The South African Reserve Bank's Monetary Policy Committee decided to keep the repurchase rate at its current level of 8.25% per year, with effect from 21 July 2023. This decision comes as good news for the economy and property market, given the rapid decline in inflation, which is now at 5.4% and within the target range of 3%-6%. Additionally, the Rand-Dollar rate has strengthened.
With the unchanged repo
rate, the market has shifted in favor of buyers, presenting potential opportunities for those who can manage the impact of the higher interest rate on their budgets. This buyer's market may offer favorable conditions for individuals looking to make property purchases.