Absa – Limpopo tops regional house price growth

Limpopo, with a 40,3% percent nominal and 35,7% real, recorded the highest South African provincial year-on-year house price growth in 2005 as measured by Absa, according to its Residential Property Prospective First Quarter 2006 released in Johannesburg this week.

The next highest was in Mpumalanga with a nominal growth of 30,8% and 26,5% real followed by the Western Cape with a 26,5% rise in nominal terms and 22,4% in real.
The growth in other provinces were:

* Eastern Cape: 26,0% nominal and 21,9% real.
* Free State: 24,0% nominal and 19,9% real.
* KwaZulu-Natal: 23,0% nominal and 18,9% real.
* North West: 20,3% nominal and 16,4% real.
* Gauteng: 19,9% nominal and 16,0% real, and .
* Northern Cape: 19,1% nominal and 15,2% real.

In the country’s major metropolitan areas, nominal house price growth of between 28,0% and 18,7% was recorded by Absa in 2005. Real price growth in these areas varied between 23,8% and 14,8% last year compared with the previous year. Price growth in the metropolitan areas was as follows in 2005:

* Bloemfontein: 28,0% nominal and 23,8% real.
* Cape Town: 25,9% nominal and 21,8% real.
* Port Elizabeth/Uitenhage: 22,6% nominal and 18,6% real.
* Pretoria: 19,8% nominal and 15,8% real.
* Greater Johannesburg: 19,4% nominal and 15,5% real.
* Durban/Pinetown: 18,7% nominal and 14,8% real.
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