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How to house hunt in a buyers' market

There are more properties to choose from in a buyer's market but the fundamentals of finding the one that offers the best value are the same in any conditions.

So says Martin Schultheiss, CEO of the giant Homenet estate agency group, who notes that first-time buyers especially would do well even now to prepare before setting out on a househunt.

 

In the first place, he says, buyers need to establish what they can afford and preferably obtain confirmation that they will be able to obtain a home loan, since the banks are extremely cautious about home financing at the moment.

"On the other hand, though, those who have a deposit and a good credit profile may be able to negotiate a preferential interest rate, and even a slight reduction - say half a percent - can mean considerable savings over the lifetime of the bond."

Once buyers know what price range they can afford, it is time to narrow down the type of property, for instance flat, townhouse or traditional stand-alone home.

Buyers then have to decide which areas will suit their circumstances. Factors that should be taken into account include the distance to workplaces, schools, medical services, and shopping and entertainment facilities. With fuel prices rocketing, easy access to facilities is taking on a much greater significance in buyers' choice of area, Schultheiss says.

 

Finally, buyers should decide whether they prefer to buy an older or newer property. Older properties generally offer more home per rand, while newly-built properties usually hold the advantage that no transfer duty is payable. New homes are also often more secure and easier to maintain.

But, advises Schultheiss, don't succumb to pressure tactics and sign an offer to purchase before you have viewed and compared a fair number of homes. "This is good practice in all property transactions - and more so in a buyers' market."

ISSUED BY HOMENET

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Another appeal to review home purchasing costs

A serious review of home purchasing structural costs with the purpose of stimulating property market conditions and particularly encourage first-time buyer purchasers has been called for by a leading real estate figure. Specifically, Jeanne van Jaarsveldt, finance and director of RE/MAX of Southern Africa, the country’s largest residential real estate vendor, would like to see the current threshold on payment of transfer duty only kick in on sales above R1m and the consideration of meaningful tax breaks for first time buyers. The appeal, not the first time in the industry’s history, but probably at its most justifiable moment in terms of troubled times, comes against a backdrop of ailing sales and soaring arrears in mortgage repayments. Alliance Group reported recently that the number of home owners in mortgage repayment arrears of at least one month has more than doubled to 55 000 in the last nine months, a figure that van Jaarsveldt believes can only get worse unless seriously addressed by government. Van Jaarsveldt believes preventative action or a rescue package is vital by the government to avert further property market distress. Tax breaks, he advances as an urgent consideration be given first-time buyers while a raising of the transfer tax threshold could help stimulate movement in this beleaguered market. He points out that the US government has anchored its recently launched Housing Stimulus Bill around a tax break of more than R52 000 for first time buyers to help stabilise the market. The measure has been widely applauded by property stakeholders in that country. Van Jaarsveldt says a similar tax concession in SA would help soak up some of the affordability pressure on first time buyers ensnared through no fault of their own by the five percentage point interest rate increases in the past two years. With affordability, based on the ratio of mortgage repayments to remuneration, soaring to its highest level since the beginning of 1990, as reported by Absa, it was equallly deserving that serious stimulation be given to encourage property ownership by a temporary suspension of transfer duty on all price categories until the market moved into a definite recovery mode. This tax had become particularly burdensome for home buyers in terms of the tougher credit regulations. He points out that the Real Estate Institute of Australia (REIA) is vigoursly pressurising that country’s government for exemption of stamp duty on first home buyer sales and retiress downsizing as is Britain’s National Association of Estate Agents (NAEA). Both bodies believing the move would ease pressure throughout the whole housing market giving people a reason and incentive to come back. Dawie Roodt, chief economist at Efficient Group, would like to see property transfer duty completely abolished, pointing out that its taxation had been overtaken by the huge personal tax increases placed on middle and upper income group in the past couple of years. “It’s too expensive and throws sand in the workings of the freemarket system that should be allowed to flow free of state impediment.” It’s abolishment would strip the fiscus of roughly R10bn a year, which Roodt, says would not make any serious indent from the fiscus point of view. And while its benefit would not have a great impact on the property market in general it would certainly ease up the buying and selling of homes and act as a much needed market stimulator. While admitting some concern at the decline in sales volume, Roodt anticipates some relief on interest rate pressure, foreseeing the possibility of an interest rate cut in about six months time, depending on inflation rate patterns. But, between now and then, he does expect property market conditions to get a little worse. Current political uncertainty, in spite of having a negative effect on the economy and in particular a further cause of dampening on the property market, he expects to ease soon and slow down emigration patterns. Mike Bennett. CEO of KZN’s ProProp Franchising Group, would also like to see a temporary suspension of all transfer duty on sales under R1m until the market improves and banks be given permission to relax the National Credit Act regulations on home sellling prices of under R700 000. Both gestures, he says, would stimulate the first time buyer market substantially. Van Jaarveldt who sees the housing market “as a pillar of our economy” believes the current high number of negatives surrounding the market make it vital for some concession to stimulate home ownership. “To ignore the situation seriously jeopardises the continual growth path of the emergent black middle class who we all know are vital at this stage of our country’s economic transformation.”   Click here to read more property related articles

