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House price growth to stay in narrow range

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Cape Town - The forecast is for nominal house price growth to remain in a relatively narrow range of between 3.5% and 4.5% in 2016 and 2017, Jacques du Toit, property analyst at Absa Home Loans, said on Tuesday.

Real price deflation of between 1.5% and 2.5% is projected over this period, taking account of the outlook for headline consumer price inflation.

Nominal year-on-year growth in home values, based on Absa’s house price data, slowed down further in the third quarter of 2016, whereas prices deflated in real terms across most segments. These house price trends were the result of a range of developments on the economic and consumer front during the year, according to Du Toit.

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