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29 May 2014
FROM THE EDITOR

In this week's Newsletter, although Statistics SA has reported that South Africa’s economy shrunk by 0.6% in the first three months of the year, Dr Andrew Golding, CE of the Pam Golding Property group is adamant that South African residential property market is at last showing signs of a healthy recovery, having slowly but steadily recuperated from the recession of 2008. Read the articles titled Economic growth down and SA property market healthy for more.

In an article Repo rate stability welcomed, Samuel Seeff, chairman of Seeff Property Services explains why he believes that the decision by the Reserve Bank's Monetary Policy Committee to retain the repo rate at 5,5% is a welcome reprieve for the property market and will further boost buyer confidence. Read a full story below.

We also have some useful tips for both the home buyers and sellers. According to Lanice Steward, managing director of Knight Frank Residential SA, when buyers and sellers of property enter into a written agreement, they should not do so lightly or without some legal help from an experienced attorney in making sure that the wording is correct if they choose to do a contract without a registered estate agent. To find out why that is, read Don't assume second contract overrides the first.

We then take a look at a town that is fondly known as SA's “retirement capital” thanks to several large developments catering especially to the needs of retirees, Howick. According to David Patrick, principal of a local agency, Harcourts Greenacres, Howick is now attracting younger families, thanks to its proximity to some of the country's top schools. Read an article titled Howick not just for 'Golden Oldies' for more.

Enjoy!
The editor


Property of the Week

Kalk Bay, Cape Town, Western Cape, South Africa
Dual living residence overlooking the sea

News

SA property market healthy
The South African residential property market is at last showing signs of a healthy recovery, having slowly but steadily recuperated from the recession of 2008...

Economic growth down
South Africa’s economy shrunk by 0.6% in the first three months of the year, Statistics SA has reported....


Unhappy Sacci worried about shrinking South African economy
The SA Chamber of Commerce and Industry (Sacci) on Tuesday expressed concern about South Africa's shrinking economy...

Repo rate stability welcomed
The decision by the Reserve Bank's Monetary Policy Committee to retain the repo rate at 5,5% is a welcome reprieve for the property market and will further boost buyer confidence...


Residential property sellers increasingly using the acceleration clause

In the current South African residential property market, certain sectors are now in exceptionally strong demand and are slanted in favour of the seller...


Building regulations must be checked and approvals gotten
The introduction of the Building Standards and Building Regulations Act, which requires all owners of property who intend to alter their homes get municipal approval for the work, no matter how small the changes are, could lead to some confusion...

Don't assume second contract overrides the first
When buyers and sellers of property enter into a written agreement, they should not do so lightly, nor without some legal help from an experienced attorney in making sure that the wording is correct...

Important to have a contract if buying a property as co-owners
Many young people of today will choose not to get married but will live with their partners and buy their home jointly. With so many people with families dependent on the fact that they co-own a home...

Checking boundaries is an essential part of an estate agency's duties
In residential property transactions which have received the Estate Agency Affairs Board’s approval, many standard Offers to Purchase/Deeds of Sale contain a clause stating that the seller is not responsible for pointing out the land survey beacons of the property...

Ensure that occupational rental amounts are agreed to at the outset
One of the more contentious and less understood clauses in many estate agency groups’ Agreements of Sale documents is that relating to the charges which can be levied if the seller stays on in the premises for a time after the transfer has taken place...

Improving your chances of securing a rental

With demand for rental properties continually increasing and inventory shortages experienced throughout the country, it might be quite a task for tenants to find the right property...


How to deal with non-payers of accounts
Owners of units in sectional title schemes who do not pay their levies place an unacceptable burden on the other members of the scheme, and in some cases the trustees even have to resort to raising a special levy...

The right information is key
Aspirant homeowners who are working with a reputable real estate agent will benefit greatly if they provide their agent with the right information...

Things to ask before buying sectional title or HOA properties
With the positive changes in the property market, there has been an increase of development, which is a much welcome change after the dearth of the last few years, but purchasers who are considering buying into a sectional title or HOA run development should have a list of questions...

Trustee nominations and elections
The time of year has come again, where AGMs in sectional title schemes are being held and the trustee’s terms would have come to an end. Nominations and elections will be held but it is sometimes very difficult to motivate owners...

Tenants should always deal with the agent mandated
Situations will sometimes arise where a tenant’s relationship with the agent has become difficult and he does not want to deal with him and prefers to deal with the landlord directly, but the problem here is that, firstly, the agent has been employed by the landlord...









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Focus On

Kalk Bay, Western Cape, South Africa
Kalk Bay is an unpretentious bohemian fishing village which lies between the mountains and the sea and is just 25 minutes' from Cape Town. Home to one of the last remaining working harbours in South Africa...

>> View properties in Kalk Bay

In The Area

The areas we are going to take a closer look at this week are;

  • Karoo
  • Mossel Bay
  • Kempton Park
  • Howick
Booming interest in Karoo homes
There are many reasons why interest in Karoo property is currently so high and is being spurred on - with the four main drivers being value for money, the quality country lifestyle on offer, escaping urban pressures and the need to ‘get away’...

Holiday-home buyers back in Mossel Bay
Investor confidence in Mossel Bay on the Garden Route has improved markedly and sales of holiday homes in the town have picked up accordingly in recent months...

Kempton Park gears up for more growth
Planned residential and commercial development in Kempton Park will boost the town’s already buoyant property market over the next decade...

Howick not just for 'Golden Oldies'
Howick, fondly known as SA's “retirement capital” thanks to several large developments catering especially to the needs of retirees, is increasingly also now attracting younger families...

News Continue

Time for share block has gone
There is really no good reason now for any block of flats or group housing scheme to be run as a share block company, and those that are should be converted to sectional title without delay...

A good garden equals good health
Growing herbs at home is a fun, money-saving hobby that also happens to be good for your health. In addition to flavouring up your favourite dishes, herbs are filled with antioxidants and essential nutrients...

There's no sitting on the fence
With a change in legislation in May 2009, it has since become compulsory for sellers to be in possession of and provide the buyer with a valid Electrical Certificate of Compliance or ECOC...

 

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Tivvit Property Count 29/05/14

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"This is not advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that formal advice be sought before acting in any of these areas."

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