Property Brief – December 2024

The latest BetterBond Property Brief is out!

On 21 November the Reserve Bank’s Monetary Policy Committee announced another rate cut of 25 basis points, bringing with it more welcomed relief for homeowners. This early festive season gift has already impacted activity in the property market. The average number of BetterBond home loan applications during October and November increased by 11.5% quarter on quarter and an impressive 22.6% year on year. Although house prices are still lower in real terms, it is also encouraging to note that the average purchase price has increased by 8.15 since pre-Covid levels. We are expecting to see more rate cuts in the new year. This should result in an increase in house prices. If the property market continues on this trajectory, 2025 will be a bumper year for our sector.

The full list of data points included in this Property Brief, is as follows:

In the Economist’s Notes, Dr Roelof Botha explains why South Africa’s economy is ending the year on a much higher note than it started. With job creation increasing, interest rates on their way down, consumer and producer inflation continuing to drop, as well as an upgrade in South Africa’s credit rating outlook, we are on track to see the property market reaching new heights in 2025.

If you would like to review all the issues of the BetterBond Property Brief, you can download them all here. You can download the December 2024 Property Brief below: