New FNB data shows the average time homes are currently on the market for across South Africa’s five major metros.<\/p>\n
The latest FNB House Price Indices for the country\u2019s major regions revealed that for the the summer quarters of 2016\/17, the estimated time on the market in Ethekwini was
\nthe longest of the major metro regions – 17.29 weeks<\/p>\n
This was followed by Mandela Bay in the Eastern Cape at an estimated 16.64 weeks.<\/p>\n
The best performer, according to FNB, and by some margin, is Tshwane Metro, which although not having significant house price growth appears to have a vibrant market.<\/p>\n
Tshwane Metro’s 10.14 weeks beats Cape Town\u2019s estimated 13.14 weeks.<\/p>\n
The Western Cape region however, continue to have by a significant margin the fastest average house price growth in the first quarter of 2017, compared to the rest of the country\u2019s major residential regions, FNB said.<\/p>\n
However, mounting affordability challenges in that province are believed to have caused some slowing in its house price growth in recent quarters.<\/p>\n
FNB reported last month<\/a> that the number of homes being resold at values below their previous purchase price has climbed in recent months.<\/p>\n Given that most homes are resold a good number of years following their original purchase, the large majority (87.7%) of total properties as at January 2017, sold at above their previous purchase price, FNB said.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/04\/FNBHouseMarket.png\")
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