The South African Reserve Bank (Sarb) has announced a further cut the repo rate by 25 basis points, taking it to 3.50% per annum. This marks the fifth rate cut this year. The decision follows the three-day meeting of the South African Reserve Bank's Monetary Policy Committee. This means that the prime lending rate in South Africa will be adjusted to a historic 7%. Adrienne Hersch, Adrienne Hersch Properties CEO, says the announcement is great news for home buyers and investors looking to get into the property market. "With the prime lending rate having dropped 3% since the start of the year, now is the perfect time to buy a property. A monthly repayment on a R1 million property at the new prime lending rate will now be R7,753. We anticipate this latest announcement to drive huge growth in the South African real estate market, specifically in the R3 million and below category."