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08 February 2013

 
FROM THE EDITOR

Dawie Verryne, CEO of Korbitec said that whilst growth in the property market has been unremarkable, the sluggishness of the industry has given key players a chance to rethink their systems and processes – something that is likely to accelerate the market’s growth in years to come. Read more in Innovation set to drive Property Market’s Recovery

In Continued low interest rates beneficial to SA housing sector, Bill Rawson, Chairman of the Rawson Property Group, says that low interest rates have probably been the main reason why the housing sector, although still feeling the impact of the 2008 to 2009 downturn, has been able to perform relatively satisfactory – and the likelihood of the rates remaining low should ensure that the market remains acceptable for some time.

Recent reports which point to dishonesty during the financial management of sectional title schemes by managing agencies have resulted in trustees reviewing the agreements in place with their managing agents and insurers as well as their fiduciary roles as trustees.

Martin Bester, Managing Director of Intersect Sectional Title Services, says that this is by no means a bad thing and offers some advice in Reducing risks in the financial management of a sectional title scheme

Enjoy!
The editor

In This Issue
Property of the Week

Western Cape, Somerset West, Spanish Farm
This spectacular Masterpiece is set in our most prestigious security development in Somerset West...


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International News

Innovation set to drive Property Market’s Recovery

Since the height of the global economic crisis, the property market has seen itself on a steady but slow road to recovery, with low interest rates and increased confidence from the banking sector causing sales figures and prices to inch steadily upwards...


REITs in South Africa will open investment doors

With the introduction of REITs (Real Estate Investment Trusts) to the South African property investment market as of April this year, says Michael Bauer, general manager of property management company IHFM, a huge advantage as an international property investment vehicle will be presented to those looking to invest in South Africa...


News

Listed property sector posts positive return despite sell-off

South Africa's listed property sector declined 3% last week after a sharp sell-off in the larger, more liquid companies...


SA struggling for home loans

The deteriorating creditworthiness and affordability among South Africans has affected the appetite for advance loans for affordable houses, according to Nedbank’s affordable-housing head Jeff Lawrence...


Liquidity rules for banks eased

The world’s top banking regulatory body, Basel, announced early January that it has eased the global liquidity rules for banks, and this should improve their chances of surviving financial crises...


Continued low interest rates beneficial to SA housing sector

The South African Reserve Banks' decision to hold the repo rate at 5%, although almost universally anticipated, will help bolster the residential property market for the foreseeable future, says Bill Rawson, Chairman of the Rawson Property Group...


Smaller security estates will become more popular

Cape Town seems to be moving in the same direction as Johannesburg in that security estates are becoming more popular, says Lanice Steward, managing director of Knight Frank Anne Porter...


Transfer Duty Receipts Are Now All Obtained By E-Filing

The South African Revenue Services are becoming more and more automated...


Many bargain buys still "out there" for the shrewd investor

The South African residential property market can certainly still offer investment buyers bargains at anything from 20 to 50% below their former market value...


Steering clear of dodgy contractors

With the costs to transfer property being what they are and the rising costs of building a new house, many home-owners are choosing to alter or extend their existing homes now rather than moving home, while others may be making improvements in order to get their homes looking their best before putting them on the market...


Home staging helps sell a home

With the start of a new year, says Lanice Steward, managing director of Knight Frank Anne Porter, there is often an inclination for people to make changes in their lives by selling their home...


Penalty can be imprisonment for going against demolition orders

In Cape Town, particularly the Southern Suburbs and Atlantic Seaboard where land is at a premium, there are ongoing building operations where properties are upgraded and modernised, in some cases without the proper approvals, said Lanice Steward, managing director of Knight Frank Anne Porter...


Adprop curatorship sends warning to check on everything

The recent announcement of Adprop Property Management being placed under curatorship and all the complexes that it managed now facing huge debt, sends a serious warning once again, says Michael Bauer, general manager of the property management company IHFM...


Reducing risks in the financial management of a sectional title scheme

Recent reports which point to dishonesty during the financial management of sectional title schemes by managing agencies have resulted in trustees reviewing the agreements in place with their managing agents and insurers as well as their fiduciary roles as trustees...


Reason to attend ST AGM

The main reasons to attend the AGM in a sectional title complex if you are an owner, is a semblance of control of the financial situation or better knowledge of the complex’s operations, says Michael Bauer, general manager of the property management company, IHFM...



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Focus On

Somerset West, Western Cape, South Africa

Situated in the Helderberg area, approximately 30 minutes east of Cape Town, is the town of Somerset West. Bought from the local people by Dutch soldiers in 1672, the land was initially used as a cattle post...

>> View properties in Somerset West
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In The Area

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

  • Simon's Town
  • Durbanville
Simon's Town's time has come

Residential property investors looking for a sure-fire long-term prospect in a secure precinct should now be investigating what Simon’s Town can offer them, says Bill Rawson, Chairman of the Rawson Property Group...


Durbanville residential property on a roll

In the last three months almost every estate agency in Durbanville has experienced a remarkable upswing in buyer interest and in sales, says Louis Schoeman, the Rawson Property Group’s franchisee for the area, which has around 25,000 homes altogether...


To the Editor

Theo Liebetrau, from Sugar Realty's response to Eskom's proposed 16% price hike.

Examining a single aspect propos Eskom’s capability to finance mortgages to employees, plus their generous offerings of top-endsalaries, my view of yet another ridiculous increase is evidence of both corporate irresponsibility and domination in this industry. - www.sugarrealty.co.za


News Continue

Levies in ST schemes

“In all sectional title developments, as a purchaser, one of the first questions most ask is what the levy is,” said Lanice Steward, managing director of Knight Frank Anne Porter...


Events

Advanced Residential Rental Seminar

The Professional Development Project of the Faculty of Law, UCT, is pleased to present a one-day seminar on residential rentals...


GBCSA

Existing Building Performance rating tool - Call for participation

The GBCSA is currently seeking volunteers to participate in the Technical Working Group (TWG) for the development of the much anticipated Green Star SA – Performance rating tool.


Tivvit Property Count 08/02/13

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Properties for Sale: 115,571
Properties to Rent: 10,010


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"This is not advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that formal advice be sought before acting in any of these areas."

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