House price growth in South Africa declined in February 2023, with buying activity declining, and properties sitting on the market for longer.annual growth declined in February, averaging 2.3% year-on-year , down from 2.7% in January.
The Western Cape scored a market activity score of 6.9 – slightly lower than the 7.0 rating in Q4 2022 – which was higher than the national average of 5.7 It added that, at these levels, the prevalence of downscaling is consistent with the historical average of 18% from Q4 2007. Whereas emigration-related sales remain steady at 9%, significantly lower than the 18% peak seen in 2019.
It expects a further 25 basis points hike next week, taking the peak interest rate to 7.50%, with mild interest rate cuts only occurring in Q4 2024.
Yall driving us into alcoholism.