Weekly Property News
Thursday, 01 April, 2010
FROM THE EDITOR

Dear Reader

Easter, a time for families to enjoy. Most home owner will be celebrating Easter this year with a light heart this year as a result of the latest rate cut.

Headlines: The rate cut that was announced last week and the impact it will have on the property industry in 2010 took most of the headlines this week. The rate cut was for sure welcomed and confirmed that buying property is still a good investment. Maybe the banks will be persuaded to easy and approve more mortgage applications.

All these fact and figures are positive indicators that 2010 is indeed the year of opportunity, and that property will continue to be a solidly performing asset over the long term. Adrian Goslett CEO of RE/MAX Southern Africa

Fantastic news, the age of miracles is not yet over! Owen Dormehl, CEO of Dormehl Property Group

Market news: Year-on-year growth in mortgage advances came in at 3,9% in February 2010, unchanged from January. This is based on data released by the South African Reserve Bank. On a month-on-month basis, mortgage advances growth was somewhat higher at 0,7% in February from 0,4% in January. The year-on-year growth in mortgage advances to the household sector improved further to a level of 4,3% in February (3,9% in January) after bottoming at 3,6% in November 2009. Gradual recovery in mortgage advances growth

You can thank Absa, FNB, Nedbank and Standard Bank – SA’s ‘big four’ banks – for the the local property market’s relative resilience. Yes, they broke some common-sense lending ‘rules’ before the National Credit Act was passed, but for the most part they capped mortgage repayments at realistic levels, protecting house prices during the downturn. Property trends, 2010 and beyond

Happy Easter!

Enjoy!
The editor

In This Issue
Featured Property
Western Cape, Wellington

Majestic boutique wine estate nestled on the slopes of the Klein Drakenstein & Hawequas Mountains. This property has magnificent panoramic views. The 58,9ha farm is on three separate titles, and planted to Merlot & Cabernet Sauvignon grapes (60 00 planted vines)...

 
CyberProp Property Count: 01/04/2010

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Properties for Sale: 127,473
Properties to Rent: 9,765

International News

Seizure of Zimbabwean Property 'Drop in the Ocean'

Johannesburg — A Zimbabwean property valued at R2,5m in Cape Town was seized yesterday to cover the legal costs of obtaining an order against President Robert Mugabe for illegally confiscating property from 79 Zimbabwe farmers...


Local News

Rate cut comment - RE/MAX of Southern Africa

Decrease in interest rate good for real estate

Cape Town, 25 March 2010: While it is anticipated that interest rates will increase in early 2011, the fact that the Reserve Bank announced a 50 basis point cut in the interest rate from 10,5% to 10% bodes well for the future of the real estate market...


Rate cut comment - Dormehl Property Group

Owen Dormehl, CEO of Dormehl Property Group says “Fantastic news, the age of miracles is not yet over! The Reserves Bank's decision to reduce the rate by 50 basis points is a very welcome unexpected gift and it will definitely provide a positive stimulus to assist the real estate market's delicate recovery which appears to be taking place”.


Property trends, 2010 and beyond

You can thank Absa, FNB, Nedbank and Standard Bank – SA’s ‘big four’ banks – for the the local property market’s relative resilience...


Gradual recovery in mortgage advances growth

And is forecast to continue to recover gradually during the course of the year.

Year-on-year growth in mortgage advances came in at 3,9% in February 2010, unchanged from January. This is based on data released by the South African Reserve Bank...


Five lessons

A few years ago, when the sugar price was in the doldrums and the property market was ablaze, Tongaat Hulett, with its successful strategy of turning cane land into swanky property developments, was considered a far more interesting bet than stodgy old Illovo with its sugar cane farms...


Beware of panic buying

The following tips from an experienced property professional could help buyers make the right decisions in the coming months...


It pays to keep your price down and sell faster

Sales of residential properties are showing a definite upward trend, and home sellers should take advantage of the situation by aiming for quicker sales rather than raising their asking prices...


Sellers to benefit

It is now only a matter of weeks before South Africa is launched onto the world’s stage and becomes the flavour of the month to a global, televised audience of hundreds of millions of ardent football fans as the country hosts the greatest sporting spectical ever held on the continent...


Give your rental agent a clear mandate

Tough times over the past two years have prompted many private property owners to become landlords, and now low interest rates and prices are also bringing buy-to-let investors back into the market...


Is it time to renovate or relocate?

Lower interest rates don’t always mean that homeowners should upgrade to bigger and better properties. If they have built up substantial equity in their homes, it may be time to access some of it and make alternations or improvements instead...


Huge rental stock shortage in northern JHB

Several of the residential areas lying to the north west of Johannesburg – notably North Riding, Randpark Ridge, Weltevreden Park, Northcliff, Fourways and Bryanston – are now experiencing the worst rental stock shortages they have ever been through, says Sean McCauley, Rawson Properties Northern Region Director...

Focus On

Focus on Wellington, Western Cape, South Africa

Truly the undiscovered jewel of the Cape, steeped in history and tradition, tucked away in the foothills of the Hawekwas Mountain Range, close to Paarl. Various attractions and historical sites...


Search For Properties

1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

Search for property in your area

Enter City/Suburb:

In the Area

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

  • Woodstock
  • Jo’bug
  • The Coast
In the area 1 - Woodstock

The rebirth of Woodstock

Baumann’s and Pyotts played an intrinsic role in the commercial life of?Woodstock for decades. The warmly evocative scent of baking used to waft over the suburb if the wind blew in a certain direction...


In the Area 2 - Jo’bug

A definite improvement in the Johannesburg residential property market is evident in the latest results posted by the six Sotheby’s International Realty offices operating across the city – and the interest rate decrease this week is likely to give it a further boost...


In the Area 3 - The Coast

Relocate to the coast and save

If you’re looking for a more relaxed lifestyle and a reasonably priced property to go with it, living in a coastal holiday town could just be the answer...


To the editor

Agent commission still payable even sale falls through

In SA property transactions there have been a number of occasions in which the seller and/or the buyer have tried to do the agent out of his commission, says Ulrik Strandvik of Grant Gunston Attorneys and Conveyancers – and in most cases this has been contrary to the law...

Send your viewpoint to news@cyberprop.com

News from Chas Everitt

Pay extra attention to security during holidays

School holidays and long weekends like those coming up in the next month are the worst times for home burglaries – and even homeowners in secured environments such as cluster developments or residential estates need to take special precautions at these times to avoid becoming victims...


Local News Continue

New law no threat to HOA rules

Even when it becomes law in October, the new Consumer Protection Act will not give homeowners in residential estates unlimited rights to do as they please without regard to the management and conduct rules of their homeowners’ associations (HOAs)...


Rates: valuations unfair?

Market-related valuations of homes for rates adjustments are again the subject of heated debate. Homeowners say the system is unfair and municipalities should find other ways...

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