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The Reserve Bank has decided to keep the repo rate unchanged at 7% per annum, Reserve Bank Governor Lesetja Kganyago said on Thursday.
“We welcome today’s decision by the Reserve Bank’s Monetary Policy Committee to maintain the repo rate at 7% as it provides some relief to consumers dealing with rising food inflation and taxes”, says Bruce Swain, CEO of Leapfrog Property Group.
Estimated 1st time buyer percentage sees a rise for the 2nd successive quarter.
Diversified property REIT, Texton Property Fund Limited (“Texton”), today announced sound interim results, declaring an interim dividend of 47,95 cents per share.
Fairvest Property Holdings Limited (“Fairvest”) today announced another set of strong results for the first six months of the 2017 financial year, with distributions increasing by 9.57% year-on-year.
The FNB House Price Index for 2016 as a whole rose by 5%, slower than the 7.2% and 6.5% for 2014 and 2015 respectively.
While economic growth is expected to be mildly better in 2017, this is not yet expected to be enough to turn Real Household Disposable Income growth positive on a per capital basis.
Retail Sales growth tends to be more cyclical than overall economic growth, outperforming the latter in good times, but often underperforming economic growth in tougher times.
The residential property market has had its ups and downs during 2016 as the economy stagnates, the Reserve Bank started hiking interest rates again and consumers struggle with household debt-to-income.
While political and economic uncertainty is likely to continue across the globe next year (2017), it is hoped that local economic growth will be modestly stronger, which will be more supportive for the South African housing market, says Dr Andrew Golding, CE of the Pam Golding Property group.