House prices fell a further 0.7% year-on-year in February, according to the latest oobarometer released by mortgage originators ooba.
According to the barometer, the average purchase price was at 827,553 rand in February 2009 compared with 833,461 rand in February 2008.
'Property prices continue to fall in the tough economic climate,' said ooba chief executive Saul Geffen.
'We expect to see house prices decline further before they begin a recovery in early 2010.'
The Times (Johannesburg)