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Standard Bank Group
The SA Daily 11 May 2018

SBR's HPI up in April

  • Standard Bank’s house price index (HPI) edged up to 5.3% y/y in April, from 5.1% y/y in March, taking the YTD average annual growth in the HPI to 5.2%.
  • The uptick is broadly in line with other big-ticket consumer items such as passenger vehicle sales which came in at 6.4% y/y in April, from 3.7% y/y in March.
  • However, the housing market, particularly the affordable housing segment (houses valued at <R650k), has been dampened by mortgage advances which averaged just 3.3% y/y in Q1:18, from 3.5% y/y in Q4:17, despite lower borrowing costs and multi-year high consumer sentiment in Q1:18. Consumer sentiment would likely have to turn out positively more consistently for the impact to filter through to the housing market. See April HPI up slightly  08 May, by Siphamandla Mkhwanazi.

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