Weekly Property News
Friday, 06 August, 2010

Dear Reader

A shortage of fresh potatoes hit South Africa countrywide. This is due to adverse climatic conditions which will affect quality, supply and in the end the cost for this product. “The continuous adverse weather patterns, particularly the heavy rains early in 2010, resulted in major delays in harvesting," frozen foods manufacturer, McCain Foods (SA) said in a statement on Monday.

When will the property industry be able to say “a shortage of fresh houses”?

Headlines: The FNB Estate Agent Survey for the second quarter of 2010 showed agents pointing to weaker demand than that of the previous quarter. Of concern, too, was a sharp up-tick in the estimated average time of a property on the market, from a previous quarter’s 12 weeks and four days to 17 weeks and one day. This suggests that price levels have got further out of touch with reality. The implications could be that prices begin to come under pressure, and indeed in June we have seen a slowing in the pace of acceleration in house price growth. Prices to fall again?

Market news: Following relatively pedestrian growth in the median property price over the past few months, July marked the first month of real growth in the sector. The median house price increased by a further 0.8% m/m in July (2.3% m/m in June), marginally above the average monthly increase of 1.2% recorded since the start of the year, signalling an improvement in both demand and supply fundamentals. Thus, the median house price increased to R597 160 from a revised R592 500 in June, representing an increase of 7.3% y/y from 3.2% y/y in June. Although this increase is sharp, it needs to be borne in mind that this improvement is from a very low base this time last year, when the median price contracted by around 5%. In real terms, the median price jumped to 3.2% y/y from -1.0% y/y in June, in part also due to the falling inflation profile. Standard Bank expects inflation to moderate to 3.9% y/y in July from 4.2% y/y in June. Confidence sees market improving

The editor

In This Issue
Featured Property
Baronetcy, Plattekloof, Western Cape
Lifestyle Estate with Care Facilities
Offering stylish living in Single Title Houses, Sectional Title Apartments and the Assisted Living units, this development offers the unique opportunity of an independent lifestyle with the option of utilising the care facilities as and when required...

CyberProp Property Count: 06/08/2010

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Properties for Sale: 138,027
Properties to Rent: 9,966

Local News

Confidence sees market improving

What is the latest? Following relatively pedestrian growth in the median property price over the past few months, July marked the first month of real growth in the sector...

Prices to fall again?

The 2010 World Cup has come and gone. It has brought many potential long term benefits for SA, emanating from dramatically improved perceptions of the world regarding the organizational capabilities of the country...

No World Cup benefit for luxury home owners

Luxury home owners did not benefit from increased demand during the World Cup, an auctioneer said on Tuesday...

NCR wins case against reverse mortgage operator

The Free State High Court has ruled in favour of the National Credit Regulator (NCR) in its case against Brusson Finance...

Mortgage fraud makes lenders even more nervous

It’s not much discussed, but mortgage fraud is becoming more extensive and could well be adding to the banks’ current extremely cautious approach to lending...

Today's bond applicants have to accept tougher interest rates

Although it is common knowledge that the profitability of South African banks has taken a hammering since the late 2008-2009 global financial slump – and that risk ratings for bank clients have been drastically tightened as a result...

Home truths about home pricing

Oddly enough, the last thing most home sellers want to think about when their property is not attracting offers is price - even though they themselves may be extremely value conscious when looking at homes to buy...

When to start saving for your first home

Saving up a deposit for your first property brings great financial rewards.The earlier you start saving, the better, but even if you missed the opportunity to start young, it is never too late, says Adrian Goslett, CEO of RE/MAX of Southern Africa...

Planning needed to beat negative equity

If home owners want to avoid the negative equity "monster", they will need to do some forward planning...

Prospects in the buy-to-rent residential market’

Property managing agents are these days increasingly asked about the prospects in the buy-to-rent residential property market, says Michael Bauer, General Manager of IHFM, which is one of South Africa's fastest growing sectional title management companies...

ST Owners who do not pay levies responsible for legal costs and interest

Although it is sometimes alleged that the trustees of sectional title schemes lack the power to enforce the Sectional Title Act, this is far from being the case, says Michael Bauer, General Manager of IHFM...

Hyprop turns down Redefine's mandatory offer

Hyprop Investments has announced that its board is recommending that combined unitholders reject the mandatory offer by Redefine Properties to Hyprop unitholders...

The view's just part of the package

Homebuyers are accustomed to the idea of paying a premium for a property with a view, like a "house on the hill" or an apartment overlooking the sea...

Cell phones will become the major marketing tool in property selling

South African real estate agents, says Greeff Properties Managing Director, Graham Leslie, are entering a new era, one in which technology will increasingly play a major marketing role...

Rezoning tactics leave flat dwellers feeling the pinch

Quigney tenants are up in arms over increased municipal rates, leaving some with no option but to vacate their flats in search of cheaper accommodation...

Focus On

Baronetcy Estate, Plattekloof, Western Cape

Offering that rare combination of exclusivity and serenity, the Baronetcy residential estate takes its rightful place in the upper echelon of blue chip property acquisitions...

>> Property in Plattekloof
>> Property in the Western Cape

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In the Area

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

  • Western Cape
In the area 1 - Western Cape

Western Cape property is losing steam

The Western Cape residential property sector appears to have outperformed the national residential market, having recorded average house price inflation of 13.8% year-on-year for the 2nd quarter of 2010...

To the editor

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News From Nationlink Plattekloof

Giving Luxury a New Definition

The French ambience of Mont Matre permeates the Vue De La Ville Lifestyle Estate in the upmarket Baronetcy suburb of Plattekloof, with the same panoramic views of Cape Town & Table Mountain as the Sacre Coeur has of Paris in France...

Local News Continue

Make it look bigger

The latest oobarometer stats reveal that the average purchase price growth among first-time buyers remains strong at 12.1 percent in June...

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