Weekly Property News
Friday, 09 July, 2010
FROM THE EDITOR

Dear Reader

As we enter the last few days of the World Cup the Reserve Bank governor Gill Marcus have us all guessing on the outcome of this month's monetary policy meeting. The general feeling is that the repo rate will stay unchanged. "I also believe that it will remain unchanged for most of the remainder of the year." This according to the Chairman of Seeff Property Services, Samuel Seeff.

Property owners would like to see the interest rate come down with at least half a bonus point. I suppose we will have to wait and see what happens. Maybe we must invest in Paul the octopus who choose Spain as the victor over Germany in Wednesday's semifinal match.

Headlines: The South African construction industry is under siege and experiencing unfavourable business conditions at present, says Cees Bruggemans, chief economist of First National Bank. Bruggemans was reacting to the FNB Civil Construction Index, out on Tuesday, which revealed a modest increase from an index value of 25 in the first quarter this year to 33 in the second quarter. Construction in crisis

Market news: Jacques du Toit - South African home values increased further in June 2010, but there are early indications that year-on-year price growth may peak in the near future. The average nominal value of small, medium and large houses for which Absa approved mortgage finance (see explanatory notes), increased by a weighted 14,8% year-onyear (y/y) in June, which brought the average price of a middle-segment house to about R1 083 700. In May this year nominal home values in the middle segment of the market increased by a revised 14,7% y/y. House price growth showing early signs of nearing a peak

Enjoy!
The editor

In This Issue
Featured Property
Western Cape, Cape Town, Constantia
Exceptional brand new home offering astounding features and abundant spaces, situated in quiet oak-lined avenue...

Local News

Construction in crisis

The South African construction industry is under siege and experiencing unfavourable business conditions at present...


House price growth showing early signs of nearing a peak

South African home values increased further in June 2010, but there are early indications that year-on-year price growth may peak in the near future. The average nominal value of small, medium and large houses for which Absa approved mortgage finance...


Marcus keeps markets guessing on interest rate decision

Reserve Bank governor Gill Marcus kept markets guessing on the outcome of this month's monetary policy meeting, saying that no guidance was needed, as there was no view which had to be "engaged"...


Interest rates to remain steady - Seeff Chairman

Chairman of Seeff Property Services, Samuel Seeff, believes that the outcome of the next Monetary Policy Committee meeting to be held on 21 and 22 July will see the interest rate remaining unchanged...


Higher rate payments are affecting house purchases - and bond approvals

The City of Cape Town has announced that it has increased its charges for rates clearance certificates from 1st July...


Conditions favourable for steady growth

If an estate agency is seen to be growing fast, it will attract top level agents to it – and these will help it to expand further, says Mike Greeff, CEO of Greeff Properties...


Hospitality property sector's hopes for World Cup spinoffs were too high

With the World Cup now approaching its final phase, it is possible to assess its impact on the hospitality and property sector, and, says Lanice Steward, MD of Anne Porter Knight Frank, it has to be said that the likely benefits to these sectors were exaggerated, not only by FIFA for also by some of the spokespeople for the property sector...


Bank calls in loans to E.Cape golf estate

Chintsa River Developments, which is behind the multi-billion rand East Coast Resorts golf estate, is facing a civil claim of R20m from a bank...


Unscrupulous letting agents to be dealt with

The letting industry in South Africa has traditionally been somewhat of a stepchild within the larger real estate business. This status has led to lapses in regulation and has allowed maverick operators to exploit both landlords and tenants...


Paul Henry of Rawson Developers takes up the cudgel on bereaucratic delays

Cape property developers have reached a stage where, if there is not soon a drastic change in the speed with which development plans obtain approval – or are rejected – and a concomitant speedy method of dealing with objections - they will have to ‘close up shop’, said Paul Henry, Managing Director of Rawson Developers...


New road circles a test for drivers

East London motorists driving on Nahoon’s Old Transkei Road can heave a sigh of relief as the reconfiguration of the “dangerous” traffic circles nears completion...


High court rulings strengthen the position of bodies corporate and landlords when hit by defaulting payers

Two recent High Court cases will make it a great deal more difficult to avoid the payments due on sectional title levies and rents, says Grant Gunston, Senior Director of Grant Gunston Attorneys...


Body corporate members should play their part in ensuring their complexes stay on track

It is sad, but true, that those sectional title members who complain most about levy increases and the performance of their trustees are often also conspicuous by their absence at the body corporate’s annual general and other meetings, says Lanice Steward, MD of Anne Porter Knight Frank...


Peerutin Architects move to Kloof Street Lifestyle Centre

Peerutin Architects, now in their twelfth year of operation, has moved offices to the Kloof Street Lifestyle Centre, where they occupy 400m² on two levels, the upper level being a mezzanine...

Focus On

Cape Town, Western Cape, South Africa

Cape Town - the Mother City of South Africa. Cape Town is a city of many attractions, a mix of cultures, landscapes, architecture, lifestyles, customs and scenery. Cape Town offers you mountains, beaches, sea, rivers, wind and a wonderful climate...

>> Property in Cape Town
>> Property in the Western Cape


Search For Properties

1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

Search for property in your area

Enter City/Suburb:

In the Area

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

  • Benoni
  • Braamfontien
  • Constantia
In the area 1 - Benoni

New sparkle in Benoni market

Top schools, excellent retail and sporting facilities and a relaxed lifestyle in a well-run town have made Benoni the “jewel of the East Rand” and underpinned local housing demand...


In the Area 2 - Braamfontien

Braamfontein has had so many positive changes that the area’s revitalization is no longer just a ‘long term dream’, the change can now be seen on the ground, one only needs to walk the streets to notice- up market new hotels and chic bars that have opened their doors on Smit Street, a piazza has been created on Melle Street, trendy new shops are starting to line De Beer Street, parks have been revitalized, stylish restaurants have been created on De Korte as well as on Juta Street....


In the Area 3 - Constantia

There is some truth in the adage bandied about by the Cape property agents which says that Constantia will usually be the last area to be hit by a recession and one of the first to emerge from it and right now Constantia is showing signs of becoming an excellent performer in the property market once again...


To the editor

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News from Chas Everitt International Property Group

HOAs can solve the storage issue

The homes in townhouse developments and other gated communities usually all have their own garages or carports, but there is often also a demand for additional permanent parking or storage areas for trailers, bikes, boats and caravans...


CyberProp Property Count: 09/07/2010

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