Weekly Property News
22 July 2011
FROM THE EDITOR

Dear Reader

Yesterday we saw mixed feelings regarding the SA Reserve Bank’s decision to leave the repo rate unchanged. The trade union Uasa felt that Reserve Bank should not only target inflation but also employment. The decision was however welcomed by many South Africans including those in the property industry.

We will still see distressed properties being released onto the market by the major banks, which will provide property buyers with great opportunities to purchase homes at good prices. It seems that the next six months will mirror the first half of the year in most areas and the market will continue on its slow but steady path towards full market recovery. This according to Adrian Goslett, CEO of RE/MAX of Southern Africa.

From a residential property perspective, while the housing market has plateaued and is, to some extent in the doldrums, recent activity indicates an upward trend both in regard to the number of units sold and in terms of pricing. There is a cautiously optimistic outlook for the next six to nine month period as the market appears to have overcome the worst, with the result that there are opportunities for trading conditions to improve, albeit gradually. Dr Andrew Golding is the CE of the Pam Golding Property group

Headlines: The proposed Municipal Property Rates Amendment Bill is unconstitutional, the Democratic Alliance and lobby group AfriForum said on Monday. It appears that the redefinition of residential rental property as commercial property will amount to a form of income tax, which will be a violation of... the Constitution," said AfriForum head of community affairs Cornelius Jansen van Rensburg. 'Property law is illegal'

The Municipal Property Rates Amendments Bill is an ill-conceived and even dangerous piece of legislation that would not only cause havoc in the property market if it were enacted as it stands, but could also cause the already delicate relationship between ratepayers and many local authorities to break down further. So says Berry Everitt, MD of the Chas Everitt International property group, who notes that while much attention is being paid to the provision in the Bill that might see non-primary residences taxed at the same rate as commercial buildings, some other serious flaws in the proposed legislation should not be ignored. More than one flaw in Property Rates Bill

There are just a few days left to lodge comments on the Municipal Property Rates Amendments Bill – and both property investors and tenants should be objecting strenuously to at least one clause in the proposed legislation. That’s the word from Hano Jacobs, CEO of the Realty 1 International Property Group, who says this is the proposal in the Bill to amend Section 1 of the Municipal Property Rates Act to the effect that the rates applicable to residential property will only be charged on primary properties (where the owners live) and not on any residential property that is rented. Tenants and landlords 'must object' to Rates Bill

Enjoy!
The editor

In This Issue
Featured Property

Gauteng, Krugersdorp, Featherbrooke Estate
House
- Bed: 4 | Bath:5
Where Eagles dare!! Beautifully Architect designed 3 storey Gentleman's residence bordering the Witwatersrand Botanical Gardens...


CyberProp Property Count: 22/07/2011

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Properties for Sale: 144,624
Properties to Rent: 10,255

Local News

'Property law is illegal'

The proposed Municipal Property Rates Amendment Bill is unconstitutional, the Democratic Alliance and lobby group AfriForum said on Monday...


More than one flaw in Property Rates Bill

The Municipal Property Rates Amendments Bill is an ill-conceived and even dangerous piece of legislation that would not only cause havoc in the property market if it were enacted as it stands, but could also cause the already delicate relationship between ratepayers and many local authorities to break down further...


Tenants and landlords 'must object' to Rates Bill

There are just a few days left to lodge comments on the Municipal Property Rates Amendments Bill – and both property investors and tenants should be objecting strenuously to at least one clause in the proposed legislation...


A sigh of relief for the property market says Adrian Goslett, CEO of RE/MAX of Southern Africa

The conclusion of today’s Monetary Policy Committee meeting saw Reserve Bank Governor Gill Marcus leave the prime interest rate unchanged at its current rate of 9% which has led to a sigh of relief by the South African consumer as many continue to feel financial pressure in the aftermath of the global recession...


Interest rate decision: Housing market relieved

This week's decision to leave the repo rate unchanged was anticipated and welcome as South Africa's economic recovery remains fragile, with consumers beset by rising costs such as increases in electricity tariffs...


