Experts pleased by decision on repo rate

The decision by the Reserve Bank Monetary Policy Committee to keep the interest rate on hold has been applauded by property industry experts, and will be good news for those looking to sell or buy property in Roodepoort.

The Private Property website offers updates on all of the latest matters concerning the market, and in January they caught up with some industry experts to discuss the recent decision to keep the repo rate at 6.75% (base home loan rate at 10.25%).

The Seeff Property Group has labelled 2019 as the ‘year of great expectation’ and although the admit that inflation is a concern, the reasonable stable rand along with dropping fuel prices and the decision by Moody’s to keep the sovereign credit rating means that the outlook is stable.

Barring any more shocks, an improved year is expected despite the sluggish economy. Right now, according to the experts, the focus needs to be on stability and bringing back confidence, with a feeling that things could change for the better by the middle of this year.

When looking at the “have to buy and have to sell” sector of the residential market, they also pointed out that business will continue as usual. This sector is focused on the price group of R1m to around R3m, and here well-priced properties can still sell within a reasonable amount of times.

Although a weaker market is still expected for the first half of the year, there is some good news for those looking to make their move in 2019. However, it is a good idea to work with an expert in your local market as they are best placed to know exactly what is working in your specific neighbourhood.