Samuel Seeff, chairman of the Seeff Property Group, commented that the Reserve Bank's MPC's decision to retain the repo rate unchanged at 8.25% is important for stability as we approach the elections.
Nonetheless, the market remains upbeat that rate cuts are imminent and should come by mid-year. The economy is in somewhat of an impasse and needs a boost, and with that, the property market too. Seeff says further that the higher than necessary interest rate is impacting on the market, both in terms of sales volumes and prices.
The flat price growth means that property prices in many areas are very similar to what they were two years ago, which is quite unheard of and a huge benefit for buyers. At the same time, many motivated sellers are willing to consider serious offers.
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