Finance Minister Pravin Gordhan made an announcement that the Transfer Duty threshold on home purchases will be raised.
The previous limit on property to attract a 'no transfer cost' was R750 000. It is now R900 000 as announced by the Finance Minister in the 2017 Budget speech on Wednesday.
Steven Delit, property expert with Remax, says this will make a difference and it was not a wise decision. He says government will lose money on transaction costs for for first time home buyers buyers.
Every transaction that goes through is R4500 less and I don't think they understood the impact of this.— Steven Delit, property expert with Remax
Listen to the implications of this decision below: