PROPERTY NEWS - The improved sentiment in the country has helped contribute to an improved housing market, which is good news for those looking for property for sale at present.

This was helped with the recent decision by the SA Reserve Bank's Monetary Policy Committee to keep the repo rate unchanged, with it staying at 6,50%, with the base home loan rate of 10%.

Group CEO of the Seeff Property Group, Stuart Manning, says that although the economy has not enjoyed a significant uptick just yet, the improved sentiment following the appointment of President Cyril Ramaphosa has made some impact. This was tainted slightly due to the land expropriation concerns, but the ANC's national executive committee cooled things by revealing that it would first be tested with the Constitution. Added to this, the new President stated in parliament that everything would be done with economic growth and food security in mind.

In the property market, Manning said that there is a positive outlook as long as the country can manage some of the speed bumps along the way. This includes consumers having to take in the recent VAT hike as well as the rather large increase in the petrol price.

There were positive signs in the Gauteng market which give reason for the optimism, with a variety of transactions taking place that broke the R20 million mark. Movement in the upper end of the market is significant as this signals the start of recovery.

However, there are still visible signs of the struggle from the last few years, with the Cape metro having to combat the effects of drought, slower tourism and the poor economy.

Banks have been more willing to grant home loan approvals in recent months though, which has seen the lower to mid-market become more active, while it has also resulted in house prices rising in some areas around the country.