 

 

 

Electronic media adding spark to property advertising

Advertising mediums, and particularly the print platforms, are going to have to be far more competitive on price and innovation if they are to retain real estate clients, according to Nicky Adams, MD of Cape-based advertising agency Inspiration.

Adams, who was reacting to Jawitz Properties, Rawson Properties and the ERA real estate group’s recent television advertising campaigns, believes the electronic media and emphatically television with its growing myriad of channels is well primed to grab further market share in above the line real estate annual advertising spend (adspend), which attracted an investment of R20 422 012 for the first five months of this year ending May 31.

Total adspend for 2007 was R40 114 426.

Quoting industry AC Nielsen AdEx “share of voice” figures this week Adams pointed out that electronic adspend had widened the gap in attracting support at the expense of print media. Newspaper advertising in the first five months of the year accounted for 27,2 percent of total adspend compared to 31,2 percent for 2007; 35,1 percent for 2006 and 38,5 percent for 2005.

The electronic media, including television and radio, by comparison, reflected a definite growth path. The medium accounted for 36,6 percent of all above-the-line advertising in the first five months of this year; 33,6 percent in 2007; 33,3 percent in 2006 and 30,4 percent in 2005.

Magazines, as a advertising platform, have marginally lost ground in the past three years to stand at 17,4 percent of total advertising for the first five months. This was a substantial drop from its high of 24,7 percent market share in 2005.

While not the first South African real estate group to focus on television promotion, Adams believed that RE/MAX had highlighted the importance of the electronic medium through its apparent successful extended television advertising campaign, anchored around outstanding performances in various events and tournaments, which had won both the attention of the consumer and estate agent in being attracted to the brand.

Adams said that RE/MAX’s support of the Super 14 competition had proved to be a particularly strong platform achieving high reach and penetration across various audiences, testament to the strength rugby currently offers brand advertising, particularly within the pay television market.

RE/MAX was also the biggest spender in above-the-line advertising for the first five months of this year, accounting for 33,1 percent of all real estate advertising, followed by Pam Golding Properties (22,6 percent), Wakefields (19,3 percent), Seeff (10,5 percent), Jawitz (6,2 percent), Chas Everitt International (3 percent), Aida (2,2 percent), Homenet (1,6 percent) and Rawson Properties (1,2 percent). Apart from RE/MAX and Wakefields, who both increased their adspend profile – Wakefields by more than double – the adspend by the other groups in the first five months of this year reflected a decline.

 

Click here to real more property related articles

How to house hunt in a buyers' market

 

There are more properties to choose from in a buyer's market but the fundamentals of finding the one that offers the best value are the same in any conditions.

So says Martin Schultheiss, CEO of the giant Homenet estate agency group, who notes that first-time buyers especially would do well even now to prepare before setting out on a househunt.

In the first place, he says, buyers need to establish what they can afford and preferably obtain confirmation that they will be able to obtain a home loan, since the banks are extremely cautious about home financing at the moment.

"On the other hand, though, those who have a deposit and a good credit profile may be able to negotiate a preferential interest rate, and even a slight reduction - say half a percent - can mean considerable savings over the lifetime of the bond."

Once buyers know what price range they can afford, it is time to narrow down the type of property, for instance flat, townhouse or traditional stand-alone home.

Buyers then have to decide which areas will suit their circumstances. Factors that should be taken into account include the distance to workplaces, schools, medical services, and shopping and entertainment facilities. With fuel prices rocketing, easy access to facilities is taking on a much greater significance in buyers' choice of area, Schultheiss says.

Finally, buyers should decide whether they prefer to buy an older or newer property. Older properties generally offer more home per rand, while newly-built properties usually hold the advantage that no transfer duty is payable. New homes are also often more secure and easier to maintain.

