Experts pleased by MPC’s decision

Heading into the property market without a full understanding of the current state of affairs can be costly, no matter whether you are buying or selling property in Benoni, so be sure to head to the Private Property website on a regular basis to catch up on all matters relating to the market.

In an update recent, they looked at the interest rate and the decision by the Reserve Bank Monetary Policy Committee to keep things as they are. This was welcomed news, especially after consumers had to deal with a rise in the repo rate last year. Experts also backed the decision, with the repo rate staying at 6.75% (base home loan rate at 10.25%).

When chatting to Seeff Property Group about this decision, they were pleased and looked ahead with optimism. They even went on to call 2019 the ‘year of great expectation’. Sharing this optimism after such a tough 2018 may seem difficult, but they have pointed at the fact that the rand has shown a little more stability, the credit status has not been downgraded and petrol prices have been slipping back down.

They admit that all of the concerns from last year have not disappeared, and inflation is still a concerning matter, but as long as there are no major shocks along the road, they feel that the second half of 2019 could offer vast improvements.

In the property market in particular, they feel as though the “have to buy and have to sell” sector will continue to offer business opportunities. This market consists of homes valued between R1m and R3m, depending on the area, and sees the best results when sellers enter the market with realistic prices.

To maximise success, it is a good idea to find a local property expert that is aware of the current performance in your specific area.