SA real estate buyer's hesitation
The recent decision from the South African Reserve Bank to keep the repo rate at 5.5 per cent has pleased professionals working throughout the South Africa real estate markets.
Agents have noticed reluctance from the home buying public to move on to or indeed up the next rung of the property ladder due to the tougher economic climate affecting the country. Most families are feeling the pinch of higher living costs with rising food prices and the cost of fuel and electricity soaring.
The housing industry are hoping that interest rates will be largely left untouched this year which should help to restore confidence among the home buying public especially at the less expensive end of the South Africa real estate market. Many agents report large numbers of potential buyers in this sector waiting for a more balanced economy before actively house hunting.