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Wednesday Feb 12, 2014

Small properties suffer price deflation

Year-on-year growth in the average value of properties in the middle segment of the housing market remained in the low single digits last month, Absa said yesterday.

After adjustment for the effect of inflation, prices for small and medium-sized houses deflated compared with a year earlier, and large houses showed low growth.

Absa's house price index showed the value of small houses (80 sqm to 140 sqm) increased by 1 percent to R764 000, medium houses (141 sqm to 220 sqm) by 3.1 percent to R1.1 million and large houses (221 sqm to 400 sqm) by 7.3 percent to R1.7 million.

Jacques du Toit, a property analyst at Absa Home Loans, said more deflation in real house prices was forecast for this year.

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