Repo rate decision earns praise across the board

When looking to buy or sell property in Springs, there are a number of things that you need to inform yourself on – and one of those things is the repo rate. To ensure that you are updated on all of these important matters, it is a good idea to visit the Private Property website on a regular basis, as they provide helpful advice from professionals in the industry.

Over the course of 2018, there was a lot of negative headlines to deal with, but at the start of this year there was some welcome news regarding the repo rate, as consumers were spared from another increase. The Reserve Bank Monetary Policy Committee decided to keep the rate on hold, with it staying at 6.75% (base home loan rate at 10.25%) and this decision was appreciated by industry experts.

Private Property spoke to the experts at Seeff Property Group about the matter, and they were pleased with the outcome, saying that they expect 2019 to be a ‘year of great expectation’. They discussed a number of reasons for their optimism, with some being the fact that the rand had somewhat stabilised in recent months, while petrol prices were dropping instead of skyrocketing. There was also the matter of Moody’s keeping the sovereign credit rating.

Of course, there are still some issues to keep an eye on, including inflation and the slow economy, but as long as there are no major surprises, consumers can expect positive changes as we get further into this year.

They also spoke about some of the sectors in the market, with the “have to buy and have to sell” sector expected to continue performing as normal. This talks to the part of the market where homes are valued between R1m and R3m, and the experts say that as long as sellers enter the market with a well priced option, they can expect reasonable timeframes to conclude a sale.