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Latest rate cut 'great stimulus' for property market - Seeff

With the repo rate being cut by another 25 basis points, prospective home owners are now looking at their options as houses become more affordable.

Picture: 123rf

JOHANNESBURG - With the repo rate being cut by another 25 basis points, prospective homeowners are now looking at their options as houses become more affordable.

South African Reserve Bank Governor Lesetja Kganyago announced on Thursday that the bank was lowering the rate once again to promote growth as the effects of COVID-19 continued to ravage the economy.

The bank has dropped the repo rate by 300 basis points so far this year.

The reserve bank has highlighted subdued consumer spending over the past year and with COVID-19, many have battled to survive financially.

But chairperson of Seeff Properties, Samuel Seeff, said that low interest rates was great news for the property market.

"And we've had quite a stimulus from the buying market, particularly in the below R3 million bracket throughout the country and this is largely due to the decrease in interest rates."

He said that more rate cuts were expected.

"I think we're going to need the cuts to stimulate the economy, stimulate and keep the property market interested."

With repayments now more affordable, many will be looking at their options to buy a home.

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