The Reserve Bank’s Monetary Policy Committee Monetary has recently announced that the repo rate is to remain static at 5%.
Riaan Roos, CEO of MSP Developments, comments as follows: “We expected the rate to remain unchanged. Although we’ve seen a slight improvement in the property market this year compared to last, the market remains relatively flat. Consumer indebtedness continues to put pressure on households and their disposable income. Our guess is that property sales will continue to track changes in the economy and gradually improve into an upward curve, albeit from a relatively low base. We don’t foresee any volatility in the property market – and with this in mind we can only encourage new buyers to take advantage of the current stable and low interest rate and to act sooner rather than later.”