Indices. The Western Cape has therefor slowed for three consecutive quarters from a 10-year high of 10.6% reached in Q1 2016.

Loos points out that it is likely that, after a recent period of very strong house price growth in the Western Cape, a mounting affordability challenge in the region, especially for aspirant first-time buyers, has started to put some brakes on demand growth.

The Western Cape remains the most expensive major region by far, with an average estimated house price of R1,411 million the next most expensive region being Gauteng with an average price of R1,042 million.

Author John Loos - FNB
Published 21 Feb 2017 / Views -
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