Weekly Property News
21 October 2011

FROM THE EDITOR

Dear Reader

Earlier this week the office of the President asked the press to go “softer” on Zuma. I cannot see how this will happen. What do they say about once in the lime light? Public Works Minister Gwen Mahlangu-Nkabinde announced a nearly 170 million rand project to revamp the interior of the President’s official residence Mahlamba Ndlopfu (Pretoria). This will also give the President a steam room and and a sauna. I cannot see how this will stay out of the headlines.

On the property front;

Headlines: Johannesburg, Oct 19 (I-Net Bridge) - Residential home prices fell slightly from last year, but purchase prices for first-time home buyers increased by 6%, according to a new report. The mixed numbers reflected changing demographics and increased demand for small properties. According to bond-originating firm Ooba, the average house price decreased by 2% from September last year, from about R856,000 to R839,000. The average purchase price for first-time buyers increased from R585,000 to R620,000 during the same period. Ooba CEO Saul Geffen attributed increased activity from first-time buyers to the emerging black middle class, combined with low interest rates and decreased deposit requirements. He also said increased municipal and utilities tariffs caused home buyers to choose smaller properties. Housing market favours first-time buyers

Market news: Lacklustre growth is evident in the buy-to-let residential sphere, according to the latest issue ofRode’s Report on the State of the South African Property Market, sponsored by FNB. On a national basis, in the second quarter of 2011, house rentals mustered yearly growth of only one percent, while rentals of townhouses remained at roughly the same levels they were at a year ago. Flat rentals performed best, with growth of only three percent. Rentals plummet across SA

Enjoy!
The editor

In This Issue
Featured Property

Yzerfontein, Western Cape, South Africa
Villa:
Bed: 6 | Bath: 7
Stunning north facing mediterranean home overlooking the harbour.


CyberProp Property Count: 21/10/2011

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Properties for Sale: 144,095
Properties to Rent: 10,917

Local News

Rentals plummet across SA

Lacklustre growth is evident in the buy-to-let residential sphere, according to the latest issue of Rode’s Report on the State of the South African Property Market, sponsored by FNB...


Home prices fall sharply

Residential property prices showed a moderate decline during September, according to the latest results released by bond originator ooba...


Property market 'far from bottom point'

House prices appear set to decrease in real terms for the next three years, maybe longer...


Housing market favours first-time buyers - report

Residential home prices fell slightly from last year, but purchase prices for first-time home buyers increased by 6%, according to a new report...


Black home loan applicants now exceed white applicants

For many people, buying a house will be the most significant transaction of their lives; in fact, most people regard their home as their most important asset, even though, unlike a true asset, a house does not generate income unless you rent it out, and you can probably do better by renting a small place and putting your money in the market...


Serious sellers will have to accept further price cuts

The fact that there are now occasional signs of an eventual recovery in the SA residential market should not lead home sellers to think that higher prices are once again possible, says Lanice Steward, MD of Anne Porter Knight Frank, the Cape Peninsula estate agency...


Sellers still unable to face reality in pricing

Over the last decade or longer, says Anton du Plessis, CEO of Vineyard Estates, one of the methods used by estate agents to estimate the value of the properties they are selling has been to add generally accepted annual increases to the actual price paid, and also to factor to in the value of any improvements made...


Boomers riding to the rescue - again

It looks like the Baby Boomers are set – yet again - to become a driving force in the property market, as they use some of their accumulated means to help their children or younger relatives achieve home ownership...


Trends to watch for

While the global property market has taken its fair share of knocks over the past few years, it’s safe to say the South African market is still emerging and opportunity is out there for property investors that look for it, says Adrian Goslett, CEO of RE/MAX of Southern Africa...


5 mistakes sellers make

While summer is generally considered to be the best home sales season, sellers still need to steer clear of some classic mistakes that can scupper even the most promising deal...


Making good with social housing

While the construction industry is in a lull, partnerships in social housing between government and local building companies are now showing healthy returns...


Increase in tenants could cause problems

All the factors boosting rental prices mentioned recently in a press statement by Rawson Properties’ MD Tony Clarke have been particularly evident recently in the sectional title property sector, says Catherine Cockcroft, sales manager of Propell, the levy funding and collection company...

Retail tenant survival - getting feet through the door

Consensus a year ago was that South Africa would be slowly on the road to recovery after the recent recession...

Focus On

Yzerfontein, Western Cape, South Africa

This seaside village lies 85 km north of Cape Town on the R27. Situated between Cape Town and Langebaan, Yzerfontein is a grand base from which to explore the many attractions of the Cape West Coast...

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In the Area

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

  • Cape Peninsula
In the area 1 - Cape Peninsula

Although the number of sales in Cape Peninsula towns such as Fishhoek and Noordhoek is still only half what it was before the global financial crisis in 2009, it has started to rise in recent months, thanks mostly to an increase in cash sales.


To the editor

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Local news continue

R170m Zuma home revamp

Revamping the interior of Mahlamba Ndlopfu, President Jacob Zuma’s official residence in Pretoria, is expected to cost nearly R170 million – yet none of the furniture will be replaced...


Cape Town street renaming underway

The City of Cape Town has received 16 public submissions on the proposal to rename Western Boulevard after Helen Suzman, with the majority giving the suggestion the thumbs up, but roughly a third calling it "political, a waste of resources and a misplaced priority"...


Green building

GBCSA Convention & Exhibition – Last week to Register

The upcoming Green Building Council Convention & Exhibition is shaping up to be something rather special…


New R60m green building at Route 21 sets the trend

It seems the ‘go green’ trend in the property market is on the increase, with another developer at the R2 billion office park development, Route 21 Office Park in Irene, developing a 4 200 square metre R60 million customised green building – with the developer taking “a twenty to thirty year view” on the investment...

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