Commercial News

Housing inflation increases slightly, Absa index shows

House prices rose a nominal 7.1% on the year in April, accelerating from a 6.8% year-on-year increase in March, Absa’s monthly house price index shows.

Real house price inflation, however, was just 0.5% in March — though that was an improvement from February, when inflation-adjusted prices fell 0.6% from a year earlier.

“The uptick in house price growth was driven by the segment for small housing, with the categories of medium-sized and large housing showing relatively stable price growth in the first four months of the year,” Absa home loans property analyst Jacques du Toit said in Monday’s research note.

Absa bases its data on the middle segment of houses, with a price ceiling of R4.4m and up to 400m² in size.

Within that segment, the average price of small houses (80m²-140m²) increased a nominal 12.4% year on year in April, accelerating from 10.8% in March; the increase for medium houses (141m²-220m²) was 5.3%, almost unchanged from 5.2% in March; while for large houses (221m²-400m²) inflation was slower, dipping to 7.6% from 7.7%.

The average price of a small home was R951,000, a medium-sized home R1.268m and a large home R2.008m, according to applications for mortgage finance received and approved by Absa during April.

Absa forecasts the prime lending and variable mortgage interest rates, currently 10.5% per annum, will be 11% by the end of this year.

“House price growth is forecast to show a marked slowdown towards year-end on the back of trends in and the outlook for the economy and household finances, with some real price deflation projected as a result of expected nominal price growth and inflation trends,” Du Toit said.

 

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