THE new owners of Australia's most expensive house are planning to knock it down.

Formerly from South Africa, the Krok family, who made their fortune from cosmetics and casinos, paid $29.5million for Tahiti, a Sydney harbourside mansion at Vaucluse.

News of the demolition comes as new figures reveal the minimum price for a spot on Sydney's quarterly top-10 property sales list has hit $10.5million...

Is this irrational exuberance?

It may well be, says Rhodes University Tax Professor and well-known columnist Matthew Lester, speaking at a recent BDO Spencer Steward function.

It’s not easy being an emerging economy, what with interest rates that change direction depending on US consumers’ appetite for shopping and the apparently unquenchable thirst of the oil-guzzling-fire-breathing dragon that is China...

In June last year the prime overdraft rate in South Africa was 10.5 percent. It is now 14 percent, and there is a distinct possibility of a further 0.5 percent rise before the end of this year or early next year.

"These facts are well known to most South Africans paying off mortgage bonds, but there are many who have not yet calculated just how much more this is now costing them each month," says Sean McCauley, Northern Region director for Rawson Properties...

MORE property is coming onto the market as smaller private investors become willing sellers.
These investors bought commercial properties when interest rates were lower, but are now feeling the “squeeze”, say some market commentators.

By contrast, the listed property sector is largely unaffected by the increase in interest rates and is thus able to support the prices achieved in the past year...

It is not yet widely appreciated in South Africa that if a person buys into a sectional title property and then wishes to make changes which can affect the aesthetics of the scheme or the “welfare” - a very general term - of others living in it, they have to receive the approval of the vast majority of those in their complex or in their estate.

Pointing this out recently, Lanice Steward, MD of Anne Porter Knight Frank, said...

The new owners of Boschendal have demonstrated their commitment to obligations made to the community and to Anglo American in an almost tangible manner by completing the second phase acquisition of Boschendal lands even though they are still awaiting planning approval for their initial property developments. The latest acquisition increases their investment to over R500 million in land and development...

NEAR-MANIC consumer demand during South Africa’s real estate boom, which peaked in 2004, impacted on the country’s property sector in a number of ways.

It depleted stock levels to record lows, which in turn encouraged sellers to set premium prices – and saw buyers pay them – says Mike Bester, CEO of Realty 1 International Property Group. In so doing, entry level affordability was dealt a harsh blow, while the average middle market price soared, hitting R950 000 in September, according to Absa...

Jeffrey's Bay - Home of the best right hand point break in the world!

International surfers flock to catch the legendary waves in this, a paradise of sunshine, aloes, dolphins, shells, perfect points & classic reefs. Surfers & others who found it hard to leave such an idyllic spot have turned Jeffreys Bay into a year round fun place to be, creating a thriving local craft industry besides the surf shops on just about every corner...

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The direction of the property market is at the start of every new year a favourite topic amongst real estate commentators. After a year that has seen the introduction of the National Credit Act as well as substantial increases in interest rates these two issues seem to dominate current discussions.

Those trying to balance a monthly budget should not find an interest rate increase unexpected, although it is never good news for homeowners...

Speaking at the recent South African Property Owners Association (SAPOA) Gala Award Dinner at Port Elizabeth, the first of its kind ever to be held in this city, Richard Edwards, Manager, New Business for Nedbank Corporate Property Finance (Cape), said that inflationary pressures and the resultant 3,5% rise in interest rates in the middle of 2006 had not, as yet, impacted too severely on the property sector - nor did he foresee any disastrous falling off in investment although this is already “beginning to find new avenues”...

Swellendam faces shortage of affordable housing

Strong demand from lifestyle buyers in the picturesque town of Swellendam in the Western Cape has pushed property prices beyond the reach of many local buyers.

Although the new National Credit Act has put a slight damper on sales, demand from lifestyle buyers is still strong, says Laura Clack, area specialist for leading local agency Homenet Overberg...

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