Experts applaud decision on interest rate

The Reserve Bank Monetary Policy Committee recently decided to keep the interest rate on hold, which is good news for people who have been considering buying or selling property in Roodepoort. It has also been a decision that has been praised by various industry experts.

When looking to stay updated on the most important matters in the property market, it is a good idea to regularly visit the Private Property website, as they have a wide range of news updates along with listings of property from around the country.

Talking to Seeff Property Group recently about the repo rate, there was a positive response to the decision to keep the repo rate at 6.75% (base home loan rate at 10.25%). This is due to the fact that consumers already had to deal with an increase last year.

Seeff are looking at 2019 with optimism, having labelled 2019 as the ‘year of great expectation’.

Despite the fact that inflation is still causing some concern, they pointed at the reasonably stable rand, lowering fuel prices and the fact that Moody’s hadn’t downgraded the credit rating as positive steps. And although they expect the property market to remain in a weakened state in the first half of this year, they are confident that things will start to turn around halfway through 2019.

Looking at some sectors of the market, they felt that the “have to buy and have to sell” sector will continue to tick over despite the difficult conditions. This sector is made up of people with homes valued from around R1m to around R3m and Seeff say that people entering the market with well-priced properties will not have to wait too long to knock up their sold signs.

Experts are warning that the experience can be vastly different from case to case, so it is best to work with an expert in your specific area, as they will have a better understanding of the trends in and around your neighbourhood.