National House Price Inflation grew by 7.06%
The House Price Inflation index for national property grew by 7.06% for September 2013, according to Lightstone's latest residential property indice report released in October.
National annual inflation grew by 7.06 % in the month of September and has remained fairly stable over the last few months.
On a provincial level, house price growth in the major provinces was lower than the national average.
KwaZulu Natal, Gauteng, Western and Eastern Cape were all between 5.00% and 6.00% whereas house price growth in the minor provinces lifted national inflation with the Free State, Northern Cape, Mpumalanga and the Limpopo growing at between 7.00% and 7.74%.
The North West bucked the trends in growing at about 10.40%.
It might seem unintuitive that house price growth in the more economically active provinces is lower in the less economically active provinces.
This can be attributed to the different mixes of properties found in the different provinces. In the past it has been observed that high properties grow at a slower rate than low value properties.