Praise given after repo rate stays the same

There was some positive news to start the year, if you have been keeping track of the updates on Private Property’s website, with the Reserve Bank Monetary Policy Committee keeping the repo rate on hold – which is good to hear if you are looking at buying property in Vereeniging.

Considering the obstacles that most people had to overcome in 2018, more changes to monthly debt payments could totally sink budgets. For this reason, industry experts applauded the decision to leave the rate as it is, and feel that there are even better times ahead.

Private Property caught up with experts at the Seeff Property Group after it had been revealed that the repo rate would stay at 6.75% (base home loan rate at 10.25%), and they labelled 2019 as the “year of great expectation”.

They backed up this claim by pointing out that despite the sluggish economy, the rand had shown signs of being relatively stable while fuel prices had been falling and Moody’s avoided downgrading the credit rating. Inflation was also a concern, but if there are no more sudden shocks, they believe that the second half of this year will show steady improvement in the market.

They also took time to discuss the “have to buy and have to sell” sector of the market, which is made up of property prices between R1m and R3m, where they feel that business will continue as per normal despite all the goings on. They say that people in this sector can also expect their property to sell within a reasonable amount of time.

To ensure the quickest turnaround times, they say that you should look to pair up with a local expert that has vast knowledge of the area you are selling in, as well as understands current trends in the tough market.