But, advises Schultheiss, don't succumb to pressure tactics and sign an offer to purchase before you have viewed and compared a fair number of homes. "This is good practice in all property transactions - and more so in a buyers' market."

ISSUED BY HOMENET

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Durban Municipality announces plans for huge housing project - South Africa

The eThekwini Municipality's Executive Committee (Exco) is negotiating the release of vast tracts of privately land for a housing project in
the affluent North of Durban area, according to an eThekwini media release.

The 1 200ha of land in Cornubia (Mount Edgecombe North) is owned by Tongaat-Hullets Developments.

Exco says in the release that negotiations were currently under way with the private land developer to release the land into the hands of the City. Although the land has a potential of generating in excess of 73 000 units, the Municipality intends building 25 000 low and middle income units in the first phase of the project.

Nigel Gumede who chairs the City's Housing, Cleansing, Solid Waste and Human Resources Committee said the Cornubia project would first cater for earners from the low and middle income brackets and later upper income earners.

He said the project would start in less than six months, once the City had signed a memorandum of understanding with Tongaat-Hullets.

Gumede said negotiations with Tongaat-Hullets were promising and the company had shown a willingness to work with the City. "It is envisaged that a combination of double storey, row, walk up and other housing typologies would be developed to maximise the full capacity of Cornubia," he said.

eThekwini Mayor Obed Mlaba said the aim was to meet the City's target of eradicating all slums by 2014 and promoting economic activity in the north of the City.

"Currently most of the industries are concentrated on the South of the city. We have therefore opted for an integrated approach that will provide housing and employment opportunities in the North of the city."

Mlaba said the proposed project had the blessing of both Provincial and National Government. He likened the project to another of its kind in Johannesburg. "I've heard that Cosmo City is huge, this one is going to be massive."

Mlaba also allayed fears that the project was likely to undermine property prices and the City's rates base in the Mount Edgecombe area.

"Our planning and layout has taken into consideration all these factors, if anything, people are likely to be motivated by their neighbours to also improve their homes," he said. In the first phase 15 000 houses will be built for the low-income bracket, those earning between R0-R1500 pm, and 10 000 houses will be built for middle-income
earners, between R1500-R3500

 

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Rental stock starts to dry up round the country - South Africa

The demand for rental properties is intensifying countrywide as conditions for property purchasing become increasingly problematic and stock shortages are starting to appear. That’s the broad consensus from various ERA offices around the country, says group CEO Gerhard Kotzé, who notes that while the inability to afford homes at current interest levels and difficulty in obtaining home loans are the biggest factors driving the rental market, there is also a growing number of property owners who are downsizing to smaller, rental accommodation while renting out their own larger homes and pocketing the difference. “Infrastructure developments such as those for Eskom and the minerals and precious metals boom as well as pockets of strong regional development are also creating demand for rental properties.” Helene Visser of ERA Steer Blaauwberg covering the Tableview area says her particular area has had a “very active” rental market with a reasonable supply of long-term stock and some attractive rental bargains. “But there is also strong demand for short term rentals and a shortage of furnished rental accommodation. Rentals at the lower end are around R3 500pm and at the higher end around R6 500pm.” In East London, ERA Sun Beacon Bay’s Penny Lindstrom says townhouses are in short supply and command a premium while in Brakpan, ERA Brakpan’s Monica van Tonder says there is only rental stock available because some new developments long in the pipeline are now coming on to the market. At ERA Ermelo, where Retha de Beer has a huge rental portfolio, the mining sector and Eskom’s expansion in the area are fuelling high demand for both townhouses and freehold homes. “Much of the demand is coming from senior management and technical people seconded to these projects,” she says, “ and two-bedroom townhouses are renting for around R3 300pm.” In Tshwane, Lucille Kaplan of ERA Pretoria East reports a definite upturn in rental demand across the board, with prices ranging from R3 800pm to a “remarkable” R25 000pm in some cases.   Click here to read more property related articles

 

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When only new will do - useful tips when buying property

