House prices go through the roof

Hundreds of South Africans might be priced out of the property market as the price of an average house hits the R1million mark.

Hundreds of South Africans might be priced out of the property market as the price of an average house hits the R1million mark.

Tracy French, provincial manager at MortgageSA, says looking at recent trends in house prices on the Absa House Price Index, it is likely that the average price of a home will top R1million.

The nominal house price growth of 15,5percent year-on-year was recorded last month from a revised 15,7percent in March, according to the index. This brought the average price of a house in the survey to R911800. - Isaac Moledi

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