Based on the latest Absa house price index, real year on year growth in South African house prices was recorded at 7.5% in June. This is the lowest growth rate recorded since January 2003. As seen in the graph below, the recent decline in house price growth coincides with the increase in interest rates. The introduction of the revised National Credit Act is most likely also having a moderating effect on house price growth.
The complete Absa house price index is a monthly release, categorised according to province, metropolitan area and house size, and is available to our EasyData RSA Economic Indicators subscribers.
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