Tyson Properties CEO, Chris Tyson, has welcomed the announcement on 27 March 2024 by the South African Reserve Banks Monetary Policy Committee to keep the repo rate steady at an unchanged 8.25%.
This comes despite an increase in inflation in February to 5.6% which is close to the top of the Reserve Banks preferred 3-6% range.
Tyson said that the stability that was evident in the Reserve Banks stance ahead of the May general election was good news for the property market which was also holding steady in major centres.
Like most economists around the country, Tyson remains optimistic that there could be a rate cut during the third quarter of 2024, a move that would be good news for the economy as a whole, as well as for job creation and the property market.
Meanwhile, he says the property market in the Western Cape remains strong and the positivity that is evident in the Eastern Cape, KwaZulu-Natal and Gauteng is encouraging.
Post the election and in the event of a much-anticipated drop in interest rates, he expects a surge in first time home purchases as well as a continued upward trend in property transactions countrywide.
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