Interest rate hikes have hit homeowners hard in South Africa, but the end is in sight.
Debt data shows that the average homeowner with a bond has been paying almost R5,000 more every month since the interest rate hike cycle started, but relief is expected to begin in October.
According to Lightstone’s data for the first quarter of 2024, the average property value in South Africa stood at R1,377,014. This has rippled across homeowners with existing loans as well as first-time homebuyers in the country. Inflation numbers from Stats SA surprised on Wednesday , dropping from 5.1% in June to 4.6% in July.Yvonne Mhango, Bloomberg’s Africa Economist, said this would kick start the rate-cutting cycle in September.
Investec’s chief economist, Annabel Bishop, mentioned that while the possibility of a US recession is not the base case, the slowdown of the US economy creates a strong likelihood of an interest rate-cutting cycle starting in the US from September.
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