Property News |
05 August 2011
Yesterday we saw the markets plummet! The JSE dropped 3,1% and more than 900 points. This leaves a fear that the USA is starting yet another recession. On the other hand there is no stopping gold. The metal shot up to another fresh high yesterday.
The rand is still trading strongly although it also weakened yesterday. The question now; Is the strong rand slowing down property sales to foreigners?
I am very concerned at the ongoing pessimism in the property market at the moment, particularly among economists who seem to be stuck in a negative groove. Unfortunately such gloom always tends to get more media coverage than any good news, and thus more buy-in from the public, so it can all too easily become a self-fulfilling prophecy. The truth is that there are a great many positive indicators for property at the moment, and our industry should be reinforcing and underlining these in order to strengthen the recovery. Consequently, I really think it is time now to let the August winds blow away any negativity, stop sitting on the fence and get involved in the market with a positive attitude. We have it in our power to create our own happy ending instead of allowing the doomsayers to talk us into disaster. Berry Everitt, Chas Everitt International Property Group.
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Headlines: House price growth lost momentum in July, dipping to 2.4 percent year-on-year (y/y) from 2.9 percent y/y in June, according to the latest report from Standard Bank on residential property prices. In an environment of moderating economic growth, muted credit growth and struggling employment growth, Standard Bank maintains the view that growth in the residential property market will remain at low single digits in 2011 Property's slide continues.
The FNB House Price Index has experienced a mild acceleration in its year-on-year growth rate in recent months. From a June revised rate of 3.1 percent, the July growth rate moved to 4.6 percent, the highest rate of growth since August 2010. On a month-on-month basis, average price growth was virtually unchanged at 0.73 percent, while the average price of properties transacted in the index was R815 511. Price declines slowing.
Market news: Steve Murray, editor of Real Trends and an international real estate expert with 33 years of experience in the residential brokerage industry believes that the vast majority of housing consumers will continue to seek the services of sales professionals as they are also faced with complexity in the purchase and sale of a home. He points out that the cost of failure in buying or selling a home is far higher than in most other online transactions and believes that this may well keep the level of consumer usage of real estate professionals at levels near that of today. What the future holds
Property Count: 05/08/2011|
|Property's slide continues|
House price growth lost momentum in July, dipping to 2.4 percent year-on-year (y/y) from 2.9 percent y/y in June, according to the latest report from Standard Bank on residential property prices...
|Price declines slowing|
The FNB House Price Index has experienced a mild acceleration in its year-on-year growth rate in recent months. From a June revised rate of 3.1 percent, the July growth rate moved to 4.6 percent, the highest rate of growth since August 2010...
|What the future holds|
Real Trends, a leading trends and consulting firm based in Castle Rock, Colorado, is in its 25th year and, by exclusive invitation from RE/MAX of Southern Africa, Steve Murray, editor of Real Trends and an international real estate expert with 33 years of experience in the residential brokerage industry, will be visiting South Africa in August to share some of his property insights...
|Foreigners stop buying SA|
The FNB Estate Agent Survey for the second quarter continued to point to agents surveyed perceiving an anaemic pace of buying of South African residential property by foreigners...
|Government stimulus for housing sector could lead economic recovery|
Although the United States has temporarily bought themselves a reprieve by extending the debt ceiling on its debt payments, the current precariousness of the western worlds economies is still creating uncertainty on a scale never before seen in his 19 years in property, says Tony Clarke, MD of Rawson Properties and, he says, the South African property market cannot avoid being affected by this...
|Crunching the numbers|
Crunching the numbers and looking at property statistics is all part of the game, says Adrian Goslett, CEO of RE/MAX of Southern Africa. According to the June FNB House Price Index there has been a minor acceleration to 2.6% year-on-year growth from a revised 1.8% in May...
|More people, more opportunity|
The trends inherent in the latest population estimates released by StatsSA spell good opportunities that some clever property developers and investors can already scent.
According to these figures, SA now has a population of just over 50m, about a third of which is under 15, and 7% of which is over 60...
|Key factors influencing buying decisions|
It has been said many times before that buying a house is likely to be one of the biggest financial investments anyone can make in their lifetime. It makes sense then that the property which people own makes up a large portion of their wealth...
|Quentin Miller - Upgrade the home you're in|
Although it has been argued that in these tough economic times it may be less expensive to sell your home and to move to a new one rather than to upgrade, all his experience indicates that there is no better way to get the home you really want (and need) than by upgrading the one you already live in, says Cape architect, Quentin Miller...
|False misreprentation in a contract|
Anton du Plessis, CEO of Vineyard Estates, has drawn attention to a recent High Court case (involving an auctioneer and Netluk Boerdery cc and Another) in which the plaintiffs plea that he had not fully understood the contract was taken as grounds for allowing him to opt out of it...
|Seller must keep in full touch with the transfer process|
Another High Court case has shown again that, although a property seller appoints a conveyancing attorney to handle the legal and accounting aspects of his deal, he must continue to take full responsibility for the situation - and to check all the details...
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 - Bloubergstrand|
The upper end of the Bloubergstrand property market has barely felt any recessionary effects, says Caron Leslie, Broker/Owner of RE/MAX Property Associates, which operated in Bloubergstrand and surrounding areas...
the area 2 - Parkview|
The appeal of living in the village of Parkview
A strong focus on safety and security is paying off for homeowners in the plush Johannesburg suburb of Parkview, where property prices have exhibited extraordinary resilience over the past few years...
the area 3 - Mooinooi|
The property market in and around Mooinooi is brisk these days, thanks to the rising platinum price and expansion of the local mining operations...
|Local news continue|
|First-time buying drives up rentals|
There is not enough rental property in Pretorias trendy Moreleta park area to meet demand, and the returns on sectional title properties here have risen to about 8% as a result...
|Westside Industrial Park sold out before it launches|
Westside Industrial, a 5 factory development within Westlake precinct, has been fully sold out before its official launch by Quagga Property Brokers. Three of the five units, ranging in size from 185m² to 210m², have already been let on long term leases and will be ready for occupation in Jan/ Feb 2012...
|Ditasa enables PDls to receive international real estate qualification|
In a bold move to further empowerment and transformation in SAs real estate industry, Ditasa (the Development Institute and Training Academy of SA) has just launched a four-year initiative to train 350 previously disadvantaged individuals as Certified Residential Specialists...
|Changes at SSETA and EAAB charted a positive course ahead|
Sandy Walsh, the outgoing head of training at the Western Cape Institute of Estate Agents says that the many changes and restructurings that have taken place in the Estate Agency Affairs Board and at Services SETA (which were outlined at the successful EAAB Stakeholders Awareness Seminar on 8th July and the 21st July Taking skills beyond 2010 seminar) have charted a positive and optimistic course ahead for SA residential property...