An average-size house in South Africa now costs more than R1m.

This is according to Absa bank’s annual house price index, released on Tuesday.

ABSA said property prices took a sharp dip earlier this year due to the global recession but the bank’s Jacques du Toit said the trend was changing.

“Prices have edged up gradually, although during the first couple of months of the year, we’ve seen prices declining. In the most recent months, we’ve seen prices pick up again and that has just pushed the average price above a million rand,” said du Toit.