Still no property bubble

According to Absa, the South African residential property market is not experiencing general bubble conditions yet, despite the deterioration of the affordability of housing. However certain types of housing in certain areas in the country are experiencing bubble conditions. For instance, any sell-off in the buy-to-let market could lead to either stagnating or weaker prices.
The monthly house price index shows that July 2005 was the ninth successive month of declining year-on-year growth, measuring 21.4 percent, down from a peak of 35,4 percent reached in October 2004.

Article on iAfrica.com and the Quarterly housing review