Budget Reaction – RealNet

“Of concern is that Mr Manuel failed to address issues specific to the property industry including rising building costs, shortages of materials and skills, questionable building standards, long planning delays and over-extended property infrastructure said RealNet CEO Tjaart van der Walt, in his reaction to today’s national budget.

“The commitment to stabilising the electricity supply situation is welcome as being key to the future of the property market but it remains to be seen whether promises are converted into deeds.

“Encouraging ‘partnerships’ between government, the financial sector, developers and social housing organisations to address the needs of the affordable housing sector are welcome in that property ownership at these levels creates wealth, but Mr Manuel needs to spell this strategy out in greater detail.

“Increased infrastructure spending and an undefined ‘reinforced’ fight against crime are obviously also welcome commitments in that the property market is very sentiment driven. A commitment to reduce interest rates as soon as possible would have been welcome, based on Mr Manuel’s expectation that inflation will fall to an average of 4,9% in 2009.
Loading comments
More news articles
Guidelines to securing a home loan
29 May 2018
Many young South Africans are working hard to achieve their dream of purchasing their first home. However, the process can be challenging due to the daunting application process, which can take up to 2 years and is often enough to discourage prospective buyers.
read more
Things you should consider before upgrading to a new home
23 Apr 2018
The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
read more