Average nominal house prices in Metro remain flat

OCTOBER 7, 2014

Average nominal house prices in Port Elizabeth and Uitenhage dropped marginally by 0.1% between the first and second quarters of the year, according to figures published by ABSA.

Year-on-year, the figures shows that average nominal house prices for Port Elizabeth-Uitenhage increased by 3%.

The statistics show that Port Elizabeth-Uitenhage was the only metropolitan region to register a decline between the first and second quarters.

Further, the 3% year-on-year figure is the second lowest after the East Rand (2.3%).

The ABSA figures show that average nominal house prices in Port Elizabeth/Uitenhage for small houses between 80 and 140 square metres declined by 3% between the first and second quarters of this year but increased by 9% year-on-year.

The average nominal prices for houses between 141 and 220 square metres in Nelson Mandela Bay dropped by 11.2% quarter-on-quarter and 14.9% year-on-year.

The figures show that the price of large houses, between 221 and 400 square metres did not fare quite as badly, drop-ping by 5.5% between the first and second quarters of 2014 and by 4.4% year-on-year.

The statistics for East London generally follow a similar pattern, with average nominal prices for small houses increasing by 1.9% q/q and by a substantial 11.9% y/y.

The average nominal price for houses in East London in the medium category dropped by 3% and 6.1% respectively, while in the large segment of the market prices dropped 3.7% q/q but increased by 9.6% y/y.

Average nominal prices for the coastal areas of the Eastern Cape (all segments) dropped by 0.3% q/q but increased by 0.5% y/y. The figures for all coastal regions were a decrease of 1.6% and 1.2% respectively. - metrominutes

 

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