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
Mail & Guardian
6 hours ago
- Mail & Guardian
Early 2025-26 production prospects signal an ample global grain and oilseed harvest
The data released by Statistics South Africa showed that agricultural gross value added expanded by 15,8% quarter-on-quarter (seasonally adjusted) in the first quarter of 2025. On 12 June, the United States department of agriculture released an update to its monthly For example, the department forecasts 2025-26 global wheat production at a record 808 million tonnes, up 1% from the previous season. This is based on the expectation of an ample harvest in the European Union, Russia, Canada, Argentina, the United Kingdom and India, among other key producing countries. With that said, consumption is also expected to remain strong, mainly because of the rising demand for food, feed and industrial use in various countries. Thus, the stocks may remain slightly tight, estimated at 262 million tonnes, down 0.5% from the previous season. Still, wheat prices have come under pressure in recent months and could remain at relatively lower levels for some time. Moreover, the department forecasts a 2025-26 global maize harvest of 1.3 billion tonnes, up 3% from the previous season. There are expected ample harvests across most major producing countries, mainly the US, Brazil, Argentina, Ukraine, China, European Union, India and Russia. But industrial use, feed, and food consumption are also set to increase, thus pushing stock levels down by 3% to an estimated 275 million tonnes. This means that although global maize production has increased, the price levels of maize may remain stable or possibly rise slightly due to robust demand. The department forecasts global rice production for 2025-26 at 542 million tonnes, a 0.1% increase from the previous season. There are expected large harvests in various Asian major producing countries that support this decent harvest, primarily India, Vietnam, Pakistan, China, Bangladesh and the Philippines. Importantly, with consumption expected to remain stable, maize stocks increased by 0.3% from the previous season to 188 million tonnes. Also worth noting is that the 2025-26 global soybean production is forecast at 426 million tonnes, a 1% increase from the previous season. There are expected to be decent supplies in South America, China, India, Ukraine and the US, among others. Although global soybean consumption is expected to remain strong, stocks will still be decent. The 2025-26 global soybean stocks are forecast at 124 million tonnes, a 1% increase from the previous season. Importantly, these optimistic production prospects depend on the Southern Hemisphere season, which begins in October. In the Northern Hemisphere, the planting season is under way and looking favourable in most regions. But, for the Southern Hemisphere, it will be a few months before we have some level of comfort regarding the agricultural conditions, and the weather outlook in key producing areas of South America will be a primary focus, among other things. Still, these preliminary estimates indicate a substantial grain and oilseed harvest for the 2025-26 season. Wandile Sihlobo is an agricultural economist.
Eyewitness News
a day ago
- Eyewitness News
Systemic govt failures, not BEE to blame rising unemployment in SA, says economist
JOHANNESBURG - The debate over the effects of broad-based black economic empowerment (B-BBEE) continues, as some push back against claims that affirmative action is to blame for rising unemployment. This follows a report by the Free Market Foundation and trade union Solidarity, which links the country's high unemployment rate to B-BBEE policies. However, numbers from Statistics South Africa (Stats SA) tell a different story, showing that employment has grown from 8.9 million in 1994 to 16.7 million in the first quarter of 2025. Of these, more than 12 million jobs are held by black South Africans. According to Stats SA, the number of employed black people has increased from 5 million in 1994 to 12 million in the first quarter of 2025. While more black people are employed now than three decades ago, they still experience the highest rate of unemployment compared to other racial groups. Solidarity argued that B-BBEE had contributed to rising unemployment among black South Africans. However, political economist Dale McKinley disputed the claim that B-BBEE was responsible, instead attributing the issue to systemic government failures. "What I don't agree with is that you can blame BEE [black economic empowerment] for the lack of growth in the economy as a whole. Those are structural problems in our economy that go way beyond a particular BEE policy, that go through apartheid legacy and racial and class divisions that are very deep." In his presidential newsletter, President Cyril Ramaphosa also refuted claims that B-BBEE had failed to address unemployment.
IOL News
2 days ago
- IOL News
Municipal debt, corruption could plunge South Africa into darkness
Eskom's woes are 'ghost tokens' in the pre-paid electricity sector, which have led to significant revenue losses, and internal sabotage by employees. Image: Simphiwe Mbokazi AS Eskom's debt spirals and municipalities flounder in financial disarray, the Standing Committee on Appropriations this week issued a stark warning: without urgent intervention, South Africa's service delivery and energy stability face collapse. This week, Eskom briefed the committee on the Eskom Debt Relief Bill, however, MPs remained deeply concerned that the state-owned power utility's financial trajectory remains unsustainable. Chairperson Mmusi Maimane minced no words: 'When we examine the various pieces of legislation under consideration by this committee, it is undeniable that Eskom remains a pivotal component. The state of Eskom's liquidity, along with serious concerns raised by municipalities around debt servicing, are critical factors, especially in light of the appropriations made to Eskom.' Maimane fears that even with the Debt Relief Bill, Eskom will remain heavily indebted, largely due to municipal arrears. Many municipalities are unable or unwilling to pay their Eskom bills, yet the committee noted a lack of urgency in addressing these failing municipalities. Adding to Eskom's woes are 'ghost tokens' in the pre-paid electricity sector, which have led to significant revenue losses, and internal sabotage by employees. The committee demanded decisive action on these fronts, while also urging Eskom to reduce reliance on independent power producers, warning that political interference could undermine energy security. 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 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. Next Stay Close ✕ 'Eskom cannot afford more delays. The time for bold action is now — before the lights go out for good,' the committee declared. The crisis extends beyond Eskom. The committee also grilled the Mangaung Metropolitan Municipality over its financial mismanagement, overspending by 10-12% on employee costs and outsourced services. MPs lambasted the outsourcing of core municipal functions, which erodes institutional capacity and invites corruption. 'What should cost one rand ends up costing three, four, or even five rand due to corrupt practices,' Maimane said. Mangaung's three consecutive years of qualified audits — marked by weak internal controls and governance failures — further highlight systemic dysfunction. The committee demanded clarity on the metro's Eskom debt, questioning whether any progress had been made in repayment. Meanwhile, the City of Johannesburg provoked frustration by submitting documents just 30 minutes before its meeting, leaving MPs no time to review them. The committee postponed discussions, but the delay underscored a broader pattern of municipal incompetence. As metros drown in debt, ordinary South Africans suffer from crumbling infrastructure. Maimane lamented the deterioration of inner cities, where economic opportunities vanish alongside failing infrastructure. 'The collapse of inner cities results in the loss of housing opportunities and economic infrastructure,' he warned. The committee issued a blunt directive to officials: Prioritise the basics. 'Fix potholes, install traffic lights, ensure water access, and maintain toilets in informal settlements. Endless delays and 'in-process' excuses are not helping citizens.' With Eskom's survival and municipal stability hanging in the balance, the committee's message is clear: corruption, inefficiency, and lack of accountability must end. Eskom must tighten revenue collection, curb sabotage, and reduce political dependency. Municipalities must slash wasteful expenditure, recover debts, and deliver services. Failure is not an option, because for millions of South Africans, the lights are already flickering.
