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Weekly Property News
20 January 2012
FROM THE EDITOR

Dear Reader

As expected the Reserve Bank’s monetary policy committee (MPC) has kept rates unchanged. This was announced yesterday at the end of its three-day meeting in Pretoria on Thursday. The repo rate remains at 5,5% and the prime interest rate at 9%, said Gill Marcus, governor of the Bank.

More of the same as we enter a New Year, says Adrian Goslett, CEO of RE/MAX of Southern Africa. RE/MAX predicts that the rate will stay relatively steady over the next 12 months.

Headlines: There are strong indications that, after a three-year lull, the Battle of the Banks for home loan market share is about to heat up again – to the benefit of homebuyers and the property market in general. “This month’s decision by major lender Absa to once again start accepting applications for 100% loans from mortgage originators is, we believe, just the first salvo in the renewed battle,” says Lew Geffen, chairman of Sotheby’s International Realty in SA. Borrowers in the pound seats as bank battle restarts.

Market news: According to the latest oobarometer results released by bond originator ooba, property prices showed positive year-on-year growth of 6.2 percent in December. Although this increase is a positive development for the local residential property market, ooba predicts that the market will continue to trade sideways in 2012. The December oobarometer price index reveals that the average house price rose to R870 564 from R819 977 a year earlier. A month-on-month increase of 3.6 percent was also recorded in December. The growth in the average purchase price amongst first time buyers showed a significant increase, with year-on-year growth of 14.5 percent to R656 230 in December 2011 from R573 112 a year earlier. Home prices remain flat.

Municipalities countrywide are making preparations for the next large-scale property valuation, which could impact property owners' pockets. This is according to Ben Espach, valuations director at Rates Watch. The lifespan of the initial valuation rolls in terms of the Municipal Property Rates Act is nearing at close. The rolls have to be adjusted every five years, which period can be extended by one year. Espach explains that although the act came into force in 2006, most municipalities drew up their valuation rolls between 2007 and 2009. This was the first time that both land and improvements were taken into account and farm land was included on a broad scale, ignoring the former sliding scale. Large-scale property valuation on the horizon.

Enjoy!
The editor

In This Issue

Lephalale, Limpopo
Game Farm:
Bedrooms 4 | Bathrooms 3
Come and invest in this fully developed Game farm in the heart of the game farming area of Limpopo only 40 km from Lephalale...


CyberProp Property Count: 20/01/2012

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Properties for Sale: 137,324
Properties to Rent: 10,262


International News

Kenya: Tough Times Ahead for Housing Sector

Anthony Mwangi had been in America for 13 years when he finally decided to visit home last December...


Local News

Cautious optimism for 2012...

Cautious optimism for 2012... this is the opinion of Rodney Luntz, Managing Director of the High St Property Co...


Comment on interest rate announcement

More of the same as we enter a New Year, says Adrian Goslett, CEO of RE/MAX of Southern Africa...


Home prices remain flat

According to the latest oobarometer results released by bond originator ooba, property prices showed positive year-on-year growth of 6.2 percent in December...


Borrowers in the pound seats as bank battle restarts

There are strong indications that, after a three-year lull, the Battle of the Banks for home loan market share is about to heat up again – to the benefit of homebuyers and the property market in general...


'Top tips for single homebuyers'

For various reasons, an increasing number of home-buyers these days are single, and there are some special considerations for such buyers to take into account...


Cardinal rules for second home investments

Realtors around the country have reported that holiday home sales volumes this festive season saw a solid increase on last year’s transactions, with RE/MAX of Southern Africa reporting a 27% increase on 2010’s holiday season sales...


Avoiding the dangers of further advances

SA consumers are definitely “wising up” when it comes to the high interest rates charged on credit card balances and other debts, and many homeowners among them are taking advantage of the current low home loan interest rates to escape these...


Boomers worth their weight in gold

Although it is the Generation X population, which consists of adults between the ages of 31 and 45, that are leading the property market recovery, baby boomers are making their presence felt in the market, says Adrian Goslett, CEO of RE/MAX of Southern Africa...


Shopping centre rental growth mixed

Annual growth in rentals is 5,5% for bigger malls such as Sandton City, 3,4% for smaller malls but rents move down at neighbourhood shopping centres...


Most Violent Cities Report

The past two years saw a few notable improvements to South Africa’s reputation abroad: we hosted a very successful Fifa Soccer World Cup, Table Mountain officially became one of the 7 Natural Wonders of the World and Cape Town will be the 2014 World Design Capital...


How to make a successful offer

Many homebuyers believe they should start with a low offer and then “bargain up” towards the sellers’ asking price. But most experienced agents can attest to the fact that too many offers and counteroffers will usually kill the deal...


Soweto residents get prized title deeds after waiting years

Tenjiwe Mlotywa took to the stage and kissed mayor Parks Tau on both cheeks. The 70-year-old then spun in circles with the finesse of a ballerina, ululating at the top of her voice...

Focus On

Lephalale, Limpopo, South Africa

West of the Mogol River in the distinctive bushveld landscape of the foothill of the Waterberg Range lies the tranquil town of Lephalale...

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In the area 1 - King Williams Town

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To the editor

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