Interest rate announcement
Jawitz Properties CEO Herschel Jawitz had this to say about the interest rate announcement.
"This was a fantastic opportunity for the Reserve Bank to make a definitive move in the face of declining inflation and a slowing economy to cut interest rates by at least 50 basis points. The uncertainty caused by possible further ratings downgrades and the currency have prevented this. The causes of these factors have nothing to do with global markets but rather the severe political challenges we face in South Africa at the moment. This is a lost opportunity and as a result, the economy and the people of South Africa will continue to suffer for reason that are ours and ours alone!"|
"Aside from the positive financial impact of a rate cut on home ownership and affordability, the impact of consumer confidence would have had an equally positive impact on the residential market. If consumers feel more confident, they will make longer term spending decisions of which buying a home is one of the biggest."