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Weekly Property News
Friday, 23 July, 2010 |
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FROM THE EDITOR |
Dear Reader
The SA Reserve Bank’s announcement yesterday to leave
lending rates unchanged left consumers, the heavily-indebted
and home owners no better off.
“The Reserve Bank’s statement that the prime
interest rate will remain at a steady 10% after today’s
Monetary Policy Committee meeting is in line with our expectations
of no movement in the rate this year. South Africa’s
economy is generally in a good, stable condition, as is the
property market, which has shown a slow but steady upward
trend since late last year. This interest rate stability bodes
well for continued growth in property sales volumes and prices
for the remainder of the year; however consumers should plan
now for the fact that interest rate increases are highly likely
to become a reality from early 2011” Adrian Goslett,
CEO RE/MAX of Southern Africa
Headlines: After a two-day meeting, the South African
Reserve Bank's Monetary Policy Committee (MPC) left the key
monetary policy interest rate - the repo rate - unchanged
at 6,5%. As a result, banks' lending rates to the public,
i.e. prime and mortgage rates, are to remain at a level of
10%. Interest rates have been cut by a cumulative 550 basis
points since December 2008. Interest rates unchanged
after MPC meeting
Market news: The property markets across the board
are still in hibernation mode, according to the latest Rode's
Report on the State of the Property Market. The lagged impact
of the business cycle on the property market is especially
evident in the offices segment. Property markets still
hibernating
Enjoy!
The editor
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In
This Issue |
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Featured
Property |
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Western
Cape, Parow, Plattekloof
Inspiringly modern home with breathtaking views
and exceptional quality. Two for the price of one! Multi
Level masterpiece for two independent families. Double
Volume lounge and dining room separated by dual fireplace.
Open plan kitchen leads through enclosed braai patio to
deck overlooking Table Mountain. 4 Beds, 4 En-Suites,
3 Car Garage just for the upper level. 4 Beds, 2.5 Baths,
D/Garage on the lower level. Indoor & Outdoor pool.
What more do you need? |
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Local
News |
| Interest
rates unchanged after MPC meeting |
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After a two-day meeting, the South African Reserve
Bank's Monetary Policy Committee (MPC) left the
key monetary policy interest rate - the repo rate
- unchanged at 6,5%. As a result, banks' lending
rates to the public, i.e. prime and mortgage rates,
are to remain at a level of 10%. Interest rates
have been cut by a cumulative 550 basis points
since December 2008...
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| National
Credit Act leniency needed |
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Another high profile personality in the Cape
property sector has now said that until there
is an easing of the National Credit Act criteria
which the banks apply to their mortgage bond lending
and a greater willingness to accept risk, there
can be no hope of the property sector (or indeed
the economy) once again flourishing...
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| Property
markets still hibernating |
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The property markets across the board are still
in hibernation mode, according to the latest Rode's
Report on the State of the Property Market...
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| Launch
of new insurance policy |
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New insurance policy can do away with unpaid
levy problems
Santam has taken a major shareholding in a new
company now launching a unique financial product
tailor made to alleviate the serious liquidity
problems experienced by South Africa’s bodies
corporate in the sectional title property sector...
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| Residential
property slowdown beckons |
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The 2010 World Cup has come and gone. It has
brought many potential long term benefits for
SA, emanating from dramatically improved perceptions
of the world regarding the organizational capabilities
of the country...
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| Consumer
Protection Act will affect property marketers |
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Another senior member of the Cape estate agency
fraternity has found it necessary to warn staff
that when the Consumer Protection Act comes into
full force on 25th October this year, property
marketers will find themselves “in a new
ballpark”...
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| Self
employed find it difficult to get bonds |
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A growing number of people who are self employed,
with incomes dependant on fluctuating commissions,
face huge difficulties in becoming homeowners,
says Lanice Steward, MD of the Cape Peninsula
estate agency, Anne Porter Knight Frank...
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| Foreign
property investment post World Cup |
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During the Soccer World Cup South Africa did
an exceptional job of showcasing the diversity
and beauty it has to offer. Leading on from this
epic event, the promise of foreign investment
into the country is much anticipated...
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Cup benefits will be seen down the line |
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Anne Porter Knight Frank’s Camps Bay office
fielded a number of enquiries from World Cup visitors
regarding the purchase of property at the Cape
and at least two of these could result in sales
- but this experience was the exception rather
than the rule...
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| Is
virtual staging ethical? |
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Much has been said about the benefits of “staging”
your home when you want to sell in order to make
it appear lighter, more spacious and more appealing
to prospective buyers...
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| Moving
to a bigger or more up-market property? |
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THERE are all sorts of reasons for homeowners
to contemplate moving to a bigger or more upmarket
property, such as the need for more space to accommodate
a new home business, growing children or ageing
parents, or perhaps just the desire to live in
a better area...
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| Know
the rules before you build for yourself |
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In the last three to four months there has, says
Rob Lawrence, National Manager of the bond originators,
Rawson Finance, been a swing towards building
for oneself or buying second hand and renovating
or altering to achieve an improved home...
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| Power
to the consumer |
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Gazetted in April 2009, with published regulation
as of April 2010, the Consumer Protection Act
(CPA) is a virtual “Bill of Rights”,
designed to create a strong culture of consumer
rights and responsible trading in South Africa.
The Act makes South African consumers some of
the most protected in the world...
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| Occupation
cost is crucial |
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Accommodating your company’s staff is an
expensive business. Research shows that after
salaries and IT expenses the cost of office accommodation
is generally the organisations third largest cost...
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Focus
On |
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Search
For Properties |
Search for property in your area
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In
the Area |
The areas we are going to take a closer look at this
week are;
- Val de Vie, Franschoek / Paarl Valley
- Hout Bay
- Simons Town
| In
the Area 2 - Hout Bay |
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Hout Bay sectional title specialists on a
growth path
Intersect Sectional title Services, the sectional
title specialist subsidiary of the Spire Property
Group, has recently grown their management contracts
in the suburb of Hout Bay substantially –
becoming regional specialist in the area...
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| In
the Area 3 - Simons Town |
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Emerging middle class will boost prices in
traditional Cape suburbs
Estate agents are frequently asked to tip investors
on the prospects of areas – but in nine cases
out of ten the answers to their questions are
there for all to research and understand, says
Lanice Steward...
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To
the editor |
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"Effective cause" Wording in mandates
still causing arguments
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Controversy still surrounds the terminology
“effective cause of the sale”,
which is regularly used in real estate property
mandate documents, says Lanice Steward,
Managing Director of the Cape Peninsula
estate agency, Anne Porter Knight Frank...
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Share your comments with us by sending
it to news@cyberprop.com
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News
from from Paddocks |
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CyberProp
Property Count: 23/07/2010 |
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