"With inflation under control, it was hoped that the Monetary Policy Committee would today reduce the interest rate by a further half a percent," Golding said.

"This would have helped provide a stimulus to the economy, particularly amid concerns regarding business confidence and with consumers remaining under pressure as a result of increased electricity tariffs."

Golding pointed out that having so successfully hosted the soccer World Cup South Africa has an opportunity to capitalise on the positive sentiment created by it, and the general morale boost South Africa has received.

"As far as the performance of the residential property market is concerned, while the market has improved especially in terms of numbers of transactions, this is off a low base and furthermore there is no marked price movement evident," he said.

"A further reduction in the interest rate would have provided a much-needed shot in the arm for the housing market and would noticeably impact on the market over time, as well as help boost the economy and create further positive sentiment in general."

He said that his company has a 30% improvement in sales volumes (i.e. units sold) year on year to date, key factors hampering the market continue to be limited access to credit and affordability.

"This means that in the present market, correct pricing of properties is even more critical than ever, as buyers are faced with affordability issues and have a good selection of properties from which to choose," he said.

"Currently we are seeing all price segments of the market faring more or less in a similar fashion, apart from the very high end niche market or über-prime market, which due to its nature, is dictated more by demand based on uniqueness, ultra-prime location and special characteristics rather than price."