The Financial Gazette

There will be no rapid turn-around for the housing market, Standard Bank said on Tuesday in its latest residential property report.

This was in spite of the economy emerging from recession in the third quarter of 2009 and showing above-expectations growth in the fourth quarter  of 2009.
Standard Bank’s property book for February 2010 showed that the rate of decline in the median house price continued to slow down.
The smoothed data yielded a rate of contraction of 1,9 percent year-on-year, following a decline of 2,9 percent year-on-year in January 2010.
“Significantly, the smoothed median house prices over the last five months signified a steady, if slow, improvement in the property market,” Standard Bank said.
It added that the nature of the recovery in economic activity and the lack of demand in the early phases of the upswing meant that the property market could possibly be one of the last sectors to improve in 2010.  
Standard Bank also said the large electricity tariff increases, their second round effects and   possible increases in other administered prices such as municipal rates and taxes were not good news for consumers.  — Business Report.