Property News |
10 June 2011
Cold.. very cold.. bitterly cold! This is the weather South Africans have been experiencing this week. The seasons of the year with extreme weather conditions can have an influence on the property market. A cold winter will not help the poor performing property industry that we are currently experiencing. Not only will the sale of properties be affected but can extreme weather conditions also cause extensive property damages.
Headlines: The recent negative growth in real house prices meant more than 200 000 home owners were probably stuck in a negative equity situation, where the value of their outstanding loan exceeded the value of their homes. Rael Levitt, the chief executive of Auction Alliance, said yesterday a further 300 000 home owners were either behind on their payments or already in the foreclosure process. Levitt said the housing market had deteriorated this year after improving following the slump in 2009 and was now showing signs of entering "a double dip". Going still tough for SA property owners
Market news: Ireland, South Africa, the US and Spain have seen the largest increase in distressed property listings in the first three months of the year, according to the latest index from the Royal Institution of Chartered Surveyors. Its Global Distressed Property Monitor shows that while over half of the countries surveyed saw a moderation in the pace of listings, economic recovery poses new risks in the shape of rising interest rates in many markets. Distressed property listing up in Ireland, Spain, South Africa and the US
|Going still tough for SA property owners|
The recent negative growth in real house prices meant more than 200 000 home owners were probably stuck in a negative equity situation, where the value of their outstanding loan exceeded the value of their homes...
|Property market turns frosty|
With most of the country in the grip of winter now, theres also a cold wind blowing through the real estate market, and sellers would do well to note the drop in temperature...
|Builders remain timid|
The FNB/BER building confidence index remained static at 24 during 2Q2011. However, FNB Chief Economist Cees Bruggemans said a closer inspection of the details reveals significant developments...
|First time buyers set to dominate sales|
South Africa has arguably one of the fastest growing middle class population segments in the world, which brings new property buyers into the market every month. This is according to Adrian Goslett, CEO of RE/MAX of Southern Africa...
|Sellers overprice by 30%|
Property sellers typically want their properties priced 20 percent to 30 percent above their real market value, which makes them less competitive than others on the market, according to Francois Venter, Western Cape regional sales manager for Jawitz Properties...
|East, west, the truth about your home is best|
In the light of the new Consumer Protection Act, homeowners who want to sell their properties would be well advised to come clean about any and all defects or drawbacks they know about...
|Start small and pay less|
Most people who are shopping for a home have something specific in mind, but often what they can afford to buy doesnt match the mental picture...
|Rent or buy?|
Does it make business sense to rent or is it a buyer's market? We get the expert lowdown...
|Sectional Title Amendment Act has useful changes|
The Sectional Title Amendment Act (2010) which is now in force incorporates a number of useful changes, says Tony Clarke, MD of Rawson Properties and he pays tribute to Professor Henk Delport of the University of Port Elizabeth for drawing attention to these...
For Properties |
Search for property in your area
the Area |
The areas we are going to take a closer look at
this week are;
- Cape Town
the area 1 - Cape Town |
Urban development zone in Cape Town offers tax incentives for buyers.
Property buyers interested in real estate in Cape Town can benefit from a number of incentives including tax advantages in the citys Urban Development Zone, it is claimed...
the area 2 - Polokwane|
The recent opening of the Mall of the North super regional shopping centre in Polokwane is a reflection of the rapidly burgeoning economic strength of Limpopos capital city, with an accompanying increase in demand for residential property...
|In the area 3 - Durbanville|
Much sales activity in durbanville but it is mostly for homes priced under r1,5 mil
In recent months, says Annatjie Verster, the Rawson Properties franchisee for Durbanville, most of the sales action in her territory has been in the middle to lower price bracket, with the result that her two agents serving this section, Emma and Gert Venter, have been the top performers in the franchise...
the editor |
Statistics South Africa (Stats SA) - Economic growth in South Africa picked up more than expected in the first quarter, rising to 4.8%, compared with a revised quarterly figure of 4.5% in the fourth quarter of 2010. Real estate and business services contributed one percentage point to overall growth. The economy might be looking good but the real estate industry is still experiencing difficulties.
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|Land tax decision questioned|
Explosives and chemicals company AECI holds large tracts of land that in more recent times theyve been disposing of, but these lucrative sales also came to the attention of Sars that also wanted a slice of the pie
|Cape residential property 25 to 30% more expensive than Gauteng|
Talking on SABCs Expresso Morning Show which is run daily from 5:30am until 7:30am (on which he has had a weekly slot since November last year), Anton du Plessis, CEO of the Cape Peninsula estate agency, Vineyard Estates, confirmed the widely-held view that Cape residential property is still some 25 to 30% more expensive than in Gauteng...