The repo rate in South Africa will likely peak at 7.25% by the first quarter of next year, above the pre-pandemic level of 6.5%, FNB forecasts in its latest property barometer. | News24_Business
The repo rate in South Africa will likely peak at 7.25% by the first quarter of next year, above the pre-pandemic level of 6.5%, FNB forecasts in its latest property barometer.The SA Reserve Bank again hiked the repo rate by 75 basis points in September amid concerns over rising inflation. The repo rate is now 6.25%, and the prime rate 9.75%. There is still one more SARB monetary policy committee meeting left for this year, in November.
"Steeper-than-expected interest rate hikes and slower wage growth mean housing affordability is becoming more stretched, suggesting the market will slow further in the coming months." The latest barometer shows the FNB House Price Index moved lower in September, averaging 3.1% from 3.4% in August. This takes the average house price growth to 3.3% in the third quarter of 2022 - lower than the 3.8% reached in both the second quarter of 2022 and third quarter of 2021.
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