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The Reserve Bank on Thursday kept the repo rate unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago said.
It is relatively straightforward to make a good property investment when the economy and housing market are booming.
Home buyers and those with mortgages will be encouraged by today’s announcement by the Monetary Policy Committee of a 25 basis point reduction in the repo rate, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
While the residential property market in general has been experiencing a reduction in activity over the past two years, there are definite signs of a positive shift in the marketplace.
Bree Street will soon be home to the tallest residential development in Cape Town’s central city - the eponymous ‘16 on Bree’. Pam Golding Properties is marketing the luxury lifestyle development that will offer residents an exclusive, urban experience in the heart of the Mother City.
The raising of the threshold for transfer duty on properties sold for less than R900 000, up from R750 000, as announced in today’s National Budget, is positive news as it provides some relief for first time home buyers, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
International real estate advisor Savills has today (14 February 2017) announced that its existing associates in South Africa, Pam Golding Properties and 5th Avenue Africa, have joined forces to create a new venture.
If Sandton, the financial centre of South Africa, has been impacted by the national economic slowdown, the city appears, at least physically, to show little sign of this.
The announcement by the Monetary Policy Committee meeting that the repo rate remains unchanged is surely what is needed to help fuel increased activity in the residential property market, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
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.