In April 2024, South Africa’s residential property prices continued their upward trajectory for the eighth consecutive month, following stagnation between May and August 2023. Nationally, residential property price inflation rose to 3.9%, up from 3.0% in March 2024. The Residential Property Price Index (RPPI) increased by 0.4% month-on-month, marking a significant recovery from the subdued growth of 2023 and the 2022/23 downturn.

However, regional disparities remain. Among the major metros, national property price growth stood at 2.6%, with Buffalo City (10.6%) and Cape Town (5.9%) contributing significantly. Cape Town alone accounted for 2.0 percentage points of the overall inflation rate. Conversely, the City of Johannesburg recorded a 0.7% decline in property prices, contributing -0.1 percentage points to the national figure.

Property type analysis showed first-time property sales experiencing exceptional growth, particularly in Manguang, where prices rose by 13.9%. In contrast, Buffalo City and Nelson Mandela Bay saw negative growth for first-time sellers, at -3.7% and -2.1%, respectively. Resold property prices were mostly positive, except in Johannesburg, which saw a 1.8% drop. Cape Town and Buffalo City again led gains, with growth of 5.3% and 4.1%, respectively.

The performance of sectional title properties varied across regions, with declines in Nelson Mandela Bay, Manguang, Ekuhuleni, and Johannesburg. Freehold properties, however, performed well overall, except in eThekwini, which recorded a 3.2% decline.