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Middle-segment house price growth lowest in 4 years

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(iStock)
(iStock)

Cape Town - The average nominal value of middle-segment homes in South Africa slowed down further in August to its lowest level in almost four years, Jacques du Toit, property analyst of Absa Home Loans, said on Friday.

In August, nominal price growth of 3.8% year-on-year (y/y) was recorded in middle-segment housing, with real price deflation of 1.7% y/y registered in July. Du Toit said monthly nominal price growth has been on a declining trend during the course of the year.

In real terms - therefore, after adjustment for the effect of consumer price inflation - house prices contracted on a year-on-year and month-on-month basis in the first seven months of the year.

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