{"id":710424,"date":"2023-08-13T11:00:00","date_gmt":"2023-08-13T09:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=710424"},"modified":"2023-08-11T17:23:44","modified_gmt":"2023-08-11T15:23:44","slug":"this-province-is-seeing-the-biggest-increase-in-house-prices-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/710424\/this-province-is-seeing-the-biggest-increase-in-house-prices-in-south-africa\/","title":{"rendered":"This province is seeing the biggest increase in house prices in South Africa"},"content":{"rendered":"\n

Mpumalanga, often seen as simply a tourist hotspot, has recently seen the highest increase in property prices. <\/p>\n\n\n\n

According to Stats SA, the overall residential property price index dropped from 3.8% year-on-year in February 2023 to 3.6% in March 2023 year-on-year. It did, however, increase by 0.2% month-on-month. <\/p>\n\n\n\n

Although the Western Cape is often cited as the area with the highest rising prices, Mpumalanga actually recorded the highest increase in the index at 17.3%<\/strong> – far above the Western Cape’s 5.7%. <\/p>\n\n\n\n

Limpopo saw the second highest year-on-year increase, jumping 7.4% in March 2023 – far below Mpumalanga’s 17.3%. <\/p>\n\n\n\n

Gauteng, South Africa’s most populous province, only saw an increase of 1.9%. <\/p>\n\n\n

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However, the Western Cape was still the main contributor to the 3.6% annual inflation. <\/p>\n\n\n\n

The Western Cape’s 5.7% year-on-year increase contributed 1.8 percentage points, whilst Gauteng’s 1.9% contributed 0.8 of a percentage point. <\/p>\n\n\n\n

Mpumalanga did, however, contribute 0.4 percentage points to the overall 3.6% annual inflation – the third highest overall. <\/p>\n\n\n

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Mpumalanga boom <\/strong><\/p>\n\n\n\n

Rhys Dyer, the CEO of Ooba, previously noted that three policies had seen a steady increase in property demand – the Free State, Limpopo and, crucially, Mpumalanga. <\/p>\n\n\n\n

Dyer said that these provinces are at the fore of the first-time homebuyer market due to their affordability, value for money, and alignment with the trend of young homeowners coming back to their hometowns to start families.<\/p>\n\n\n\n

Despite often only being considered a tourism hotspot, Dyer said that Mpumalanga has presented an excellent investment opportunity due to the increased demand for investment and rental properties. <\/p>\n\n\n\n

He said that Mbombela is attracting first-time homebuyers, especially in new developments like Matumi Valley, Green Valley Estate and Intaba Estate. <\/p>\n\n\n\n

The average purchase price of first-time homes also jumped 8.7% from R955,000 in Q1 of 2022 to R1.038 million in Q1 of 2023. <\/p>\n\n\n\n

He noted that the close-knit estate living communities have been crucial for the region’s growth. <\/p>\n\n\n\n

\u201cEstates already account for nearly 40% of total housing stock in Mbombela, once again underpinning the need for security, a sense of community, amenities and a \u2018lock up and go\u2019 lifestyle,” he said. <\/p>\n\n\n\n

803 freehold homes were sold in 2021 – a record high – with another 741 sold in 2022. <\/p>\n\n\n\n

\u201cOver the past 12 months, 116 new plots were sold \u2013 107 of which were located in estates.\u201d<\/p>\n\n\n\n

Investment and rental percentage applications can be seen below, with Mpumalanga leading the way for large stretches: <\/p>\n\n\n

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Read:<\/strong> New R200 million shopping mall opening soon in South Africa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Although overall property price infaltion has not kept up with headline inflation, one province is seeing a major increase in prices. <\/p>\n","protected":false},"author":95,"featured_media":656217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-710424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/710424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=710424"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/710424\/revisions"}],"predecessor-version":[{"id":710464,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/710424\/revisions\/710464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/656217"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=710424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=710424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=710424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}