At a provincial level, nominal year-on-year growth in house prices in the middle segment of the housing market varied between 8,0% and 20,7% in 2007, according to Absa Housing Review for the first quarter released today.
Real prices increased by between 0,9% and 12,8% last year, compared with 2006. The following price rises occurred in the various provinces in 2007:
* KwaZulu-Natal: a nominal 8,0% and a real 0,9%.
* Western Cape: a nominal 11,4% and a real 8,6%.
* Eastern Cape: a nominal 13,4% and a real 6,0%.
* Gauteng: a nominal 14,1% and a real 6,6%.
* Mpumalanga: a nominal 14,1% and a real 6,6%.
* North West: a nominal 15,0% and a real 7,5%.
* Northern Cape: a nominal 15,2% and a real 7,6%.
* Limpopo: a nominal 15,4% and a real 7,8%.
* Free State: a nominal 20,7% and a real 12,8%.
In the country’s major metropolitan areas, nominal house price growth of between 10,6% and 22,5% was recorded in 2007. Real price growth in these areas varied between 3,3% and 14,5% last year compared with the previous year. Price growth in the metropolitan areas was as follows in 2007:
* Cape Town: a nominal 10,6% and a real 3,3%.
* East London: a nominal 11,2% and a real 3,9%.
* Port Elizabeth/Uitenhage: a nominal 12,9% and a real 5,5%.
* Greater Johannesburg: a nominal 14,3% and a real 6,8%.
* Durban/Pinetown: a nominal 15,1% and a real 7,6%.
* Pretoria: a nominal 15,8% and a real 8,2%.
* Bloemfontein: a nominal 22,5% and a real 14,5%.
In the coastal regions, nominal growth in house prices varied between 15,7% and 19,3% in 2007, while real growth of between 8,1% and 11,5% was recorded. Price growth in the coastal regions was as follows in 2007:
* KwaZulu-Natal: a nominal 15,7% and a real 8,1%.
* The Eastern Cape: a nominal 16,5% and a real 8,9%.
* The Western Cape: a nominal 19,3% and a real 11,5%.