South Africa's residential property prices surge: 5. 0% inflation recorded in December 2024
A residential property that was for sale in Marlberton, South of Johannesburg.
Image: Simphiwe Mbokazi
South Africa's annual national residential property price inflation was 5.0% in December last year, an increase from 4.9% in November 2024.
This is according to the Residential Property Price Index (RPPI) December 2024, released by Statistics South Africa on Thursday, which shows that the residential property price index (RPPI) increased by 0.4% month-on-month in December 2024.
'The main contributors to the 5.0% annual national inflation rate were Western Cape (8.6% and contributing 3.1 percentage points) and Gauteng (2.3% and contributing 0.9 of a percentage point),' it read.
The RPPI for all metropolitan areas increased by 4.8% between December 2023 and December 2024.
The main contributors to the 4.8% annual inflation rate for metropolitan areas were said to be City of Cape Town (8.1% and contributing 2.7 percentage points) and City of Johannesburg (3.4% and contributing 0.7 of a percentage point).
The RPPI for properties sold for the first time increased by 5.2% between December 2023 and December 2024. The index increased by 0.5% month-on-month in December 2024.
The RPPI for resold properties increased by 5.3% between December 2023 and December 2024. The index increased by 0.5% month-on-month in December 2024.
The RPPI for sectional title properties increased by 3.4% between December 2023 and December 2024. The index increased by 0.4% month-on-month in December 2024.
The RPPI for freehold properties increased by 5.7% between December 2023 and December 2024. The index increased by 0.5% month-on-month in December 2024.
Commenting on this data print, Dr Roelof Botha, an economist and economic advisor to the Optimum Investment Group, said the latest residential property price index for South Africa, published by Stats SA, is not aligned with two key indices generated by private sector property indices.
He said both the BetterBond House Price Index and the FNB House Price Index were at levels below 5% for December 2024, reported by Stats SA.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Citizen
9 hours ago
- The Citizen
Partial poultry import relief welcomed, but biosecurity fears linger
The easing of the poultry ban on Brazil comes as South Africa battles hunger, with over 100 million meals lost weekly during the full ban. While food manufacturers and consumers are relieved at the announcement of the partial lifting of a ban on poultry imports from Brazil, some are worried about the country's biosecurity. Merlog Foods manager Georg Southey said the decision by the department of agriculture to partially lift the suspension of poultry imports from Brazil was a welcome and necessary move. 'The partial lifting of the import ban will be applied to all other states of Brazil, aside from the Rio Grande do Sul region, where the outbreak of highly pathogenic avian influenza, commonly known as bird flu, was detected in mid-May. Millions of meals lost 'Lifting this ban could not have come at a more critical time,' he said. Southey said South Africa has been losing over 100 million meals per week due to the ban, putting pressure on food affordability and security, especially as Stats SA reports that up to 30% of households in some provinces face regular hunger. ALSO READ: Chicken import ban lifted to avoid crisis Brazil's dominance in poultry supply chain 'Brazil supplies 95% of our mechanically deboned meat (MDM), a key ingredient in everyday staples like polony, Viennas and sausages. These affordable proteins are essential to school feeding schemes and low-income families. No other country could fill the gap,' he said. Southey said while he commended the department for responding swiftly to industry concerns and for engaging constructively with Brazilian authorities to implement a regionalisation protocol, he added there were clear lessons to be learned from the time it took to lift the ban. 'Much-needed shift' Southern African Agricultural Initiative CEO Francois Rossouw welcomed the move. 'It reflects a much-needed shift towards a science-based and internationally aligned approach to managing animal health risks through regionalisation. 'This decision will help stabilise the supply of affordable proteins.' NOW READ: 'Lifting Brazil chicken ban only hurts local producers,' says Sapa
IOL News
a day ago
- IOL News
SA inflation holds at 2. 8% in May, but rise in food prices especially meat
There was a modest rise in food prices according to Stats SA inflation data released this week. Image: Independent Newspapers Archives Annual consumer price inflation in South Africa held steady at 2.8% in May 2025, unchanged from April, according to data released by Statistics South Africa (Stats SA) this week. While overall price pressures remain subdued, the re-emergence of food inflation is raising red flags according to an economist. Stats SA reported that the consumer price index (CPI) increased by 0.2% month-on-month in May. The main contributors to the annual inflation rate were housing and utilities (4.5%), food and non-alcoholic beverages (4.8%), and alcoholic beverages and tobacco (4.3%). Economist Casey Sprake of Anchor Capital said, 'While fuel disinflation continued to exert downward pressure, this was counterbalanced by a modest rise in food prices and a stable core inflation print.' Core inflation, which excludes food and energy, remained unchanged at 3.0% year-on-year, indicating that underlying price dynamics are still relatively contained. 'Durable goods categories, particularly furnishings and household equipment, remain deep in deflation, with price declines persisting for over 17 consecutive months,' said Sprake. Fuel prices continued to offer some relief, with a 1.1% month-on-month drop and a sharp 14.9% year-on-year decline, the largest since October 2024. Petrol is now 15.9% cheaper than a year ago, and diesel prices have dropped by 12.6%. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ But food prices surged, especially in the meat category. Stats SA noted that the food and non-alcoholic beverages category was the only major group contributing to the monthly CPI change, increasing by 1.1% month-on-month. Sprake warned, 'This uptick was driven primarily by a sharp increase in meat prices, particularly beef, where inflation rose from 3.0% in April to 4.4% in May.' The rise in food costs is largely attributed to supply-side shocks such as a widespread outbreak of foot-and-mouth disease and high feed costs. Fruit and vegetable prices also saw double-digit increases, intensifying pressure on consumer food baskets. While the inflation print supports the case for the South African Reserve Bank to maintain a steady interest rate, Sprake noted that geopolitical risks and trade uncertainties could complicate the policy path. 'We expect the Monetary Policy Committee to hold rates steady in July,' she said. Stats SA will release the next CPI data on 23 July. THE MERCURY
IOL News
a day ago
- IOL News
Everyday items in South Africa cost R1 808 more than a year ago
Oils and fats prices increased 5.6% year-on-year, while the price of fruits, nuts, and vegetables jumped between 10.3% and 13.5% year-on-year. Despite this positive trend, the compounding nature of inflation means that prices for essential goods continue to rise each month. According to Statistics South Africa's latest inflation report for May 2025, the consumer price index stands at 2.8% year-on-year, a notable improvement from the 5.2% recorded a year prior. The cost of living in South Africa has shown signs of slowing, with an annual decline of 2.4 percentage points; however, average monthly bills have still increased by 2.6% from May of last year, resulting in an additional R21 000 in annual expenses for households. Based on a basket of goods the average South African may be spending their money on each month, and taking compounding into account against the base price, every day items cost R1 808 more than a year ago. This is based on the most recent prices for this year, and doesn't take cost variations into account. Even without historical price data on items such as DSTV Compact Plus not being readily available, the increase amounts to R21 702 over the year. And that's allowing for lower price hikes of one item offsetting the increase in others. It's worse if you smoke or drink – those items on average went up year-on-year by 4.3%. If your weekend party stash of drink cost R1 000 last May, it went up by R43. That, based on advertisements from liquor stores, is worth almost half the cost of a six pack of beer.
