Property News |
04 November 2011
Keep left, pass right! We are all familiar with this road rule, to drive on the left side of the road and to pass on the right. Apparently this rule is not applicable anymore as driving slowly in the right lane is the In thing. It's amazing how few people these days actually know, understand or have the courtesy to obey the Keep left pass right law of the road.
Does the keep left, pass right road rule only apply to our roads or does it also apply to our property industry?
Headlines: House prices in real terms are expected to continue to decline for the rest of the year and in 2012 on the back of rising headline consumer price inflation, which is forecast to marginally breach the 6 percent level by the end of the year and for part of 2012 according to Jacques du Toit, property analyst at Absa Home Loans. Absa: Home prices to fall more
After a brief uptick in year-on-year house price growth as mid-2011 approached, it would appear that a low peak has been reached, and the decline in growth has resumed, according to FNB property market strategist John Loos. After a revised year-on-year growth rate of 5.1 percent in September, the FNB House Price Index for October saw its growth declining to 4.5 percent, he says. Home prices in downward spiral
Market news: Its a buyers market! In October 2011 the Rode Report for the third quarter advised first time entrants to rather rent for the next four to five years, rather than buy, adding not to expect any capital growth in the residential sector during this period. Engel & Völker hold a different view saying renting for less than you can buy and investing in something else only makes sense if you rent with the intention to buy. Buying a property now would mean a buyer can negotiate a very good deal as this is very much a buyers market. At this stage there are also a lot of distressed properties available at below market value that means you will receive better value for your money. Analysts challenge property pundit's call not to buy
Property Count: 04/11/2011|
|Absa: Home prices to fall more|
House prices in real terms are expected to continue to decline for the rest of the year and in 2012 on the back of rising headline consumer price inflation, which is forecast to marginally breach the 6 percent level by the end of the year and for part of 2012 according to Jacques du Toit, property analyst at Absa Home Loans...
|Home prices in downward spiral|
After a brief uptick in year-on-year house price growth as mid-2011 approached, it would appear that a low peak has been reached, and the decline in growth has resumed, according to FNB property market strategist John Loos...
| SA on the radar again for overseas buyers|
The dramatic fall in the value of the rand against currencies such as the US dollar, pound and euro in the past few months has rekindled overseas interest in SA property - and raised the possibility of a significant boost to the local housing market...
|Improved political climate will raise confidence|
There has always, says Bill Rawson, chairman of Rawson Properties, been a strong link between political confidence (i.e. faith in the future of the country) and home buying confidence. Surveys, he said, have shown that political confidence or the lack of it can often be more important than such traditional decision influencing factors as interest rate levels...
|Building wealth through real estate|
Many may think that the current real estate market would not be the ideal environment in which to build a thriving property portfolio, however, what better time to get into the market than when house prices and interest rates are low? asks Peter Gilmour, Chairman of RE/MAX of Southern Africa...
|Smaller home designs now ok and in every way less expensive|
Those who in future years review SA housing trends will look back on the current period as a time when house sizes were cut to levels that had previously been thought non-viable, says Tony Clarke, MD of Rawson Properties and the good news, he adds, is that this had been achieved without too much disruption of family life...
|How to avoid 'cowboy' contractors|
High transfer costs and uncertainty about being able to obtain a new home loan are prompting many homeowners to improve or alter their existing homes rather than move...
| Bankruptcy proceedings - Realcor responds|
Editor's note: We received the following response to the report of Realcor's bankruptcy in Die Burger of the 1st of November.
"Five points that need to mentioned and elaborated on (in response to Die Burger's article on Realcor's liquidation) are...
|You can never be too thorough about property inspection|
The Consumer Protection Act (CPA) gives you recourse if something you buy fails in some way within six months. But when it comes to probably your biggest purchase - your home - who would you hold responsible if the roof was found to be unsound a month after you moved in...
|True cost of actions to the environment|
History may well show that the new National Environmental Management: Waste Act (certain sections of which have not yet been brought into force, but which are due to be implemented at a future date) was one of the most significant laws ever brought onto the statute books of South Africa, says the Gunstons Attorneys director, Garth Watson...
|Weak rentals spoil buy-to-let|
A surprisingly mediocre rental market is contributing to a weakening buy-to-let market, according to FNB's Estate Agent Survey for the third quarter...
|Inefficient managing agents or trustees|
There has recently, says Lanice Steward, MD of Anne Porter Knight Frank, been considerable publicity in the property media about how sectional title owners, managing agents or trustees can and should deal with non-paying or badly behaved members...
For Properties |
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the Area |
The areas we are going to take a closer look at
this week are;
the area 1 - Tshwane|
Bad buildings continue to plague Tshwane
A month ago, the Tshwane Metro Council resolved to tackle problems related to bad buildings...
|In the area 2 - Langebaan|
Property investors are drawn to Langebaan because of its white sandy beaches and idyllic seaside lifestyle, says Maurice Lodewick, Broker/Owner of RE/MAX Lifestyle Estates, which services the property needs of the Langebaan area...
|Local news continue|
|Special levies and how to deal with them efficiently|
The fear among sectional title owners that an unexpected special levy may be imposed on them, says Catherine Cockcroft, sales manager of the levy funding company, Propell, is very real, especially for those struggling to make ends meet and, she adds, Propells experience is that this fear is often justified...
|Property bequeathed in deceased estates|
Lanice Steward, MD of the Cape Peninsula estate agency Anne Porter Knight Frank, says that property bequeathed in deceased estates quite often runs into legal snags...
| Social and psychological aspects of home ownership|
It is, says Tony Clarke, MD of Rawson Properties, perhaps regrettable that most discussions in the property media regarding residential property tend to focus on the financial aspects, in particular the prospects for capital gain and/or improving rentals...