{"id":129584,"date":"2016-07-08T10:05:52","date_gmt":"2016-07-08T08:05:52","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=129584"},"modified":"2016-07-08T10:05:52","modified_gmt":"2016-07-08T08:05:52","slug":"the-average-house-price-in-sas-biggest-provinces","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/129584\/the-average-house-price-in-sas-biggest-provinces\/","title":{"rendered":"The average house price in SA’s biggest provinces"},"content":{"rendered":"

FNB’s House Price Index for the second quarter of 2016 shows what the average house costs in South Africa’s most populous provinces.<\/p>\n

According to the FNB property strategist, John Loos, the Western Cape is the only region in the country that has effectively “bucked the trend” on average house price growth, combining economic opportunity and a good lifestyle to boost confidence among investors.<\/p>\n

For the entire 2nd quarter of 2016, the national\u00a0average house price inflation rate was 7.1%\u00a0year-on-year, up from 6.4% in the 1st quarter, FNB said.<\/p>\n

By comparison, the Western Cape Province saw\u00a0a far higher 12.1% year-on-year house price\u00a0inflation, up further from 11.4% in the 1st\u00a0quarter, and representing the 5th consecutive\u00a0quarter of acceleration, it said.<\/p>\n

Of the major provinces, Gauteng\u2019s house price\u00a0growth also showed a very slight 2nd quarter\u00a0acceleration, but off a very low base, from 3.9%\u00a0year-on-year in the 1st quarter of 2016 to 4.1%\u00a0in the 2nd quarter.<\/p>\n

The other 2 major provinces,\u00a0namely KZN and Eastern Cape, both showed\u00a0slower house price growth in the 2nd quarter\u00a0compared to the 1st quarter, to the tune of 4%\u00a0and 5.3% respectively.<\/p>\n

The FNB \u201cSmaller 5 Provinces\u201d showed the\u00a0slowest growth of 1.8% year-on-year in the 2nd
\nquarter of 2016.<\/p>\n

Average house prices<\/strong><\/p>\n

Looking at\u00a0the average value of home\u00a0transactions,\u00a0the Western Cape came out top with an\u00a0average at R1.386 million in the 2nd quarter,\u00a0followed by Gauteng with R1.053 million and\u00a0KZN with R1.019 million.<\/p>\n