SA house prices only up in single digits in 2013

Posted On Friday, 17 January 2014 08:38 Published by
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House price growth across all three residential categories are in single digits in 2013, according to Absa's house price index.

House PricesHouse price growth across all three residential categories — small‚ medium and large were in single digits in 2013‚ according to Absa's house price index for 2013 released on Thursday.

The lowest yearly growth of 0.4% was recorded in the medium category for houses between 141 square metres and 220 square metres in size. Small houses of between 80 square metres and 140 square metres in size grew by 2.8%‚ while large houses of between 221 square metres and 400 square metres recorded the largest growth of 3.5%.

Economic conditions in general‚ as well as trends in household finances and consumer confidence affected the property market and property price growth during the course of the year‚ Absa said. "Single-digit nominal house price growth is forecast for this year."

According to Absa‚ growth this year will be constrained by consumer price inflation‚ which is expected to be just below 6%. However‚ continued low interest rates will support the housing market and the demand for mortgage finance.

The Absa house price index is based on applications for mortgage finance received and approved by the bank.

Last modified on Friday, 17 January 2014 08:56

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