Property News |
29 July 2011
Unemployment rose by 7,000 in the second quarter, 25% more than the first quarter as per statistics released this week by Statistics SA. No wonder the number of business nodes have seen a further increase in empty offices in recent months, indicative of a stalling economy. In fact, SAs overall office vacancy rate has now breached the 10% level for the first time since 2004, according to Sapoas office vacancy survey for the second quarter of 2011. (BusinessDay)
The economy might be growing and the rand might be strong but its not creating jobs and the property industry can feel the punch. On top of that new Bills is not making it easy.
Headlines: The residential mortgage market was likely to weaken further in the near term, FNB Home Loans said yesterday. The bank said the buy-to-let residential market also remained poor compared with the boom years, attributing this partly to the financial pressure experienced by households. John Loos, a strategist at FNB Home Loans, said the Reserve Bank's leading business cycle indicator for May weakened further. Given the strong correlation between this indicator and residential mortgage loans granted, this probably meant more weakening in the residential mortgage market, he said. Residential property market weakens
Market news: Though challenging, in the past 18 months there has been positive growth in the SA residential property market. Post the global economic downturn, the local property market has managed to progress relatively better than other markets. There is currently an excess supply of property relative to demand in the residential property market, which is favourable for buyers who are looking for a good deal. The Property Handbook 2011 - SA residential property market
Last week we placed viewpoints from property experts on the proposed Property Rates Amendment Bill. We have now received reports that 2nd property owners are already looking at selling their properties, We are already fielding requests by investors to sell their rental property which is an indication of things to come should the Bill be passed. Its high time that Government acted responsibly and considered the economic and social ramifications of property legislation before ploughing ahead willy-nilly. Doing so threatens the interests of this vital sector which contributes about 8% to GDP and sends a very negative message to the rest of the world where property rights are sacrosanct. Bryan Biehler, MD of Huizemark Property Group.
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Property Count: 29/07/2011|
|FNB: rentals are rocking!|
Weak economic times, and the fact that municipalities and parastatals are raising housing-related rates and tariffs are negative for home buying. However, this is not necessarily the case for the performance of the rental market, which performance we expect to improve in the short to medium term...
|Residential property market weakens|
The residential mortgage market was likely to weaken further in the near term, FNB Home Loans said yesterday. The bank said the buy-to-let residential market also remained poor compared with the boom years, attributing this partly to the financial pressure experienced by households...
|The Property Handbook 2011 - SA residential property market|
Though challenging, in the past 18 months there has been positive growth in the SA residential property market. Post the global economic downturn, the local property market has managed to progress relatively better than other markets...
|Commercial property - More offices stand empty|
The conclusion of todays 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...
|Ten trends that will drive the next five years|
The real estate industry has done an excellent job of absorbing rapid change. So says Steve Murray, editor of Real Trends, a trends research and publishing firm based in Colorado who will be visiting South Africa in August by exclusive invitation from RE/MAX of Southern Africa...
Don't keep all your eggs in one basket. Heard that one before, right? This well known investment maxim makes perfect sense to the average South African small investor. Even the simplest portfolio invariably consists of various asset classes...
|Real estate industry defies shock Bill|
Real estate industry representatives have officially lodged an objection to a piece of national legislation which could have disastrous consequences for South Africas property market...
|The Price is right|
The correct pricing of property is the best catalyst for finding the right buyer in the shortest possible time, says Adrian Goslett, CEO of RE/MAX of Southern Africa...
|When to buy real estate above list price|
Home sales in most of the country are mired in a market best characterized as sluggish, bordering on comatose. Although there are some positive indicators, like low interest rates and a gradually improving economy, the housing market is still struggling to recover...
|What to ask when buying property|
Property remains a viable asset class in which to invest and still forms one of the most important investment cornerstones for South Africans. This is according to Adrian Goslett, CEO of RE/MAX of Southern Africa, who notes that for those who are currently looking at investing in a property, the timing couldnt be better...
|Ask more questions, save more money|
Before you buy a pre-owned home, there are a few key questions you need to have answered that have nothing to do with the condition of the building...
|How to bust home buying stress|
Even though the property market is weighted in favour of buyers at the moment, finding and purchasing a home is usually still a pretty nerve-wracking experience, because there are always fears about picking the wrong property or paying too much...
|Bank's lending criteria need review|
Another regular property development spokesman - one known for his ability to identify trends - has come out with strong criticism of the way in which South Africas banks are - or are not - issuing mortgage bonds...
|Make your rooms 'bigger'|
With many homes these days being smaller than those of yesteryear, it has become essential to find ways of making interiors look bigger, says Mike Greeff, Chief Executive of Greeff Properties...
For Properties |
Search for property in your area
the Area |
The areas we are going to take a closer look at
this week are;
the area 1 - Sandton|
Where the money's at
Why buy property in Sandton? The answer to that is simple, because its one of the most sought after areas in the country and the financial business hub of Africa, says Nils Hannemann, Broker/Owner of RE/MAX Central, which services the property market in and around the Sandton area...
the area 2 - Burgersfort|
R520-mil retail project gets under way in burgersfort
The Tubatse mall development officially broke ground on Friday, 22 July. The sod turning ceremony was performed by local VIPs and attended by approximately 300 guests...
|New from: Betterbond|
|Don't stop paying until transfer|
Most homeowners know by now that when they list their property for sale, they also need to give their bank at least three months notice of their intention to cancel their home loan so they can avoid having to pay a penalty...
|Local news continue|
|Land reform - A road to nowhere|
For 15 years, the land debate has failed to produce a coherent policy. The result has been little or no change in rural land ownership and farming. Prakash Naidoo asks whether an imminent new green paper heralds a shift in thinking...
|Disclosure of defects when selling a property|
Reputable estate agents, says Lanice Steward, MD of Anne Porter Knight Frank, will always draw the attention of a buyer to any serious defects in the home that he is contemplating buying and will make sure that these are acknowledged by both the seller and the buyer...
|How to make a 'wormery'|
Many homeowners with gardens in South Africa have some kind of composting system in operation and are able to turn their organic kitchen and garden waste into useful compost with very little effort. However, composting is substantially harder for people living in sectional title schemes...
|Penthouse sells for R50m|
A penthouse in the Cape Town suburb of Mouille Point has been sold for a record price of R50-million, the highest price ever achieved for a penthouse in this area...
|iPad is introduced to the real estate industry|
Most people will agree that the use of technology can ultimately make life more convenient, organised, and altogether more efficient. iPads, Facebook, Twitter, Google Earth and Internet browsing are all routine concepts when socialising, researching or even shopping, however these tools are yet to become commonplace in the real estate industry...