Data from the most recent FNB Property Barometer shows a residential property market that is not exactly what you would describe as being in rude health.
It also references year-to-date tax data which shows that property transfer duties are 10.3% lower than the same period in 2022. In real terms, in other words adjusted for inflation, the FNB house price index has been in decline for 26 months. The post-Covid-19 pandemic mini-boom saw prices jump by over 2% , but the index has been negative in real terms for many, many years.
This translates to properties being on the market for longer. FNB says “agents now estimate that 56% of properties listed for sale take three months or longer to sell, an increase from 33% in Q1”.FNB says feedback it has received from estate agents “indicates a widening gap between income levels and current house prices”.
All of this translates to a flat market, with the number of mortgage registrations back at their long-term average since 2010.