City of Joburg sees surge in houses up for auction

JOHANNESBURG - The City of Johannesburg is seeing a surge in houses being sold at auction.

Experts have cited high inflation and interest rates as the main contributing factors.  

This comes as South Africa has been sitting in a 15-year high interest rate cycle, with the repo rate stuck at 8.25 percent and the prime lending rate at 11.75 percent for the past 14 months.

Denese Zaslansky, CEO of the Firzt Realty Group, discusses this further.