The interest rate hike announced by the Reserve Bank on Thursday (24 January) means homeowners will be paying extra on their monthly bonds in South Africa.
While the rate hike was largely expected, the central bank still faces a particularly delicate balancing act, said Dr Andrew Golding, chief executive of the Pam Golding Property group.
“While an unchanged repo rate would have been preferred, this moderate approach has in all likelihood already been factored in by the housing market.” According to the Pam Golding Residential Property Index, price growth has now peaked in all major regional markets, with the Western Cape recording the strongest growth rate of +6.3% in February 2022, followed by +5.4% in KwaZulu-Natal and +4.2% in Gauteng.
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