Experts praise MPC for repo rate decision

The property market has been a difficult place to be in the last year, but if you have been considering buying or selling property in Mpumalanga, then you will be pleased to know that there won’t be another change in the interest rate at the start of this year.

To ensure that you are always up to date with the latest happenings in the market, it is best to regularly check out the Private Property website, where you will not only find a range of property listings, but also articles with information directly from industry experts.

Towards the end of last year, the repo rate was changed to 6.75% (base home loan rate at 10.25%), and at the beginning of this year, it was decided by the Reserve Bank Monetary Policy Committee that the rate would remain as is. This was a decision that would come as a relief to all South Africans, and the experts at the Seeff Property Group feel that it was the right move.

Discussing the matter with Private Property, they said that 2019 is being regarded as the ‘year of great expectation’ and due to the fact that the rand had shown some stability, fuel prices were coming down and Moody’s had not downgraded the credit rating, the foundation was in place for an improved 2019.

They admit that the first half of the year will remain sluggish in terms of property market performance, but they did feel that the “have to buy and have to sell” sector of the market will continue to perform. This part of the market is made up of homes valued between R1m and R3m, but those looking to sell should enter the market with realistic expectations and prices.

To best combat the difficult conditions, it is advised that you find a local property expert to assist, as they will fully understand the state of affairs in your specific area.