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The decision by the Reserve Bank to keep the repo rate unchanged at 8.25% is hugely disappointing for the property market and economy, comments Samuel Seeff, chairperson of the Seeff Property Group.
In some instances middle class homeowners have been paying up to R1,500 to R3,000 per month more on their home loans on top of other above average credit and living cost hikes. The burden on consumers and the economy is too high. Seeff says the interest rate has now remained unchanged for well over a year. It is higher than what it was following the 2007/8 Global Financial Crisis. It has resulted in significant value erosion in the property market, which is down by about 25%, while price growth has stalled to below 1%.
Nonetheless, Seeff says the market remains positive that an interest rate cut must now come soon as there is more than enough reason for it. This is good news for buyers who should take advantage of the flat prices while they can in view of the outlook of rate cuts ahead.
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