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Property affordability a challenge in Western Cape

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(iStock)
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Cape Town - Mounting affordability challenges have likely caused some slowing in house price growth in the Western Cape in recent quarters, according to John Loos, household and property sector strategist at FNB.

However, he added that the Western Cape by a significant margin still had the fastest average house price growth in the first quarter of 2017, compared to the rest of the country’s major residential regions.

At the other end of the scale, the Eastern Cape and KwaZulu-Natal (KZN) remain the weakest of the major provinces. According to Loos, this might be due to the high dependency of these two provinces' economies on the manufacturing sector, which has been weak in recent years.

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