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House price growth still down, mainly for high-end properties

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The housing market is under increasing pressure, with national house price growth continuing to weaken, states the Rode Report for Q2 of this year.

FNB data shows that nominal house price growth slowed to 1.9% year on year in April 2020, down from 2.5% in March, and the lowest since end 2009.

This implies that prices have continued to decline in real terms after removing inflation from the equation, says editor-in-chief Erwin Rode.

“The housing market is still a buyers’ market due to the oversupply, most significantly at the high end of the market, where sales volumes have declined drastically. The very low end of the market remains the best positioned as demand still exceeds supply.”

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