Good news in regard to repo rate

When looking at property on the East Rand, there are some matters that you should be updated on before making your move, whether you are buying or selling, and one such issue is the repo rate. To make sure that you are completely prepared, be sure to visit the Private Property website on a regular basis, as they offer constant updates on all important issues that affect the property market.

During the course of 2018, the repo rate endured a slight increase, but consumers were spared even further expenses when it was decided early this year to keep the repo rate at 6.75% (base home loan rate at 10.25%). This was a welcomed decision from the Seeff Property Group, who praised the Reserve Bank Monetary Policy Committee for keeping things the same.

When talking to Private Property in January, Seeff expressed their opinion that 2019 would be the year of ‘great expectation’. This may seem out of place as many are still reeling from all of the issues that arose in 2018, but the experts point at a stabilising rand, lowering fuel costs, and the fact that Moody’s did not downgrade the credit rating.

They are still keeping an eye on inflation and the sluggish market, but expect the property market to show significant improvement by the middle of the year. Looking at some individual sectors in the market, they also feel that those in the “have to buy and have to sell” sector can still approach the market in confidence.

This relates to those selling in the price range of R1m and R3m, depending on the area. Here, entering the market with a decent price can ensure that your time frames are reasonable, although it is best to pair up with a local expert who has been keeping track of trends during these tough times.