Residential property prices have tumbled since May, according to Standard Bank's (JSE:SBK) latest Residential Property Gauge - but the bank's economists say there is no cause for alarm.
The bank says there is probably a "bit of a problem with the data", with the National Credit Act (NCA) among the factors skewing the picture.
According to Standard Bank's figures, released last week, the median house price fell back to R585 000 in July, down from R620 000 in June - a drop not far off 6%. The figure for May was R600 000.
A 6% drop in a month?!?!? But of course according to the banks everything is peachy keen.
2 comments:
http://forum.globalhousepricecrash.com
Things seem to be hotting up now!
its official, we now know Standard Bank has a better way of measuring the property market than ABSA:
http://www.fin24.co.za/articles/default/display_article.aspx?ArticleId=1518-25_2160348
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