Home loan originator ooba, formerly MortgageSA, said that its October oobarometer price index had shown a rise in year-on-year house prices of 9.9%.

'This is the fifth consecutive month that the oobarometer has shown a rise in house prices and it is the biggest increase within that period,' said chief executive Saul Geffen.

The average purchase price according to the oobarometer was R820,885 in October 2009 compared to R746,654 in October 2008.

The month-on-month purchase price also showed a nominal increase of 1.8% from R806,494 in September this year.

Times (Johannesburg)