The South African property market and economy have been dealt a blow with the Reserve Bank’s decision to keep the repo rate at 8.25%, causing frustration and disappointment among industry figures. The high interest rate, combined with rising living costs and a stagnant economy, is putting pressure on everyday South Africans, particularly middleclass homeowners. Despite this, there is hope for the future, with anticipated interest rate cuts and the Government of National Unity’s potential to drive economic growth. Homebuyers may find themselves on the brink of a golden opportunity amid the current challenges.
Zimbabwean footballer, Willard Katsande, known for his time with the Kaizer Chiefs, faces the possibility of losing his second home in Johannesburg. In February, The South African reported that the former defender’s R2 million house was at risk. Recent reports from Zimoja reveal that Katsande’s second residence went up for auction on 25 July. However, the auction proved unsuccessful as the reserve price of R1,667,418.15 was not met.
Green Point, a picturesque suburb in Cape Town, continues to be a popular choice among property buyers. Its stunning sea views and convenient location near shops, restaurants, and recreational spots make it an easy choice for investors and home seekers who value an urban lifestyle.