Weekly Property News
09 September 2011

Dear Reader

Have you heard of the Property Rates Amendment Bill. No, well, this bill or new legislation could effectively compel those who own more than one property to pay commercial rates for additional properties. The draft Municipal Property Rates Bill was apparently put forward for 'well publicised public hearings' in 2010 and was officially gazetted for comment on June 9th.

However, the real estate industry at large claims to only have become aware of the proposed Bill in mid-July, shortly before the cut-off date for objection submissions on July 22nd 2011.
Deputy Minister Yunus Carrim said "There are people who have second and third properties which they use as guest houses, small hotels or bed and breakfasts.Those are effectively business operations and in that sense, they must be subject to business rates."

In effect, people will be made to pay commercial rates on the homes if they happen to own more than one residential property. If the bill is passed, then the residential rental properties will be considered as commercial properties which will lead to paying three times more rates that the owners presently pay.

Not a health outlook for the rental market. Some real estate agents are already reporting that some investors are selling off their extra properties to avoid paying extra rates.

The question I ask myself is "How do we prevent such occurrences from happening in the future". Are our businesses in danger of closing because the government saw fit to add yet another tax?

Food for thought.

The editor

In This Issue
Featured Property

Belfast, Mpumalanga

Excellent Buy

CyberProp Property Count: 09/09/2011

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Properties for Sale: 144,338
Properties to Rent: 10,521

Local News

Property to remain weak

Ratings agency Fitch expects flat to mildly rising nominal house prices in South Africa over the coming years...

Property prices appear to be unsynchronised

The latest trends in house prices in SA, as based on the Absa house price indices for small, medium-sized and large houses, has revealed that price growth appears to have been largely unsynchronised up to August due to base effects playing a role in price growth, while market conditions and influencing factors may also differ between the various categories of housing...

Property investors Great African Trek

The African Real Estate Society (Afres) says South African property investors are increasingly broking property across the continent ostensibly following tenants like Pick n Pay, MTN, Checkers and Woolworths...

The worst city on Earth

A top research group on Thursday rated Zimbabwe's capital as the worst of 140 world cities in which to live...

Blackstar to buy commercial property in South Africa

Blackstar Real Estate has agreed to purchase a commercial property in Midrand, Gauteng, South Africa for R58m...

Gauteng has the most active distressed property market

Of the approximately 600 distressed properties listed by RE/MAX of Southern Africa to date this year, Gauteng accounts for the most by far, claiming 70% of the distressed properties compared to the Western Cape's 10% and KwaZulu-Natal's 20%.

Nedbank backs inner city development

Nedbank Corporate Property Finance has again thrown its weight behind urban renewal and the revitalisation of the inner city by backing another development in the CBD of Johannesburg, the powerhouse of Africa...

Distressed property sales still a reality for many

While there have been reports of a positive turn in the South African property market, which has been showing signs of a slow and steady recovery over the past year, distressed properties are still a reality with sales of these properties still prevalent across the country...

Young buyers active in Centurion

Young buyers are streaming into the Celtisdal, Heuweloord and Rooihuiskraal North areas of Centurion, reducing the average listing time of well-priced homes to under two months...

‘Miracle’ market for Kungwini

Demand for housing in Bronkhorstspruit is sky-high thanks to the Eskom policy of giving preference to local job seekers at its Kusile power station...

Renovate or Move?

What do you do when your house no longer meets your requirements: do you renovate or pack up and move?

Bottom-end buying now main market driver

If there was any doubt that buying in the lower price ranges is currently the main driver of the residential property market, these should be firmly dispelled by the latest statistics from leading mortgage originator Betterbond...

Upmarket sales speed up as buyers find value

Excellent private schools, good security and competitive pricing are proving to be strong draw cards for big-ticket buyers in the beautiful Linksfield / Senderwood node, where Johannesburg meets Bedfordview...

Bad debt hampers East London sales

The demand for property is running high in East London, but damaged credit records are putting a damper on sales...

Putting your cards on the table

You have done your research and checked your credit rating, gone house hunting and found the home of your dreams – now what? It is time to fill out the paperwork and make an Offer to Purchase...

Nothing going on but the rent

With many economists predicting an interest rate hike in the next six months and possibly another downturn in the economy in the near future, we will see a marked increase in the rental market, says Mark Brickles, Broker/Owner of RE/MAX Ultra Select, which operates in regions Grassy Park, Strandfontein, Mitchells Plain, Lotus River, Ottery and Lansdowne...

Focus On

Belfast, Mpumalanga, South Africa

Belfast is one of the coldest places in South Africa and remowned for its trout fishing and highveld scenery...

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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;

  • Pretoria
  • Lakeside Centre
  • Belfast
In the area 1 - New offramps boost demand in Pretoria suburbs

Demand for housing in Pretoria’s Erasmuskloof and Newlands areas has soared in the past month...

In the area 2 - Pick 'n Pay at Lakeside Centre

The decision by Pick n Pay to lease just over 1,000m2 of anchor tenant space at Inframax Investments’ Lakeside retail centre in the Cape Peninsula’s Southern Suburbs is, says Inframax director, John Weaver, “wholly logical” because the Lakeside area has in the last decade or more become a significant residential node with huge drive-through trade...

In the area 3 - New home for Aida Belfast

The Aida team in Belfast has just moved into spruce new offices that reflect the charm and attraction of the burgeoning property market in and around the town...

News from Huizemark

Flying in the face of sentiment

Despite the fact that local and global sentiments are at an all-time low, now really is the time to buy property says Bryan Biehler, MD of long established property group Huizemark...

To the editor

Share your comments with us by sending it to news@cyberprop.com

Local news continue

Breaking rules – the finer points

When you break the law, you will be fined – most of the time; rules govern society, so why not sectional title? In this article, we look at the implication of breaking rules in sectional title...

A quiver full of arrows for Aida Polokwane

The Aida Polokwane franchise has once again been honoured as one of the top contributors to economic growth and development in the Limpopo region with the presentation of a PMR Silver Arrow award...

Upcoming Events

Nothing par for the course about GBCSA Green Building courses!

In response to industry demand, the Green Building Council of South Africa in partnership with local and international industry experts have expanded on two of their training courses that will be offered in Johannesburg and Cape Town in September and October...

President of Green Roofs Australasia speaks to SA

Joining us for the first time at the GBCSA annual Convention & Exhibition in October, Sidonie Carpenter, the President of Green Roofs Australasia will be presenting a break away session entitled Green Roofs at the convention on Thursday 27 October...

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