Property News |
21 October 2011
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 Presidents 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 ofRodes 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
Property Count: 21/10/2011|
|Rentals plummet across SA|
Lacklustre growth is evident in the buy-to-let residential sphere, according to the latest issue of Rodes 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...
|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, its 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...
For Properties |
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the Area |
The areas we are going to take a closer look at
this week are;
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.
|Local news continue|
|R170m Zuma home revamp|
Revamping the interior of Mahlamba Ndlopfu, President Jacob Zumas 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"...
|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...