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Tuesday Jan 15, 2013

Property prices fall in real terms

The price of middle segment homes increased by a nominal 0.6 percent last year after rising by 1.7 percent in 2011, Absa Home Loans said yesterday.

In real terms, with prices adjusted to take account of inflation, house prices dropped by 5.4 percent in the first 11 months of last year compared with real price deflation of 2.9 percent in the corresponding period in the year before.

The price growth of houses is set to deteriorate further.

Absa Home Loans property analyst Jacques du Toit said month-on-month house price growth had been on a steady declining trend during the past few months.

Absa said the average nominal value in December of small homes in the middle segment (80m² to 140m²) was R791 100, medium-sized homes (141m² to 220m²) R1 076 700 and large homes (221m² to 400m²) R1 559 000.

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