While Cape Town residential property prices rose by almost 6% over the past year, Johannesburg prices fell as the city struggled with severe water and electricity problems, a major hike in the municipal rates as well as tumultuous local governance.

The Statistics SA's latest Residential Property Price Index shows that prices in the City of Johannesburg (-1.3%), Nelson Mandela Bay Municipality (-0.9%) and eThekwini Municipality (-0.5%) declined over the year to March 2024. The index tracks prices, sourced from the Deeds Office, for houses, townhouses, and flats that are purchased by private individuals.

Over the previous five years, Cape Town residential prices rose by 30%, while Johannesburg prices grew only 8.6% - the weakest of all the metropolitan areas.

Overall, SA residential prices increased by 3.5% in the 12 months to March 2024, which is an improvement on 3.1% in February 2024. In May 2023, the annual price increase reached a low of 1.6%.

While property prices in the Western Cape (+7.7%) and North West (+5.5%) gained over the year, prices fell in the Northern Cape (-4.8%) and Limpopo (-2.3%). Of SA's cities, Buffalo City showed the largest price increase (+7.0%).

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