Property News |
02 December 2011
As 2011 is reaching the end it seems that the real estate industry is lifting it spirit;
It may seem hard to believe, but the average home price in SA today is more than three times what it was 10 years ago despite all that has happened since the sub-prime crisis of 2008 plunged the world into a financial slump. However, thanks to lower interest rates now than in 2001, you dont need to earn three times as much - or more - to buy the average home. And that just goes to show, not only that it pays to invest in property for the long term, but also what a great purchasing opportunity prospective buyers have at the moment. Berry Everitt, MD of the Chas Everitt International property group
The property market is like a seriously ill patient. All indications are that the patient will recover - given the right medication such as the government's R1 billion mortgage-backed insurance fund. The National Housing Finance Corporation (NHFC) chief executive, Samson Moraba, confirmed last week that the fund will be operational by October 2012 and will aim to galvanize banks into approving more home loans. Bruce Swain, Managing Director of Leapfrog Property Group
Despite still facing challenges, the property market in South Africa is performing better than some of its counterparts elsewhere in the world. It has "become clear to me that the South African real estate sector is coming through bad times less damaged than that of the USA".Tony Clarke, Managing Director of Rawson Properties.
Headlines: The composite building confidence has lifted in the fourth quarter 2011 after holding steady in the preceding period, according to First National Bank and the Bureau for Economic Research (FNB/BER). The latest FNB/BER building confidence index increased to 29 points from 23 points, boosted by retailers and manufacturers of building materials. "The higher sales can be attributed to the need to do maintenance and renovations of existing buildings after a long delay," said FNB chief economist, Cees Bruggemans. FNB/BER building confidence lifts in 2011
Market news: House price growth is on the downturn once again, after a brief uptick around mid-year according to FNB's House Price Index. The November average house price was still 3.2% higher than November a year ago (year-on-year), but this represents a slower growth rate than the October revised year-on-year growth rate of 4%, and represents the third consecutive month of slowing year-on-year house price growth. The average price of homes traded, according to the FNB House Price Index, was R804,242. House prices on the downturn
Property Count: 02/12/2011|
|South African economy registers 1.4% growth|
South Africa's economy grew by 1.4 percent in the third quarter of 2011, a sluggish improvement from the 1.3 percent posted from April to June, the national statistics agency said on Tuesday...
|FNB/BER building confidence lifts in 2011 |
The composite building confidence has lifted in the fourth quarter 2011 after holding steady in the preceding period, according to First National Bank and the Bureau for Economic Research...
| Where To For Property in 2012?|
No one could claim that the South African property market has done well in 2011. Sellers are finding that their estimated prices need to be lowered; buyers are eager but struggle to buy with banks hesitant to approve home loans...
|Low bond/income ratio spells good times for homebuyers|
It may seem hard to believe, but the average home price in SA today is more than three times what it was 10 years ago despite all that has happened since the sub-prime crisis of 2008 plunged the world into a financial slump...
|Why property will remain weak|
The overhang of residential property's "shadow inventory" is massive and will likely weigh on market dynamics for the next 18 to 24 months, according to analysts surveyed by Auction Alliance...
|House prices on the downturn|
House price growth is on the downturn once again, after a brief uptick around mid-year according to FNB's House Price Index...
|Banks upping unsecured loans but holding back on mortgage loans|
Recent statements, figures and advertising campaigns, says Rob Lawrence, national manager of the bond originators, Rawson Finance, indicate that in pursuit of higher profits, South African banks are upping their lending on unsecured loans while still continuing to hold back on their mortgage bond loans...
| The poor are the hardest hit by the banks' tight approach to the issue of bonds|
Various statements made over the last few years by Rawson Properties directors to the effect that people at the lower end of the housing market are those hardest hit by the National Credit Act when they apply for a housing loan were confirmed this week by Alvin Suklall, Rawson Properties franchisee for Parow Valley and its surrounding areas...
|Start building your property portfolio while you are young|
The problem with giving sound advice in the property market, says Lanice Steward, Managing Director of Anne Porter Knight Frank, is that people are always inclined to suspect ones motives. However it is surely significant that almost all the chief executives of South Africas estate agents are now saying that the current time is a good one in which to start building capital through property - and I agree with them.
|Ugly battle over 'platinum strip'|
On Monday business will resume at a prime real estate office that was literally torn apart in a bruising war for control of South Africa's platinum property strip...
|Burst pipe at the Building Centre delays official opening|
The grand opening of Africas biggest and best permanent building exhibition the new 860m² Building Centre, now sited at Northgate Estate just off the N1 highway, has had to be postponed until early in the new year due to a burst pipe flooding the entire complex with 50mm of water last Sunday, when no one was there...
For Properties |
Search for property in your area
the Area |
The areas we are going to take a closer look at
this week are;
- Plettenberg Bay
the area 1 - Amanzimtoti|
Transnets R100bn plan to turn Durbans former international airport site into a new dug-out port is an exciting prospect for the property market in Amanzimtoti, the town also known as the gateway to KwaZulu-Natals South Coast holiday playground...
|In the area 2 - Plettenberg Bay|
Homeowners in Plettenberg Bay who are hoping to sell their properties during the upcoming holiday season need to review their asking prices urgently...
the editor |
Dangers of using unlicensed estate agents
As it happens we have fallen prey to a thieving agent, Marita Grobbler of Wellish Properties. She advertised a property to rent in Niona Park, Pretoria North to which we responded.
Being impressed with the property and price and having done a search of Wellish properties, found on a google search and in Cyber Prop we paid our deposit and contract fee electronically. The occupation date was for 01 December 2011 with a 3 year term.
The lease agreement was signed on the 15th November and returned to Marita Grobbler. We received a signed copy, by the Owner, Riaan Prinsloo, and proceeded to make arrangements for the move, i.e. measured for curtains etc.
When we arrived at our 'new residence' yesterday we were met with confusion and an occupied house. This Marita Grobbler is now unreachable and has not had the audacity to contact us or return our money
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|Local news continue|
|Trustees often tempted to underbudget levies|
All too often, says Michael Bauer, general manager of IHFM, the property management company, when the trustees of sectional title schemes set the budgets for the new financial year, which now has to done prior to the financial year end of the body corporate, they bow to pressure from their members who are almost invariably reluctant to see levies rise and set the levies too low...
|Bodies coporate need to be aware of rights when faced with levy defaulters|
Owners of sectional title units who run up substantial levy arrears and then try to sell their units without meeting these debts or whose units are being sold in execution will discover that the Sectional Title Act (clause 15 (b)) prevents them dodging the levy debts even though they plan to leave...
|Debt recovery is a lengthy expensive process|
It is surprising, but true, that there are many sectional title property owners who still do not appreciate exactly why monthly levy collection is essential, says Michael Bauer, General Manager of the property management company IHFM...
|New amendments to Prescribed Management Rules|
Several new amendments to the Prescribed Management Rules (as set out as Annexure 8 to the Sectional Title Act) came into effect on 28th October - and these, says Michael Bauer, general manager of the property management company IHFM, will radically change certain traditional practices in sectional title schemes...
|GBCSA at COP17|
The GBCSA and the World Green Building Council are going to be active at the United Nations COP 17 international climate change talks  in Durban from November 28th to December 9th 2011. No matter what kind of international agreement is reached (or not), we know that action has to be taken and buildings are key to climate action...