Weekly Property News
Friday, 09 April, 2010

Dear Reader

I’m sure that you often ask yourself if you should appoint a real estate agent or not when buying or selling your property. With so much property information available on the Internet to wonder is not wrong. The following articles might just give you the answer on your question;

  • Huge problems for DIY Landlords
  • Professional agents can screen tenants properly

Headlines: Estate agents are being inundated with requests for property valuations in the aftermath of the recent controversial municipal assessments that have seen some properties more than double in value since the previous property valuation in 2007. Michael Hauser, property consultant for Seeff City Bowl, as well as head of Seeff's German International Division, said that in the run up to the closure of the objection period on April 30, he had been approached by at least 30 people who were desperate to get some idea of why the municipality had valued their properties as they had. Rates will be calculated according to these massively inflated values. Seeff challenges preposterous property valuations

Market news: The FNB House Price Index showed a further acceleration in year-on-year growth from a February revised figure of 6.2 percent to a March rate of 8.6 percent. This remains mostly the result of five percentage points worth of interest rate cuts in 2008/09, but is believed to be increasingly supported by the economic growth recovery underway and a resultant return to positive real household sector disposable income growth from the fourth quarter of 2009. A return to real growth

The editor

In This Issue
Featured Property
Gauteng, Johannesburg, Houghton

An Architectural Masterpiece with breathtaking view...

CyberProp Property Count: 09/04/2010

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Properties for Sale: 128,315
Properties to Rent: 9,767

Local News

Further rate cuts possible should rand remain rampant – economist

Owing to the strengthening of the rand, inflation will go down and there is a potential for a further interest rates cuts, FNB chief economist Cees Bruggemans told the South African Property Owners Association/IPD South Africa Property Index 2010 launch on Wednesday...

Property returns remain positive

SA PROPERTY returns stayed positive in 2009, the SA Property Owners Association (Sapoa) and the Investment Property Databank (IPD) said yesterday...

A return to real growth

The FNB House Price Index showed a further acceleration in year-on-year growth from a February revised figure of 6.2 percent to a March rate of 8.6 percent...

Prospects for domestic fixed-interest assets and other options going forward

The South African Reserve Bank’s decision to cut the repo rate by 50 basis points in March came as a surprise to many in the investment fraternity...

How to work out your rate

Capetonian property owners can start crunching the numbers ahead of the July rates increases...

Impressive upturn in sales

Further evidence that residential property sales in South Africa are climbing steadily out of the trough into which it fell in late 2008, and for much of last year, comes with the announcement from Tony Clarke, Rawson Properties MD, that March has been the best month ever in the 36 year history of the group...

Seeff challenges preposterous property valuations

Municipal assessments that have seen some properties more than double in value since the previous property valuation in 2007...

SA vs global property companies

African listed property companies have outperformed the rest of the globe for the 1st quarter of 2010, by posting an average 9.7% total return. In its quarterly review the GPR 250 Global Index lists the Americas as the second runner up at 9,0% over the same period. The worst performer was Oceania, which includes Australia and New Zealand at -1.5%...

Consumer Protection Act will call for precision and clarity in marketing

Lanice Steward, MD of Anne Porter Knight Frank, has added her voice to that of several other high profile personalities in the property sector in saying that the new Consumer Protection Act will call for greater all round precision and clarity in all property marketing and transaction documentation...

Banks taking longer to approve bonds

With the steady increase in bond applications, the banks are now taking longer to give clients a decision: very often a considerable amount of time is spent in getting additional information and checking on statements, before a bond is granted...

Advice to sellers get deposit

Property sellers, says Graham Leslie, MD of Greeff Properties, must insist on a deposit being paid in the sale agreement and ensure that the buyer pays the full deposit – as soon as the agreement is concluded and the deed of sale signed...

Western Cape Institute of Estate Agents lays on an update in property law

Anton du Plessis, the Chairman of the Peninsula branch of the Institute of South African estate agents, has urged all agents in his area to attend a talk by the high-profile lawyer, Milton Koumbatis which will take place at the River Club on Thursday the 15th of April at 3:00 pm...

Professional agents can screen tenants properly

Michael Bauer, regarded by many in Cape Town as the city’s most reliable commentator on sectional title matters – his company, IHFM, specialises in this aspect of property management – commented recently that he is still amazed at the informality – ‘sloppiness might be a better word’ – with which landlords’ conclude lease agreements...

Agent is best protection against voetstoots dangers

Buying your new home through a reputable estate agent is your best protection against the dangers that lurk in the “voetstoots” clause contained in most sale agreements...

Focus On

Focus on Johannesburg, Gauteng, South Africa

Johannesburg unlike most other major cities, was not founded near water. Inland, and perched on the 80km long rocky outcrop of the Witwatersrand, Johannesburg's existence and growth came from the financial waters left behind - gold...

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10. Limpopo

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In the Area

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

  • Johannesburg
  • Zimbali
In the area 1 - Johannesburg

Survey shows Johannesburg rental returns better than Cape

The growing numbers of buy-to-rent residential property investors were this week given some useful information on where the best returns can be obtained by Tony Clarke, MD of Rawson Properties...

In the Area 2 - Zimbali

Mzi's R67.5m Zimbali development set to go under the hammer

The property of Mzi Khumalo's company, Metallon Hotels & Leisure, is set to go under the hammer on April 21...

To the editor

“It is very important to plan in advance before canceling a bond to ensure that the banks don’t charge a penalty for early settlement. The current norm with SA banks is that they require a written notice period of either three months or ninety days depending on the institution and it is vital to remember that if the funds are not available to cancel the bond within a reasonable time after the three months notice period has elapsed then the mortgagee will need to resubmit notice once again to avoid any penalties as the consent to no penalty only lasts for a certain period of time which is determined by the various institutions bond documentation. If penalty interest is charged it is calculated as being a percentage of the outstanding bond amount and not a percentage of the registered bond amount as some people may believe.” Owen Dormehl, CEO of Dormehl Property Group

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News from Aida

Smiles all round in Aida charity drive

A young Pretoria girl will soon be able to flash a bright smile thanks to the generosity of the Aida estate agency in Boksburg...

Local News Continue

Huge problems for DIY landlords

Huge problems lie in wait for the entrepreneurial landlord who likes to “do his own thing” when it comes to selecting and signing up tenants, says Michael Bauer, General Manager of IHFM, one of the Cape’s leading property management companies...

Infrastructure problems require joint ratepayer, council efforts

Homeowners and local government should co-operate in addressing urban infrastructure deterioration in the country’s major metropoles, suggests a leading property expert...

Pay off your home loan before your retire

It is becoming increasingly important for those approaching retirement to ensure that their home will be bond or rent-free...

Brick to transform slums?

The Cape Town Building Centre will this month feature a stand promoting a new concrete block-making system that has the potential to make building a lot simpler, according to Mike Grose, the Chief Executive of Technical Finishes, which supplies the bonding agent for the blocks...

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