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Gauteng leads the way in house price slowdown

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(iStock)
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Cape Town - Gauteng has been leading the way to slower average house price growth among the major property regions in South Africa for some years now, the FNB Major Regions House Price Indices show.

Its year-on-year rate of increase reached a lowly 2.1% in the third quarter of 2016. This is further down from the 2.7% rate for the previous quarter, having slowed all the way from a 9.3% high at the end of 2012.

While the Western Cape remains the most expensive province, with an average house price of R1 256 372, Gauteng is in second spot with an average price of R1 016 804 and KwaZulu Natal (KZN) in third with R988 142. Gauteng had the highest per capita income basis, estimated at R72 951 in 2015.

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