In another twist involving the public protector’s office‚ the Minister of Co-operative Governance an.
The average nominal price of middle-segment housing dropped by 0.4percent year on year in March 2009 to around R961800, after declining by a revised 0,2percent year on year in February.
On a month-on-month basis, nominal house prices have been declining since mid-2008, after peaking at R965800 in May.
Middle segment house prices were down by 8,2percent year on year in February, while declining by 7,6percent year on year in January.
"House prices are declining in real terms since August 2007. Real house price calculations are based on the consumer price index for all urban areas, available from January last year, as published by Statistics South Africa," the bank said.
It noted that house prices declined the most in the large segment on a year-on-year basis, and the least in the small segment in recent months.
"This is an indication of the upper end of the market being under much pressure, with more buyers opting for smaller and more affordable housing." - I-Net Bridge