Nominal house prices edge higher: ABSA
Nominal house prices edge higher: Absa
While small houses continued its downwards trend.
(I-Net Bridge) - Nominal house prices continued to improve in two size categories (medium-sized and large) in October, while small houses continued its downwards trend according to Absa Home Loans.
According to Absa's calculations, the nominal value of homes in the medium-sized (building area of 141 square metres-200 square metres) increased to 404.1 index points from 386.7 a year before and large sized homes (building area of 221 square metres-400 square metres) improved to 405.2 index points from 397.3 for the comparative period a year ago.
Small houses (building area of 80 square metres-140 square metres) declined from 380.8 points for October last year to 368.9 points for October this year.
In real terms (after adjustment for the effect of inflation) annual price deflation continued across all three segments of housing up to September 2011, impacted by rising headline consumer price inflation, which reached a level of 5.7% year-on-year (y/y) in September.
The average real price (at constant 2008 prices) of houses in the middle-segment of the market was in September this year about 13% below its peak of mid-2007. This was the result of average nominal house price growth being below the average headline consumer price inflation rate during this period.
The average nominal house price was R734,800 for small homes, R1,009,500 for medium-sized homes, and R1,475,800 for large homes in October 2011.
While small houses continued its downwards trend.
(I-Net Bridge) - Nominal house prices continued to improve in two size categories (medium-sized and large) in October, while small houses continued its downwards trend according to Absa Home Loans.
According to Absa's calculations, the nominal value of homes in the medium-sized (building area of 141 square metres-200 square metres) increased to 404.1 index points from 386.7 a year before and large sized homes (building area of 221 square metres-400 square metres) improved to 405.2 index points from 397.3 for the comparative period a year ago.
Small houses (building area of 80 square metres-140 square metres) declined from 380.8 points for October last year to 368.9 points for October this year.
In real terms (after adjustment for the effect of inflation) annual price deflation continued across all three segments of housing up to September 2011, impacted by rising headline consumer price inflation, which reached a level of 5.7% year-on-year (y/y) in September.
The average real price (at constant 2008 prices) of houses in the middle-segment of the market was in September this year about 13% below its peak of mid-2007. This was the result of average nominal house price growth being below the average headline consumer price inflation rate during this period.
The average nominal house price was R734,800 for small homes, R1,009,500 for medium-sized homes, and R1,475,800 for large homes in October 2011.
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