Perched on a ridge overlooking Durban's city centre, with views all the way to the Indian Ocean, lies a sought-after collection of suburbs known as Berea.

In the past year, home prices in the first-time buyer sector have grown only half as fast as they did in the previous 12 months, according to the latest statistics from BetterLife Home Loans, SA’s biggest mortgage originator.

The Reserve bank (SARB) Monetary Policy Committee (MPC) decided today to hike its policy Repo Rate by a further 50 basis points to 6.75%, a move that will see Commercial Banks raise their Prime rates to 10.25%.

The SARBs Monetary Policy Committee has raised the repo rate by 50 basis points taking it to 6. 75% during its first meeting in 2016.

Property statistics for the fourth quarter of 2015 released by ooba, South Africa’s largest bond originator, show house prices continued to grow in excess of inflation as the demand for residential property remained buoyant despite a weakening economy.

Home loan market still being driven by first time home buyers.  54% of applications are currently from first time homebuyers.

The China slowdown and current uncertainty surrounding US interest rate expectations has hit emerging markets hard.

Dual currency funding structures can bring stability and robustness to real estate deals in sub-Saharan Africa, as developers and retailers seek solutions to the volatility currently faced in their domestic economies.

South African listed property holds its own compared with other global regions so far this year but economic pressures are set to bring volatility to bear on property markets worldwide.

The repo rate will remain unchanged at 6% per annum, Reserve Bank Governor Lesetja Kganyago said on Wednesday.