Property Market Update, October 2026: What FNB's Latest Data Means for the West Rand and Joburg
Every month we read the latest property research so you don't have to. This month we look at FNB's most recent House Price Index and Estate Agent Survey (published 22 September 2026) and what it means if you're buying or selling on the West Rand or in Johannesburg.
The short version
Prices are still rising, but more slowly. FNB's House Price Index grew 4.9% year-on-year in August, down from 5.3% in July and peaks above 6% earlier in the year. FNB expects growth to ease towards about 4.5% for the rest of 2026.
Homes are selling faster. The average time on the market fell to ten weeks and one day, the quickest FNB has recorded since 2022.
Most homes still sell below asking. About 75% of sales are concluded below the asking price, at an average discount of around 8%.
Gauteng favours buyers. Gauteng has the longest selling times and the highest share of below-asking sales of the major regions.
Rates went up. The Reserve Bank raised the repo rate by 25 basis points on 23 September, to 7.25% (prime 10.75%). The next decision is on 19 November.
What this means for sellers
FNB's numbers tell a clear story: homes that are priced realistically from day one still sell, and they sell faster than they have in years. The homes that sit are usually the ones priced for last year's market. With buyers in Gauteng holding more bargaining power, a correct asking price based on recent sales in your suburb matters more than ever.
The good news is that stock is tight in many areas and agents are more upbeat. FNB reports that 51% of agents expect activity to pick up over the next three months, compared with only 20% in May. Summer is traditionally busy, so this is a good time to get your home ready to list.
What this means for buyers
If you're buying, there's room to negotiate, especially in Gauteng. Affordability is the main hurdle: FNB notes that first-time buyers have dropped to 26% of purchases, from 32% in May, as incomes lag behind prices and borrowing costs stay high. Each 25 basis point rate move changes the repayment on a R1.5 million, 20-year bond by roughly R250 a month, so getting pre-approved before you start viewing is worth it.
There is also a helpful break for entry-level buyers: there's no transfer duty on homes up to R1.21 million, and many West Rand townhouses and starter homes fall below that line.
The local picture: West Rand and Johannesburg
FNB's survey shows the market is uneven. Homes above R3.6 million are seeing the strongest activity, helped by cash buyers (about 20% of the market). The middle market is under the most pressure, and homes under R750,000 sell well when priced correctly but take longer and attract bigger discounts.
For our areas, that means:
Roodepoort and Constantia Kloof: steady family demand; correct pricing is key.
Krugersdorp and the outer West Rand: strong value for first-time buyers, many below the transfer duty threshold.
Randburg and Northcliff: sectional title and townhouses remain popular with buyers trading space for convenience.
At KW Advance we help with about 50 units a month across these suburbs, so we see these trends on the ground every week.
Frequently asked questions
Are house prices in South Africa still going up? Yes. FNB's House Price Index rose 4.9% year-on-year in August 2026. That's slower than earlier in the year, but still ahead of inflation.
Is it a buyer's or seller's market in Gauteng? Gauteng leans towards buyers. FNB reports it has the longest selling times and the highest share of homes sold below asking price among the major regions.
How do interest rates affect my bond repayment? After the September hike the prime lending rate is 10.75%. Each 25 basis point change moves the repayment on a R1.5 million, 20-year bond by about R250 a month.
Source: FNB Home Loans, "3Q26 Estate Agent Survey: Execution improves, but buyer depth remains uneven", 22 September 2026 (fnb.co.za); South African Reserve Bank MPC statement, 23 September 2026. This article summarises the research in our own words and isn't financial advice. Thinking of buying or selling? Get a free valuation or Speak to an agent.
Comments