A brand new home means you don't inherit stained carpets and patchy paint - but there are pitfalls. So says Berry Everitt, MD of the Chas Everitt International property group, who has the following tips to help you negotiate the purchase of a new home: * If you have to sell an existing home in order to buy a new one, appoint your own selling agent. Resist any high-pressure-selling tactics on the part of agents employed by builders or developers, and remember they are often paid less than the going rate of commission so are looking for high turnover. * Do not automatically deal with the bank or institution associated with the developer. The developer might prefer you to use the designated bank since it makes his life easier but you might be able to negotiate a better rate elsewhere. * Take the offer to purchase document to your attorney before you sign it. Standard contracts may not properly protect your rights as a buyer. * Make sure you understand what options and upgrades are available and what the additional cost would be. Many developers offer buyers a choice of finishes but stipulate that choices must be made before a certain date, failing which, the developer may make a choice on your behalf. Also bear in mind that the bulk of a developer's profit may come from upgrades. * If you do choose upgrades, make sure that the cost will be covered by your home loan or that you have cash in hand to pay for them. * Find out exactly what guarantees the developer is offering and how any defects will be remedied. * Make sure that the site will be cleaned and all rubble removed before the occupation date, and find out whether or not the sale includes landscaping. ISSUED BY CHAS EVERITT INTERNATIONAL Click here to read more property related articles

 

 

 

 

Big buy-in by RealNet managers

At a time when just about everyone in the real estate industry is battening down the hatches, five senior managers of RealNet Holdings have demonstrated their confidence in the future of the company - and the property market - by collectively purchasing a 24% shareholding. The managers concerned are Johalna Minnaar, Daphne Rhodes, Karl Marais, Tommy Thompson and Piet Olivier and RealNet CEO Tjaart van der Walt notes that they have also made a long-term commitment and signed five-year contracts as evidence of their loyalty to and trust in the group. "The directors take great pleasure in this expression of confidence," he says, "and it bodes well for the group's continued growth. RealNet has established a solid base and with the quality of all our stakeholders and the expertise of our managers we are ready to take the next step to growth," he says. "Well-trained and experienced managers are hard to retain and it is a well known fact that a leadership team performs better and better over time." Van der Walt also says the RealNet business model has been proven in the market place and that the group remains committed to the benefits that the real estate industry holds for consumers. "Property is the most ubiquitous route to financial security for most consumers and in this light we regard service excellence and integrity as the mainstay of our offering." He adds that in the current challenging market conditions, RealNet's management team has renewed its pledge to its franchisees and agents to offer comprehensive services with the utmost professionalism. "The management team will assist and support each and every one of our franchisees and agents and together we will work towards making our franchises the most profitable in the South African industry. "Of equal importance, though, is the fact that we will uphold our company values to the fullest and with the co-operation and assistance of our franchisees and agents keep our eye on the goal of becoming the most respected real estate company in the country." Issued by RealNet   Click here to read more property related articles

 

 

 

 

 

BEST BUY OPPORTUNITIES IN 30 YEARS IN RESIDENTIAL PROPERTY - ENNIK

"There has been no better time in the past 30 years to invest in residential property than right now." This is the view of Ronald Ennik, an executive director of the nationwide Pam Golding Properties real estate group and managing director of its R4-billion-sales-a-year Gauteng division. "Coming after a 10-year period of sustained growth - the likes of which has not been seen in at least the last 50 years, and in which home values generally quadrupled - the current downcycle is now at, or very near, its lowest point and I have no doubt that the turnaround is imminent. "The tide of panic that swept the market in the wake of the recent steady interest rate rise, the implementation of the National Credit Act (NCA) and other contributing factors has subsided. Prices have come down quite steeply and there are now more homes on offer - at really good value - than at any other time in the past," says Ennik. "There are great opportunities right now to buy at a significant discount, and buyers who find the home that suits their needs and lifestyle should seize the opportunity now rather than wait hopefully - along with 50 000 others - for further price drops." Ennik says the residential property trading environment that will come with the imminent upturn will have less volatility and greater stability, given that * the NCA has now bedded down and the new culture of lending and borrowing that has set in will result in fewer repossessions * most people who burnt their fingers have re-scheduled their debt and will be more careful in future * the level of professionalism of estate agents will be far higher as a result of the new training requirements which went into effect last month in terms of the Estate Agents Affairs Act. What about the interest rate scenario? "Another interest rate rise at this week's Reserve Bank MPC meeting - should there, in fact, be one - will not alter the picture I have painted," says Ennik. "The fact is that the country's economic foundations and outlook are so strong that the residential property market will fly when the turnaround takes hold. "I share the view of the chairman of the JSE, Humphrey Borkum, that the strength and resilience of the South African economy should never be underestimated - and there is no question that the country right now has more economic ducks in a row going into the impending upcycle than at any other stage in the past. "For instance, tax collections by SARS have never been higher. So much so that current and planned expenditure by Government on infrastructure - including power generation, road and rail networks, airports, housing, water storage, and 2010 Fifa World Cup-related projects - is unprecedented at R600-billion-plus." Click here to read more property related articles

 

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Rates - Ray of Hope?

