South African property prices recorded a surprise jump in September, up 3.6% year-on-year, according to a new survey by Standard Bank, marking a shift from the 1.8% decline seen in August.

While the bank cautioned that it does not see the 3.6% increase in September as a new trend, but rather the result of volatile monthly data, it added that “Nonetheless, the latest data show that there is still some life in the property market.”

Looking ahead, Standard Bank said it anticipates the housing index will once again show low or negative growth in the months to come.

“Residential property will remain in the doldrums until such time that fundamental drivers of the market take a turn for the better – and that may be some time off,” said the bank.