According to Samuel Seeff, chairman of the Seeff Property Group, property transaction volumes have plummeted by 25% to 17,350 monthly average compared to 23,100 in 2021 when the interest rate was at 7,25%. House price growth declined to below 1% nationally. Delays in cutting the interest rate are doing more damage than good to the economy and property market.

He stated that with so much positivity in the country at the moment, the Reserve Bank should harness that.

• The formation of a Government of National Unity (GNU)
• More market-friendly cabinet
• Foreign investment that is flowing into SA stocks
• The JSE has picked up
• No Eskom outages for over 100 – days

He said that this positivity should now translate into an interest rate cut. Also that this is the longest period that the interest rate has been kept at such a high level, and that positive growth in the real estate sector is also a catalyst for further housing and infrastructure development and growth.