Here's why you should be upgrading

The lowest interest rates in three decades, combined with tight credit and depressed property prices, make this an unusually good time for homeowners to upgrade to bigger or more luxurious properties...


Property investment is safer than shares or money market

It still comes as a surprise to him, says Michael Bauer, general manager of the property management company, IHFM which has now set up an office in Gauteng, that people who know very little about South African stocks and shares are prepared on “fairly flimsy” advice to invest in these assets when “all the evidence” goes to show that for the inexperienced investor property is a safer...


Property act will dry up rental stock, hike prices

Shortly after World War II, rental prices in New York sky-rocketed due to the increasing demand of returning soldiers. To mitigate this effect and to help the poor gain access to housing, a price ceiling was set to restrict property owners from charging more than a certain "fair" amount...


Residential property price figures

The residential property price figures which have recently appeared in the national media and which indicate further drops in prices should, says Bill Rawson, chairman of Rawson Properties, not be allowed to discourage investors in residential property in the way that they appear to be doing – because they are not truly representative...


South Africans working abroad can get bonds

Despite the worldwide recession, South African skills are still much in demand in other countries, particularly in Africa and the so called ‘war zones'...


'Cape Town is inept'

"Cape Town’s property planning and approval department has lost touch with the real world. They continue to pat themselves on the back because they are told they are performing more efficiently than other SA local authorities — but that is a meaningless yardstick...


Your rights when selling a rental property

Adrian Goslett, CEO of RE/MAX of Southern Africa, points out factors to consider when selling your buy-to-let investment and why you should hold onto it if you can...


Four certificates now necessary when selling a home

To enable the conveyancer to carry out the transfer of a home from one owner to another, traditionally Capetonian homeowners have had to get an Electrical and Beetle Certificate (for all exposed wood) prior to registering the transfer...


'Lease goes before sale'

It may seem attractive for property investors to acquire a property where a lease agreement is already in place...

Focus On

Krugersdorp, Gauteng, South Africa

Krugersdorp owes it's origin to two important events in the history of South Africa,namely The Transvaal War of independence (1881) and the discovery of the Witwatersrand Goldfields (1886)...

>> Properties in Krugersdorp
>> Properties in Gauteng


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In the Area

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

  • Bredasdorp
  • Belhar
In the area 1 - Bredasdorp

Bredasdorp's The Pavilion retail centre completes its first year

The new R120 million 10 800m² “The Pavilion” retail centre at Bredasdorp has just completed its first year in operation – and the good news, says centre manager Karin Davids, is that it is now attracting up to 800 visitors daily on weekdays and up to 2 400 on Friday evenings and Saturday mornings...


In the area 2 - Belhar

Large development plans on the cards for Belhar

Two large pockets of land belonging to the Provincial Government of the Western Cape in Belhar, adjacent to the University of the Western Cape, have recently been rezoned for both commercial and residential purposes...


To the editor

Send your viewpoints to news@cyberprop.com


Local news continue

Hypothec the easiest way to get payment from a defaulting tenant

The explanation of legal terms used in property can sometimes be so complicated that only the brightest minds eventually pick up the clear, usually simple, meaning for which they were aiming...


Two new acts that affect Sectional Title & Community Schemes

Two acts were recently signed by the President, with operation expected later this year, which will affect Sectional Title and Community Schemes...


Aurecon's office building achieves SA's first 5 Star Green Star SA Rating

Aurecon’s office building in Century City, Cape Town, which is nearing completion, is the first building in South Africa to be awarded a 5 Star Green Star SA – Office Design v1 rating by the Green Building Council of South Africa (GBCSA)...


"Rescue" of central city apartment block

When major repairs or maintenance are needed on a sectional title scheme, often the scheme’s trustees will lack the knowledge of how to go about implementing these – and the resources to pay for them if they are urgent and cannot be put off until all owners have paid up their portion of a special levy...


GBCSA Convention & Exhibition - Speaker Announcement

The GBCSA has a fascinating programme lined up for our 4th annual Convention and Exhibition to be held at the CTICC in Cape Town from 26 - 28 October 2011...

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