High praise for repo rate decision

The repo rate is something that affects all forms of debt, and if you have been looking at property in Scottburgh, then the recent changes will still be fresh in your mind. However, if you have been staying up to date on all industry news on the Private Property website, then you will know that there was a decision early this year to keep the rate on hold.

This came as positive feedback for consumers, and experts within the industry have praised the move by the Reserve Bank Monetary Policy Committee to ensure that the rate remained at 6.75% (base home loan rate at 10.25%).

Sharing their outlook for the year ahead, Seeff Property Group told Private Property that 2019 would be the ‘year of great expectations’. To provide more context to their claim, they discussed the fact that the rand has been relatively stable in recent months, while the fuel price has continued to drop and Moody’s did not downgrade the country’s credit rating. The sluggish economy and inflation are still a bit of a concern, but they said that barring any surprises, people can expect some positive movement by the midway point of the year.

They also looked at the “have to buy and have to sell” sector of the property market, saying that business here was still healthy and not expected to change. This sector is made up of people selling properties between the prices of R1m and R3m, and they are currently seeing their properties move in a reasonable amount of time.

To ensure that you enjoy the best possible experience in the market, they advise that you turn to local experts who will understand the current trends in your area, and assist in making your property more attractive in a tough market.