If current interest rates are held steady at this week’s Monetary Policy Committee (MPC) meeting could it be the first ray of hope towards a market recovery?

Certainly, Jeanne van Jaarsveldt, marketing and finance director of RE/MAX SA, believes it could be the first, albeit small, but definite sign, towards the property market decline bottoming out.

His view is substantiated by feedback from the group’s regional offices, which places consumer uncertainty on interest rate patterns as a major obstacle toward a market recovery.

Also cited as a recovery restraint is the current political uncertainty and while van Jaarsveldt admits this potency is not to be under-estimated toward normalisation, he believes its effect has become increasingly shaded by growing disposable income fears. “Unfortunately the ghost of mid-1998 when rates surged almost overnight to 25 percent still permeates the market and this is definitely having a dampening effect.”

Even if rates are left unchanged on Thursday, van Jaarsveldt, says the effect will be minimal in terms of actual sales, but the impact will be encouraging in restoring much needed confidence. Other factors likely to add to that assurance is the recent reduction in world oil price and positive political progress emerging from the Zimbabwean talks. He points out that a genuine settlement in that country could encourage the many hundreds of thousands Zimbabwean refugees living here returning home and easing the still apparent simmering xenophobia in South Africa.

From a market point of view, Van Jaarsveldt says, with few exceptions all areas report increased showhouse interest with commensurate interest, “but the greatest resistance to commit remains emphatically doubts on future interest rate patterns.”

 

 

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Increase in commercial vacancy rates nothing to be alarmed about

Commercial vacancy rates in Cape Town's decentralised areas are on the rise, says eProp's research for July 2008. One of Cape Town's largest decentralised nodes, the Tyger Valley commercial area, has a vacancy rate for July of around 8.9%, up from 4% in February 2008. This might seem like a very high vacancy rate, but, assures Pieter-Jozua Erasmus of Capitol Commercial Properties, a vacancy rate of 10% is average and nothing to be alarmed about
.

One of the major factors influencing this rise in vacancies during 2008 is the increased supply of commercial stock in the area. A number of new office buildings have recently been completed, or will be completed within the next three months, and these have increased the amount of available space and therefore have increased the vacancy rate.

Another factor to keep in mind is the rental rates in the area. Tenants have experienced a period of very little rise in rental rates between 2002 and 2006, says Erasmus. Rental rates have been low at around R60 - R65 per square meter (excluding VAT and parking) during this time and the market has been adjusting to a drop in vacancy rates during a period of increased economic growth, increased interest rates, an increase in the cost of building materials and higher rates of service providers. When we see a drop in A+ Grade vacancies due to a rise in office demand, we reckon that the rental rates for new office buildings currently in the planning phase will jump to levels of around R135 to R145/m² plus VAT. The above-mentioned economic factors are causing developers of new developments to be cautious of rental rates below the R135 - R145/m² level and, according to various Quantity Surveyors, projects currently in the planning phase are not viable at rates below the said level.

Tenants must realise that these price increases are necessary when one considers the cost and effort of constructing a building. As developers become more aware of their environmental responsibility they are constructing energy efficient buildings. Avanti on the corner of Carl Cronje and Bill Bezuidenhout Roads, has managed to save more than 50% of their air-con energy just by their choice of glass fitted in this twin-towered commercial building. They also have a back-up generator installed and offer ample parking for tenants as well as clients. This building is a joint venture between Arun and Abland.

Not many building projects are currently under construction in the Tyger Valley area and when the vacancies in these new developments are taken up we will see a drop in vacancies in the short to medium term as new developments may take a further 18 months to complete. Pieter-Jozua therefore predicts lower vacancy rates in the Tyger Valley area a year from now. As the popularity of the area continues to grow and the new buildings currently on offer are let or sold, there will again be a lack of commercial stock in this market, so now is the time to have a careful look at the availability of premises should you wish to re-locate your operation in the next 18 months, he advises.

 

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For more information visit www.arun.co.za , www.abland.co.za

 

 

 

US pending home sales rise

Some improvement is projected for US existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5,3 percent to 89,0 from a downwardly revised reading of 84,5 in May, but remains 12,3 percent below June 2007 when it stood at 101,4.

Meanwhile international real estate purchases in the U.S. continue to be a significant share of business for many Realtors, according to the 2008 National Association of Realtors® Profile of International Home Buying Activity.
This new research indicates that international buying activity in the U.S. is widespread.

