GREAT NEWS: INTEREST RATES DOWN!
Homeowners, buyers, and sellers - it's time to celebrate! The South African Reserve Bank (SARB) has reduced the interest rate by 25 basis points (bps), bringing it down from 11.25% to 11%. This marks the third consecutive 0.25% cut since September 2024 - a total reduction of 75bps-translating into a R516 saving per million rand borrowed, each month. While further decreases are predictedbon, now is the ideal time to take advantage of this positive market shift.
More Buyers, More Market Activity
With improved affordability, more buyers are qualifying for home loans, increasing demand across the property market. At Wakefields, we've seen a steady rise in activity since July last year, driven by improved sentiment around the Government of National Unity (GNU), a more stable economic outlook, declining inflation, and lower interest rates. As affordability improves, more first-time buyers are entering the market, while others can now afford homes in higher price brackets.
Thinking of Selling? Now's the Time!
For sellers, this means heightened buyer activity and faster property sales. Instead of waiting an average of 17 weeks, homes are now moving more quickly as buyers take advantage of favourable conditions. If you've been considering selling, this could be the perfect opportunity to secure a great deal in a market with increasing demand.
Whether you're looking to buy or sell, now is the time to act! Get in touch with us today to make the most of this market shift.
30 Jan 2025
Author Wakefields Real Estate
