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Johannesburg - Steady interest rates, declining house prices and near double-digit wage inflation are improving housing
affordability, a survey by FNB showed on Tuesday.
FNB said with wage inflation averaging 8% in Q2 and Q3 this year, the average house price/average remuneration index was likely to be on a declining trend. In addition, the cost of an instalment on a house is expected to be declining, after being on a steady rise due to interest rate hikes, given the 3Q sideway movement in interest rates.
Meanwhile, house price inflation continued its declining y/y inflation trend, from a revised 2.2% in September to 1.1% last month, the FNB house price index showed on Tuesday.
In real terms, that puts the September deflation rate - deflated using the CPI - at -9.6% y/y.
- I-Net Bridge