Nominal house price growth is down to a level of only 1.7 percent year-on-year in August, Absa said on Thursday.

This was the lowest growth rate recorded since January 1993.

"This has increased the risk of nominal year-on-year price growth dipping below zero," read a statement.

In real terms, house prices were down 9.6 percent year-on-year in July this year, which was the biggest real price decline since late 1992.

Sapa