The May 'oobarometer' price index recorded a marginal drop in the year-on-year houses prices of 0.5%.
'The oobarometer continues to reflect declines in year-on-year house prices, but at a slower rate,' says Saul Geffen, chief executive of ooba.
'We believe that the recent series of interest rate cuts has provided a turning point in the property market and that we will begin to see the market begin to stabilise by the end of the year.'
The average purchase price according to the oobarometer was 777,277 rand in May 2008 compared to 773,440 rand in May 2009.
The Times (Johannesburg)