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Monday Nov 11, 2013

Property price growth slows

There was a further slowdown last month in the year-on-year growth in the average value of homes in the middle segment of South Africa's housing market, Absa said on Friday.

The bank said the weighted average price growth in the small, medium-sized and large home segments declined to a nominal 8 percent year on year last month from 8.6 percent in September.

Jacques du Toit, a property analyst at Absa Home Loans, said the major factors contributing to the downward trend in nominal house price growth were base effects, slowing month-on-month price growth that led to lower year-on-year price growth, and economic and household financial conditions in general.

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