Property experts praise repo rate decision

Anybody considering buying and selling property in Sandton will certainly have had an eye of the repo rate, especially after the increase that arrived late last year. However, the recent decision to keep it on hold was good news for many, and industry experts have backed the decision as they look ahead to a better year.

Following the Private Property website for news updates relating to the property market is a must if you are considering entering the market, and in January they caught up with the Seeff Property Group to discuss the repo rate. It was decided that there would not be further movement, with the rate staying at 6.75% (base home loan rate at 10.25%).

This plays into Seeff’s outlook for the year ahead, with the group stating that 2019 would be the ‘year of great expectation’. Their reason for this is because the rand has shown relative stability in recent months, while fuel prices have been falling and the credit rating was not downgraded by Moody’s.

They admit that inflation is still a concern, but if there are no more shocks ahead, they expect things to start picking up from the middle of this year.

They also looked at the “have to buy and have to sell” sector of the market, predicting that things would continue as per usual here. This is the market that falls into the price group between R1m and R3m, and they say that sellers in this area can still expect their properties to move in a reasonable amount of time if they enter the market at a decent price.

Their advice for those entering the market is to pair up with a local expert though, as the experience can differ drastically depending on the area that you are selling in.