The macro picture is shifting and getting more volatile.
Interest rates remain elevated, keeping affordability under pressure
Inflation easing, but new risks are emerging fast
Escalating US - Iran tensions driving fuel shocks (petrol/diesel up over R7/litre)
Knock-on impact: higher transport, construction and operating costs
Bottom line: the housing market is stabilising, but risk is rising, and margins are tightening. At a micro level, the market is clearly fragmenting:
Rental demand holding firm in key urban nodes
Consumers under pressure → retail spend shifting and softening
Industrial/logistics still outperforming
Residential becoming price-sensitive, especially in oversupplied segments
This is no longer a broad market, it’s a selection game. Precision beats optimism.
