Average nominal house prices in Metro remain flat

OCTOBER 7, 2014
Average nominal house prices in Metro remain flat

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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