NAR estimates that between 150 000 and 190 000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular.

People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany. This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S.

 

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Luxurious apartment in Cape Town, South Africa

This ultra modern apartment with its immaculate finishes, is a perfect investment for the young and trendy home buyer or the overseas investor.  This apartment, with sandstone finishes, mirrored cupboards, modern chandeliers, porcelain tiles and a kitchen equipped with the latest Bosh technology, is perfect if you are looking for simplicity and cleanness.

 

What’s more, is that you’ll enjoy breathtaking views of the Atlantic Ocean, the Waterfront and Robben Island, a must see property if you are looking for a great investment.

 

Click here to view more photos or to contact the estate agent, Jeanette Collcott (RE/MAX)

 

 

 

Middle-income rental vacancies rising.

Because of the downward phase in South Africa’s economy, the number of vacant rental properties are rising at a steep pace. 

 

According to Andrew Schaefer, MD of national property manager Trafalgar, this occurrence in the market signals the reducing of disposable income and falling confidence in future growth as more first time tenants don’t move from their parents’ homes, people double up to save money and couples considering splitting up can’t afford to.

 

As a dramatic rise in vacant properties occur, there are an expecting turn in the market within the next 18 months.

 

-Andrew Schaefer

 

Read the full Story here.

 

 

 

 

Ultra modern penthouses for sale in Sandhurst.

With just a stone throw away from Sandton City, RE/MAX Masters just added these eye-catching penthouses and apartments to their list.  With top quality interior finishes, open plan living spaces and stunning views of Johannesburg, these Manhattan-like penthouses and apartments will surely appeal to the young executive.

Owners of these penthouses and apartments will enjoy the professional security of the complex, basement parking spaces and a swimming pool inside the complex.

 

To view the details of the property or Estate Agent, Cathy Cerimele, click here :

 

 

No expense spared for Island Estate, Hartbeespoort Dam

Century 21 recently included the breathtaking Island Estate, next to Peacanwood Golf Estate on the banks of Hartbeespoort Dam, to their property list.

 

This upmarket Bali style complex, with canals leading into the main Hartbeespoort Dam, will surely draw the attention of the upmarket buyer with its bowling green, tennis courts, squash courts and spacious clubhouse.

 

To view the property or to view contact details of the Estate Agent, Fiona, please visit:

 

http://www.myproperty.co.za/property_details.aspx?PROPERTY_REF=209294&V=1

 

 

 

Houtbay property for sale

Matt Mecer Real Estate presents this property for sale in Houtbay, South Africa.

A unique design maximising space on 2 levels to create a versatile home comprising flawless, contemporary finishes. 

 

View the Houtbay property here

Investment in Durban - 14 bachelor flats up for sale

One of our real estate franchise clients, Tyson Properties, have released this excellent investment opportunity:

14 Bachelor flats are up for sale at around R420,000 per unit in Morningside, Kwazulu Natal, South Africa.

 

To view the property or get into contact with the Estate Agent, Hilde, please visit:

http://www.tysonprop.co.za/property_details.aspx?property_ref=205505

 

Standard says no letting up in tough South African property market conditions

The Standard Bank median house price eased by 2,6% year-on-year in July, according to its Residential Property Gauge, which notes that the median house price in level terms was R570 000 while the five-month moving average growth was recorded at 8,2%.

Recent point estimates of the growth in the Standard Bank median house price, according to the Gauge, have overstated the extent of the decline in South African residential property prices. This has been the result of the National Credit Act (NCA) induced base effect that was established in the months leading up to the implementation of the Act last year.

Uncertainty regarding the possibility of more stringent credit granting criteria led to an increase in the proportion of higher valued houses in the underlying home loans sample from which the median house price is calculated.

“Subsequently, the reduced affordability of housing led to a decline in the demand for residential property and a substantial softening in house price growth. This was
exacerbated by the base effect, resulting in the deep negative year-on-year growth rates witnessed in the last few months.

 

Read the full story here

Is it the right time to buy South African property?

Interest rates are high; the banks’ credit-granting guidelines are at their most stringent and consumers are tightening their belts, but there has never been a better time in recent years to invest in property.

In January 2009, Statistics South Africa will implement the new weights for the Consumer Price Index and thus adjust the methodology by which the South African inflation rate is calculated. The reduced weighting for food and increased weighting for motor vehicles means consumers can anticipate a decline in the measured inflation rate – and that means less pressure on South African Reserve Bank governor Tito Mboweni to raise interest rates.