Property Brief - June 2023

Home loan applications have remained comparatively steady during the12 months to end-May 2023, and similar to levels seen in Q4 2022.Despite evidence that South Africa’s inflation rate has peaked and started a downward trajectory, the Reserve Bank raised the repo rate by another 50 basis points in May, the tenth rise in a row. South Africans will be hoping that the latest decline in the Consumer Price Index, to below 7%, will end the current rate-hiking cycle. This could pave the way for an uptick in the property market later this year and into 2024.