South African property market braces for interest rate hike as SARB decision looms

The expected decision is that interest rates will go up tomorrow(Thursday), and the reason for this is because of the global factors that are driving inflation, particularly administrative prices like petrol and the uncertainty surrounding it.

South African property market consumers are told to expect that interest rates will go up on Thursday, May 28.

This is as South African Reserve Bank (SARB) Governor Lesetja Kganyago will deliver the Monetary Policy Committee statement.

South African consumers have been here before - it is an expected response to what is happening globally, in order to manage a broad set of complex factors, says Benay Sager, the Executive Head of DebtBusters.

“So that should be the expectation: prepare for higher interest rates, so that you can try to budget accordingly,” Sager says.