House prices on the increase

House buying costs in South Africa
House buying costs in South Africa

The average house price has increased by over five percent in the past year, bond originator ooba announced on Monday.

“The property market is gaining confidence and we expect property prices to continue to show positive nominal price growth for the year ahead,” the company said in a statement.

The average house price reached R894,510 in January 2013, up 5.2% from R850,589 in January 2012.

The market was driven by first time home buyers. “First time home buyers continue to drive the market, with over 51% of ooba’s applicants in January being first time buyers.