SA house prices only up in single digits in 2013

Posted On Friday, 17 January 2014 08:38 Published by
Rate this item
(0 votes)

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

Most Popular

Empowering women in engineering through B-BBEE

Jan 13, 2020
Andrew Yorke
Working to embrace the spirit of transformation and developmen.

Cheap cement imports crippling local industry

Jan 16, 2020
Databuild CEO Morag Evans
Local cement manufacturers are being severely undermined by cheap imports from countries…

Repo rate cut by 25 basis points

Jan 16, 2020
The Reserve Bank has reduced the repo rate by 25 basis points to 6.25% in line with…

Property in 2020 - here's what's happening

Jan 16, 2020
Carl Coetzee CEO of BetterBond
With the political, economic and social landscape in South Africa being what it is, i.e.…

The rising tide of the silver economy

Jan 16, 2020
Chris Cilliers
Whilst we may not yet have discovered the long-coveted elixir of eternal youth, the truth…

Please publish modules in offcanvas position.