Decision on interest rate applauded

It can seem a little overwhelming when looking to sell or buy property in Alexandra at present, with the market in a difficult place and so many matters to keep track of. However, by stopping by Private Property’s website on a regular basis, you can gain access to insights from experts in the industry on all of the important matters, which will come in handy when you finally decide to enter the market.

One such important matter is the interest rate. This affects many areas of our life, and also has a direct impact on the market. During 2018, the repo rate was among many things that endured increases, but at the start of 2019, the Reserve Bank Monetary Policy Committee decided that the rate would stay at 6.75% for now (base home loan rate at 10.25%).

The announcement of this decision was applauded by people close to the property market, and experts believe that it signals a better outlook for the year ahead. Private Property discussed the repo rate with Seeff Property Group, and they said that there was reason to smile as 2019 could be the ‘year of great expectation’. The first half of the year is expected to remain a little sluggish, but as long as there are no shocks along the way, the second half is expected to show improvement.

For those who cannot wait that long, there is some good news in the “have to buy and have to sell” sector of the market, which is mainly made up of homes valued between R1m and R3m, as business is continuing despite the tough conditions. Those best placed to enjoy success in a reasonable amount of time are those entering the market with well priced properties and realistic expectations.