Tracking local property price movements.

Wondering how the property market is doing in terms of pricing?
Here is a great resource, tracking real local property prices.

Would you believe, one property dropped in asking price by 6.5 Million Rand in Five months since September 2008? From R26m to R19.5m, is a drop of 25%. That is an average rate of 5% per month, or an average 60% per annum!
See: Leopard Rock

Or how about this one...
... a drop in asking price of 68.57% in only 3.5 months!
Extrapolate that to an annual rate and it seems they will pay you to take this place off their hands! OK, that's a bit cheeky, but REALLY... a drop of almost 70% in under 4 months?
Details: One-Third share in 18 kloof gardens, Lelieskloof dropped from R199,500.00 on 31 October 2008 to its current price of R62,700.00, a saving of R136.800.00

Here's the site: property-southafrica.net (Click to open in new window)
Have fun!