THE Absa House Price Index rose to 360,6 last month from 358,9 the previous month, data released on Friday showed. Absa said in its commentary that house price growth is slowing down further, with nominal house price growth of 8,7% year-on-year recorded in the middle segment of the market last month, compared with a revised growth rate of 9,5% in February.
Average nominal house price growth came to 9,5% in the first quarter of the year compared with 12,4% in the final quarter last year.
Go to the rest of this I-Net bridge story on Business Day.com here.
My Rosebank: Standard Bank says it is already going backwards, that a house worth R550 000 last year would be R520 000 this year. Something like that.
The risk with buying a house, and usually you don't even have to THINK about it, is that you can buy a house Worth, say, R750 000 today, and pay X interest on it. Then the market can turn, you sell the house (say for R600 000) but you still paying off your mortgage and probably at a higher interest rate.
2 comments:
And then the council comes up with insane valuations on your property for their new rates structure.
I responded to them that if they wished to value my house at what they currently believe is its value, then I would like one of them to put in an offer to purchase and I will accept immediately.
:-)
Do you have a house around here?
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