The value of residential properties have tripled since July 2000 when FNB Home Loans started collecting data for their FNB House Price Index. The index tracks the average price of houses and the rate at which property values are increasing.
A strong, growing property market is usually a sign that the economy as a whole is healthy and moving forward.
The May FNB House Prices Index (HPI) shows that house prices grew by over 11% between May 2009 and May 2010.
That’s 11% growth in your property value in just 12 months!
This was the second consecutive month of double digit growth. The April 2010 FNB House Price Index (HPI) recorded growth of just over 10%.
And, John Loos who is the senior property analyst at FNB Home Loans expects this growth rate could reach up to 15% by the second half of 2010.
Price of an Average House in 2000: R262 000
Price of an Average House in 2005: R565 000
Price of an Average House In May 2010: R786 000
Below is a recent interview about the May 2010 FNB House Price Index with John Loos, property strategist for FNB Home Loans.
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