Weekly Newsletter
Friday, 05 November, 2004

Edition 41 of 2004, Friday 5 November 2004

Dear Reader,

Who needs the USA election to supply you with excitement if you have a property market like we are currently experiencing in South Africa?

Is the South African residential property currently overvalued? Is South Africa currently experiencing a property bubble condition? This week, according to ABSA, even though the average house price have risen by more than 30% in the first nine months of this year the property market is considered to be in a strong rising phase - Real Estate in South Africa

Nominal house prices rose year-on-year by 33.7% in September, the South African Reserve Bank announced. "The growth in the real estate market, particularly in residential real estate, remains at a historically high level,".

Should you be buying property now? I found an interesting article this week in the Sunday Times by Adele Shevel - the clash between the bulls and the bears. On the bullish side, Jarod Kolman, a director of Lime Stone Investment Properties, maintained the rise in residential property prices would continue, “if you buy correctly”. On the bearish side property economist Francois Viruly, says people were in denial. In the 1980s inflation was 14%; today inflation was 4% and could no longer drive property prices up so fiercely. Read more in The gloves are off

And that is not where it ends! Last month's new car sales surged to the best level on record with 1 087 new cars sold each working day compared with only 895 car sales a day in the same period last year. Toyota was the overall leader of the new vehicle market, with total sales of 10 375 units last month.

How did Heidelberg become Heidelberg? In Focus on we take a closer look at Heidelberg, Gauteng, South Africa.

And my last question this week - Are you planning a major home improvement project in the near future? Finding the right professional contractor to handle such a project can be tricky. Don't miss out on Have Fun week.

Enjoy!

CyberProp greetings!
The editor

 

 

 

 

>> Real Estate in South Africa

No SA housing price bubble: Absa

Even though average South African house prices have risen by more than 30 percent year-on-year in the first nine months of this year, the local residential property market is considered to be in a strong rising phase, rather than experiencing bubble conditions, according to commercial bank Absa.

The residential property market has performed particularly strongly in the past few years, with a nominal year-on-year increase of 17.4 percent in house prices in 2000, followed by further increases of 14.1 percent in 2001, 15.1 percent in 2002, 21.5 percent in 2003 and 31.6 percent in the first nine months of 2004...

>> The gloves are off!

Should you be buying now? The great property debate has analysts at loggerheads, writes Adele Shevel

THE clash between the bulls and the bears in the property market is as fierce as ever.

Analysts and industry players are divided over whether there is still further upside in this asset class or whether property has had its day...

>> SA house prices at historical level

Nominal house prices rose year-on-year by 33.7% in September, the South African Reserve Bank (Sarb) has announced. "The growth in the real estate market, particularly in residential real estate, remains at a historically high level," according to a six-monthly monetary policy review issued in Pretoria.

September's figure was slightly down from August's 34% rise, which had been the highest since November 1981. The average year-on-year increase in the first nine months of the year was 31.4%.

In the first eight months of the year, the real value of residential buildings completed grew by 16.8% compared to the same period last year. The corresponding value of residential building plans passed - a measure of future construction activity - grew by 37.3%.

"Affordability ratios suggest, however, that residential property is not exceptionally expensive in historical terms," the report states.

Figures published by Absa bank on the ratio of house prices or repayments to remuneration, for example, showed levels lower than those recorded in the 1970s and 1980s.

Article from: www.sabcnews.com
>> New vehicle sales surge to record in October 2004

Pretoria - Last month's new car sales surged to the best level on record for the month of October, with 1 087 new cars sold each working day compared with only 895 car sales a day in the same period last year.

Figures released by the National Association of Automobile Manufacturers of SA (Naamsa) yesterday revealed that new car sales rose by almost 17 percent to 28 268 units last month compared with sales achieved in the corresponding month last year...

>> New mall concept set to take SA by storm

"Outlet malls" are a phenomenon with which the South African property sector will become increasingly familiar over the next few years, predicts Mike Flax, chief executive officer of Spearhead Property Holdings.

On a recent trip to the USA, Flax spent time researching outlet malls and concluded that they are a powerful force in the new retail sector - and very definitely here to stay...

>> Focus on Heidelberg, Gauteng, South Africa

During the month of March 1965 America's two astronauts traveled around the earth three times in a few hours and landed safely; the Republic spliced its first atom; at the Education College the men's hostel with nine stories used the elevator for the first time ever in Heidelberg! In the light of such happenings it is difficult to imagine the fact that lions was a threat in this area a century ago, that our ancestors traveled by ox-wagon to Potchefstroom for a Holy Communion and that Heidelberg had no name. And it was like that. If you read a bit further you'll read how Heidelberg became Heidelberg...

View Properties in Gauteng | View Properties in Heidelberg

>> Property of the week

Gauteng, Heidelberg, Overkruin

Bed: 7
Bath: 3
Garages: 3
Pool: Yes

Search for property in your area

Enter City/Suburb:
>> Property charter process launched

South Africa's Property and Construction Charter, aimed at transforming the industry and advancing the aims of black economic empowerment (BEE), will come into effect in June 2005, Deputy Director General of the Department of Public Works, Lydia Bici said on Monday.

The process to establish the charter was launched in Johannesburg on Monday by Public Works Minister Stella Sigcau, who said it was acknowledged that too little transformation had taken place in the property sector over the past decade...

>> Have fun!!

Tips for Hiring Contractors

Are you planning a major home improvement project in the near future? If your answer is “yes,” you’re probably in the market for a contractor. Finding the right professional to handle such a project can be tricky. Trickier still is getting a great job at a fair price...

>> Be in the frontline

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