Weekly Property News
Friday, 22 January, 2010
FROM THE EDITOR

Dear Reader

2009 was not as all that bad for South Africa as far as the drop in house prices. The average drop year on year was 3,9% according to FNB. It might sound a lot to you but compare to the White House we did not do that bad at all. The White House value has fallen by 5.1% since Obama took office a year ago. This according to an online property database Zillow.

There is a chance that the Reserve Bank will cut interest rates in the first quarter of this year. Local markets are betting there is virtually no chance that the Bank will ease monetary policy any further after lowering its key repo rate by a total of five percentage points to seven percent last year. But some analysts put the odds of a further reduction as high as 35 percent, given that a stronger currency improves the inflation outlook by making imports cheaper. News from iAfrica

Headlines: The worst wasn't bad. Why is South Africa in better shape than other housing markets? We are constantly reminded that we are part of one big, interconnected world and that whatever decisions are made in economic powerhouses like the US and China will affect us on our doorstep. Yet, the world's financial crisis which saw property markets crash, and continue to topple, around the world and our own recession have barely registered a blip on South Africa's house prices. SA escapes global house price crash - new stats

Market news: Another of the higher profile CEO’s in the real estate marketing sector, Anton du Plessis, has testified that 2010 has kicked off with a totally different and far more positive – set of ‘indicators’. “ “The first days of 2010 are already looking far more promising than those of the same period last year,” he said. New conditions ushered in 2010 Correctly priced houses now selling fast

Enjoy!
The editor

In This Issue
Featured Property
Eastern Cape, Somerset East, South Africa

This historic stock farm is one of the finest in the Smaldeel area and is ideally suited for conversion into a highly successful game farm. The quality homestaeds and beautiful scenery add to the appeal...

Local News

SA escapes global house price crash - new stats

The worst wasn't bad. Why is South Africa in better shape than other housing markets?

We are constantly reminded that we are part of one big, interconnected world and that whatever decisions are made in economic powerhouses like the US and China will affect us on our doorstep...


2009 Price drops were not as serious as many believe, says APFK MD

The latest figures to be released by John Loos, FNB’s residential property economist, show that 2009 was not nearly as bad a year for residential property as many believe, says Lanice Steward, MD of Anne Porter Knight Frank and, she adds, APKF’s year end figures confirm this...


New conditions ushered in 2010 – correctly priced houses now selling fast

Another of the higher profile CEOs in the real estate marketing sector, Anton du Plessis, has testified that 2010 has kicked off with a totally different – and far more positive – set of ‘indicators’...


Why it's not selling

With the property market beginning to show signs of a recovery, it is more important than ever to ensure your home is correctly priced...


Off-plan pros and cons

Buying property “off plan” holds many benefits for first-time buyers and others without large sums of cash for transfer duties and other hidden costs, but there are some potential pitfalls...


SARS should review transfer duty scale

Tony Clarke calls for a drop in transfer tax

Countries that genuinely place a high value on individual home ownership almost always ensure that their property transfer tax is low...


Property rights: Who is most powerful?

Municipal officials rule roost when it comes to regulating, controlling land use - new court case

Our Supreme Court has put an end to the struggle between certain tiers of government over the authority to regulate and control land use...


Importance of checking that correspondence has been received

KZN case confirms importance of checking that correspondence has been received

A decision handed down by the Kwazulu Natal high court, says Tony Clarke, MD of Rawson Properties, makes it clear that in any correspondence between a tenant and a landlord, the sender of the communication is responsible for seeing that the recipient received it, whether it be a letter, email or telegram...


In property transactions a qualified conveyancer is the key figure

Among those selling and buying property there is sometimes a perception that the conveyancer is an “extra” who has cornered a simple, largely standardised but lucrative legal process for himself and his colleagues when in fact it could be handled by any intelligent clerk...


Make those For Sale signs work for you

An ongoing topic of discussion in the real estate industry is For Sale signs – and how unsightly they can be if there are no proper controls over where and when they appear or how many of them agents may use...


Skimplaster comes into its own on Tokyo Sexwale's refurbishment projects

One of Technical Finishes’ most successful products, Skimplaster, which was developed shortly after the CEO, Mike Grose, founded the company 20 years ago, is enjoying almost unprecedented popularity at the moment...


Go green in your veggie garden

If you’re lucky enough to have a garden, growing things organically is a great way to start living “green” and doing your part to save the planet – especially in the summer when outdoor living is the order of the day...


Home building crumbles

StatsSA's November building stats continue to point towards an extremely weak picture for the residential building sector...


Cape Town's Building Centre now has 200 exhibitors

Those looking for evidence that the property construction sector is now into a recovery phase will be interested to learn that Jamie Heathcote-Marks, General Manager of the Building Centre in Rondebosch, Cape Town, has noticed a steady rise in visitors and enquiries since October last year...


Trusts, Close Corporations and Companies can still be the ideal means of holding a property, says APKF MD

Although the South African Revenue Services’ decision to facilitate the transfer of residential property to individuals from close corporations, companies and trusts by cancelling transfer duty on such deals has been enthusiastically taken up by many South Africans...


CyberProp Property Count: 22/01/2010

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Properties for Sale: 125,195
Properties to Rent: 9,980


Real Estate News International

Presidential property woes as the White House slips in value

As if Barack Obama didn't have enough to worry about, his well-appointed presidential home in the heart of Washington DC is apparently slipping in value thanks to America's dismal economy and lacklustre property market...


Focus On

Focus on Somerset East, Eastern Cape, South Africa

A charming town bathed in history, set among Oak trees, white-washed buildings, mountain streams and waterfalls at the foot of the Boschberg Mountain...

>> View Properties in the Eastern Cape
>> View Properties in Somerset East


Search For Properties

1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

Search for property in your area

Enter City/Suburb:

In the Area

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

  • Hillcrest
  • The Cape
  • Port Elizabeth
In the Area 1 - Hillcrest

Growing confidence buoys market in Hillcrest

Homebuyers are showing more confidence in all sectors of the property market in the Hillcrest area to the west of Durban...


In the Area 2 - The Cape

The latest ABSA property review shows that house prices declined only marginally in 2009 after serious drops in 2008. Since May they have in fact been rising in nominal terms...


In the Area 3 - Port Elizabeth

Motor industry recovery boosts home demand in PE

The residential property market in Port Elizabeth is showing signs of a strong rebound on the back of improving prospects for the motor industry and more positive buyer sentiment...


News from iAfrica

Rand fuels rate cut hopes

There is a chance that the Reserve Bank will cut interest rates in the first quarter of this year, but the move would not curb gains in the rand, which are being driven by global forces, analysts say...


To the editor
 

2010! It’s predicted that it will be the year of the steel as the outlook for the global steel industry is looking very positive. Let’s hope that we can change it to the year of the property industry.

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


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