PROPERTY NEWS
2012 May 10 - Interest Rate Remains Unchanged
The
decision to keep the interest rate steady will continue to positively
boost the economy and particularly the property market, says Deirdre
Fibiger, CEO of Property Network of Southern Africa.It was announced by
Reserve Bank Governor Gill Marcus, that once again the Monetary Policy
Committee had decided to leave the prime interest rate at its current
value of 9%.
So far, the low and steady interest rate has brought many more buyers back into the property sector during the first quarter of 2012 and it is expected that the rate will remain untouched at least until the end of the year.
As confidence in the market grows, previously hesitant buyers are entering the market and purchasing property. Property Network reports an increase in property transactions during the first few months of this year in terms of volumes and values when compared with the same period in 2011.
The highest growth countrywide was in the central region of Gauteng, however, this could be affected later in the year with the introduction of the new e-toll system. Although the toll collection is currently under review, its implementation coupled with the rising cost of living could negatively impact buyers and force them to hold out on purchasing property.
That said, the low interest rates have contributed to consumers reducing their debt and more buyers are now able to show the necessary affordability required by financial institutions to gain access to finance
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So far, the low and steady interest rate has brought many more buyers back into the property sector during the first quarter of 2012 and it is expected that the rate will remain untouched at least until the end of the year.
As confidence in the market grows, previously hesitant buyers are entering the market and purchasing property. Property Network reports an increase in property transactions during the first few months of this year in terms of volumes and values when compared with the same period in 2011.
The highest growth countrywide was in the central region of Gauteng, however, this could be affected later in the year with the introduction of the new e-toll system. Although the toll collection is currently under review, its implementation coupled with the rising cost of living could negatively impact buyers and force them to hold out on purchasing property.
That said, the low interest rates have contributed to consumers reducing their debt and more buyers are now able to show the necessary affordability required by financial institutions to gain access to finance
Back
to Property News Summary Page
View my
Personal News Here
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