Weekly Property News
11 February 2011

Dear Reader

R9-billion rand to be set aside for a job creation fund over the next three financial years and tax breaks for the private sector to stimulate job growth in manufacturing. This was announced by President Zuma in his address to the nation last night. Despite efforts of the government to create more jobs over the last few years one in four people in South Africa is still unemployed. Is job creation important for the real estate sector? Send us your viewpoints to news@cyberprop.com.

President Zuma was for sure in the news this week. Information handed to the DA on Wednesday showed that more than R70-million has been spent on renovating the five presidential residences since 2006. Of this almost R40-million had been spent on the Pretoria residence Mahlambandlopfu.

Headlines: JOHANNESBURG - Henry Greyling, founder of Golf & Leisure, which is at the centre of the hullabaloo over its joint venture in fractional ownership with Seeff Properties, says he is prepared to put in R15m to compensate investors. He challenges Samuel Seeff, chairman of Seeff Properties and initially the controlling shareholder in the scheme, also to reach into his pocket. R15m offered to fractional ownership losers

Market news: The FNB Quarterly Housing Review focuses on the key issue of housing affordability, and why residential demand has not grown significantly despite a very significant improvement in the two "traditional" calculations of affordability that are used. These measures are the average house price/average remuneration ratio and the installment value on a 100% loan on an average priced house/average remuneration ratio. The slow affordability adjustment continues

The editor

In This Issue
Featured Property

KwaZulu Natal, Richards Bay, Meer En See
House: Bedrooms: 3 | Bathrooms: 3
Upmarket house in Meer en See next to the golf course, with a 2 bedroom granny flat with garage, stunning garden...

Local News

Presidential goals require government ‘buy in’

New job creation initiatives and continued strong action against crime and corruption were the two most important elements of President Jacob Zuma’s State of the Nation speech this week as far as the property market is concerned...

State of the Nation speech ‘exciting’ for property

For the real estate market, the State of the Nation speech delivered by President Zuma this week could hardly have been more exciting - because of its strong focus on job creation...

The slow affordability adjustment continues

The FNB Quarterly Housing Review focuses on the key issue of housing affordability, and why residential demand has not grown significantly despite a very significant improvement in the two "traditional" calculations of affordability that are used...

R15m offered to fractional ownership losers

Henry Greyling, founder of Golf & Leisure, which is at the centre of the hullabaloo over its joint venture in fractional ownership with Seeff Properties, says he is prepared to put in R15m to compensate investors...

This is the year to make money in property

There's a saying in the real estate industry that the best time to really make money on property is when you buy it - not when you sell...

Signs all good for buy-to-let investors

The combination of steadily rising rentals and a lack of significant new residential development activity for the foreseeable future, presents excellent opportunities now for the prudent buy-to-let investor...

Interest rate rises could happen sooner than later

The widely held opinion that South Africa's interest rates will be held at their current low levels for most of 2011 could be proved wrong soon, says Tony Clarke, MD of Rawson Properties - and the cause of the change, he says, will be the floods which have hit agriculture in eight of South Africa's nine provinces...

Memories drive holiday home purchases

Childhood memories of wonderful holidays as well as more recent vacations appear to impact the effect of property sales at the coast and other leisure destinations, says Adrian Goslett, the CEO of RE/MAX of Southern Africa...

Think like a buyer when pricing your home

It's tough to accept that your home might not be worth as much as you thought, but if you really want to sell, it helps to think about the price from the buyer's perspective...

Things to consider when looking for commercial space

When seeking to relocate or looking to lease commercial premises for the first time, tenants are faced with a host of factors which need to be considered...

Machanik is no more

A provisional order to wind up the affairs of Wendy Machanik Properties was granted in the High Court in Johannesburg on Tuesday, Standard Bank said...

Full disclosure of property defects will be made important by CPA

An avalanche of comment about the Consumer Protection Act, the regulations of which will be published in March 2011, has not yet fully defined the rules with which all South African manufacturers and suppliers will have to comply but...

New attitude to auctions

History will record that in SA the first ten years of the 21st Century saw South African home buyers adopting a totally new attitude to auctions, says Tony Clarke, MD of Rawson Properties...

SA architect emphasises need for holistic planning

South African construction professionals returning to their home country after periods of working abroad will often say that their overseas experience has been invaluable to them...

Petrol price now a big factor in property market

Over the past five years, the petrol price has more than doubled to reach the current level of just under R9/litre, and transport costs have accordingly absorbed an increasingly large chunk of many household budgets...

RE/MAX celebrates 38 years in real estate

RE/MAX, one of the largest real estate franchises in the world, and its Co-Founders, Dave and Gail Liniger, are celebrating its 38th anniversary in 2011 along with a year of significant success in 2010 despite a challenging housing market...

Focus On

Richards Bay, KwaZulu Natal, South Africa

The Bustling town of Richards Bay began as a makeshift harbour set up by a Commodore of the Cape, Sir Frederick Richards during the Anglo-Boer War of 1879, and settlement sprang up around a port now named after Richards...

>> Properties in Richards Bay
>> Properties in KwaZulu Natal

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In the Area

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

  • Western Cape
  • Burgersfort
  • Richardsbay
In the area 1 - Western Cape

Improved house sale times and slightly higher prices indicate downturn in cape property is coming to an end...

In the area 2 - Burgersfort

The ugly-duckling little town that was Burgersfort is steadily being transformed into a residential swan as developers pour millions of rands into new infrastructure as well as lifestyle estates and other local property projects...

In the area 3 - Richardsbay

Rental demand continues to soar in Richards Bay

The KwaZulu-Natal city of Richards Bay is home to South Africa's premier bulk port. Built in 1976 for the export of coal, it has since expanded into other bulk and breakbulk cargoes...

To the editor

Blog reply: Re: NHBRC betrayed the poor

Banks must go back to their own inspectors like in the past. Then they can make sure they get value for their money.
Jan Swart

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

News from Paddocks

New sectional title support club is a first of it's kind

The day-to-day management of sectional title schemes is an increasingly complex task that requires knowledge of the Sectional Titles Act, the prescribed management and conduct rules as well as a host of other legislation and documents...

Local News Continue

What rental increases are permissable

South African property law imposes no limits on the amounts by which a rent can be increased but in practice most leases contain a clause stipulating that the annual increase will be by a specified percentage (usually 10%) at the expiry of a twelve month period...

Get a plan before you give a mandate

Home sellers need to be sure that their estate agent has real marketing muscle - and is committed to using it...

New Free Flowing Water Free Urinal Valve

In recent months South Africans have become uncomfortably aware, not for the first time in our history, that much of our future prosperity and success will depend on the correct, controlled use of the country's very limited water resources...

Unique training and education offered on green building

Green building continues to gain momentum in South Africa and is no longer only being practised by a handful of dedicated experts, but starting to spread to the mainstream industry...

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CyberProp Property Count: 11/02/2011

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