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House prices have only risen by 3.3% in 2017

uphill roadNovember’s year-on-year house price growth was 4.6%, according to the FNB House Price Index. This is mildly up from October’s 4.4% year-on-year.

“Examining the year-to-date average, though, it appears most probably that, despite the recent monthly year-on-year acceleration, average house price growth for 2017 as a whole will be not far above 3%, down from an average 4.7% in 2016, and the third consecutive year of average house price growth slowdown,” said John Loos, FNB’s household and property sector strategist.

Using October’s CPI (Consumer Price Index) inflation data, house price growth was in mildly negative territory of -0.4% year-on-year.

“With 11 months’ worth of house price data already available, the annual average year-to-date house price growth for 2017 sits at 3.3%, down from 4.7% in 2016, and a multi-year high of 7% reached in 2014,” said Loos.

The average price of homes transacted in September 2017 was R1,103,092.

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