FNB’s survey confirmed data a week earlier from estate agent Seeff which said sellers on the Atlantic Seaboard and in upper Constantia had cut asking prices by up to R10m in the past three months.
“By contrast, lower-priced areas remained resilient, and comfortably in the double-digit [price increase] territory,” he said. “Overall, this marks the slowest growth rate since the end of 2009 and comes as no surprise, given the generally weak economic fundamentals.”to such an extent that affordability had been eroded.
Mkhwanazi said prices being achieved were also slumping, compared with asking prices. Sales in the second quarter were made at 12% below asking prices, on average, compared with 8.2% a year earlier and a national average of 9.9%.
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