The rapid decrease in housing prices that we have seen in the most part of 2011 is predicted to continue for at least the rest of the year, if not into the most part of 2012.
In the short term, those investing in residential property is likely to lose the homeowner money. However, Citibusiness is questioning whether those lucky enough to have the choice between renting or buying, should be making the investment in property or taking out a more short-term contract and rent?
According to Absa’s senior property analyst, Jacques du Toit, since 2004 the year-on-year house prices have increased by around 30%.
However, it will shock no one that housing prices saw their greatest declines after the financial crisis of 2008/9 with housing price growth staying firmly in the red for the majority of 2009.
While in the far future, and following previous trending in house prices, things are set to improve, the near future predicts a long road to recovery.
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