Property News |
07 October 2011
The weekend is here! Many South Africans will be glued in front of their television sets this weekend. Not only is the Springboks playing the Wallabies in a quarter final of the Rugby World Cup 2011 on Sunday but Bafana Bafana also needs to win their qualifying match for the 2012 Africa Cup of Nations on Saturday. Tough its going to be for both teams! We wish both teams the best!
Australian property market - According to figures from the Australian Bureau of Statistics, the average value of a home across the nation's state capitals fell by 1.9 per cent on an annual basis in June this year. Of the eight cities, Perth experienced the greatest fall of 4.1 per cent in this period, while only Hobart and Canberra bucked the trend with rises of 2.8 per cent and 2.2 per cent respectively. The news provider cited numerous reasons why the Australian housing market has avoided a crash similar to those experienced in other developed countries.
Headlines: CAPE TOWN The Democratic Alliance (DA) has submitted to National Assembly speaker Max Sisulu a private members bill that calls for freehold title to be given to people living in communal and tribal areas. The DA spokeswoman on rural development and land reform, Lindiwe Mazibuko, and colleague Annette Steyn told a news conference yesterday: "The objective of this bill is to give people living on communally owned land in the former homelands full and unhindered individual ownership of their land. People living in the former homelands make up half of SAs population. It is unacceptable that, in the 17th year of democracy, they are still waiting for their land rights to be made secure.
Market news: Of the major provincial housing markets, Gauteng appears to have been the most stable in recent years, according to a report by FNB Home Loans. The province had not shown as much price deflation during the 2009 period of national house price decline, and had not shown the same extent of "mini-recovery" that the national market as a whole had shown. So 2009 saw the Gauteng price decline bottom at -2.1 percent year on year in the second quarter of 2009 while the national average decline in that quarter was -5 percent according to FNB.
Property Count: 07/10/2011|
|DA bill seeks freehold title to tribal land|
DA has submitted to National Assembly speaker Max Sisulu a private members bill that calls for freehold title to be given to people living in communal and tribal areas...
|House price still mixed|
Trends in house prices remained mixed in the South African housing market, based on the Absa house price indices for small, medium-sized and large houses, for which the bank had approved mortgage finance...
|SA's most stable province|
Of the major provincial housing markets, Gauteng appears to have been the most stable in recent years, according to a report by FNB Home Loans...
| Keep your eye firmly on the property ball|
Adrian Goslett, CEO of RE/MAX of Southern Africa, discusses the proposed changes to the Rates Amendments Bill and the impact it would have had on South African homeowners had it been passed in its current form...
|Easing of labour laws would promote economy|
Shiraaz Hassan, commercial director of Asrin Property Developers, has added his voice to those of many commentators in saying that growth and job creation have now to be the number one goal in SA but, he says, these cannot be achieved so long as employment conditions are so heavily weighted in favour of the employee...
|SA banks' reluctance to advance housing finance|
Shiraaz Hassan, commercial director for Asrin Property Developers and one of high profile spokespeople for the South African property sector, said this week that although the SA banks current reluctance to ease up on the criteria they apply to home mortgage finance is wholly understandable, the situation cannot last forever....
|Sellers reluctant to drop prices|
The levels at which South African residential property prices are currently standing are debated weekly in the countrys media, often with very pessimistic forecasts, but, says Bill Rawson, chairman of Rawson Properties, even now relatively few sellers accept that buyers are in a commanding position and big price adjustments are essential...
|Finding diamonds among the distressed|
The distressed properties that have come on to the market in the past two years have offered many buyers the opportunity to enter the property market for the first time, and others the chance to upgrade to better homes or areas at a discount...
|Poor credit records can be sorted out|
According to the latest records, just under 50% of all economically active South Africans have some form of credit challenge which make it difficult for them to obtain a home bond or any other form of finance from the financial institutions, says Rob Lawrence, national manager of Rawson Finance...
|Buying property on behalf of a company to be formed|
In terms of the new Companies Act, the position of those buying a property on behalf of a company yet to be formed is now more precarious. If the company on whose behalf they act is not subsequently incorporated or rejects the agreement drawn up by its representative, that individual will be held liable for the purchase or the contract penalties as set out in the contract document...
|Holding property in a company|
Tony Clarke, MD of Rawson Properties, has drawn attention to announcements which could have serious effects on the ownership and/or transfer of properties...
|SA rented property market boosted by lack of homes|
There has, says Tony Clarke, MD of Rawson Properties, been a surprisingly good response to his groups recent announcement that they have set up a franchise selling division for letting operations...
|Buy-to-let basics for new investors|
According to the latest bank statistics, buy-to-let property investment is starting to increase once more as continuing credit restrictions and the rising cost of living drive up the demand for rental property...
|Spring clean to sell|
With spring under way, many homeowners may be looking to take advantage of the seasonal change and do some spring cleaning to get their home show day ready before putting it on the market...
|Maintaining your new home|
Well done, youve taken the leap and become a homeowner, now what? Adrian Goslett, CEO of RE/MAX of Southern Africa, says that although many first-time home buyers find moving into their new home one of the most exciting times of their lives, the new title comes with some important maintenance responsibilities...
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the Area |
The areas we are going to take a closer look at
this week are;
- Mount Edgecombe
- Big Bay Waterfront
the area 1 - Mount Edgecombe|
Mount Edgecombe, set in the lush KZN countryside to the west of Umhlanga, is currently one of the few places in the country where there are new luxury property developments under way...
the area 2 - Big Bay Waterfront|
The launch of Asrin Property Developers Azure on Big Bay at the Big Bay Waterfront, 25km from Cape Town on the Atlantic west coast, has shown clearly that if in todays market a development is genuinely priced at highly competitive levels it will sell, says Shiraaz Hassan, commercial director of Asrin Property Developers...
the area 3 - Pinetown|
A great location and affordable family homes are attracting an increasing number of young buyers to Pinetown, west of Durban, and the area is being rejuvenated as a result...
|Local news continue|
|Billing of new owners for municipal services|
In every municipality in South Africa of which she is aware, says Lanice Steward, MD of the Cape Town estate agency, Anne Porter Knight Frank, billing of new property owners for services supplied by the municipality will only take place once the Deeds Office has notified them that the transfer of ownership has taken place...
| Funding to make ST schemes more environmentally friendly|
Propell, the sectional title levy funding company, is now able to supply funding for improvements to make sectional title schemes and Homeowners Associations more environmentally friendly, says Catherine Cockcroft, Propells sales manager...
|Erecting a carport in a sectional title scheme|
How does an owner in a sectional title scheme go about getting a carport erected over the parking bay that he or she uses? What approval is required and what processes must be followed?
|New Building Centre open to visitors|
The Cape Town Building Centre is successfully relocating to Northgate Estate and although many of the 120 exhibitors are still completing their exhibits, the majority are now able to display their goods to maximum advantage, says Cheryl Neave, PR manager of the centre...
|Community service ombuds will have to be exceptionally competent|
The South African property industry has welcomed the proposal by government to set up a community scheme ombud service to help resolve disputes in sectional title and any other community housing schemes, says Michael Bauer, general manager of the property management company, IHFM....