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22 March 2013

 
FROM THE EDITOR

The decision to keep the interest rates where they are is the right one, said Adrian Goslett, CEO of RE/MAX of Southern Africa, after the announcement was made at the second Monetary Policy Committee meeting of 2013. Reserve Bank Governor, Gill Marcus said that the prime lending rate would remain unchanged at 8.5%, a decision met with very little surprise by those within the real estate sector.

New home buyers seeking bond finance are often not successful when submitting an application to a bank or financial institution for a home loan, says Peter Jones, group general manager of IHD (Integrated Housing Development). 

Even if the buyer has provided the bank with his ID, tax number, current payslip, proof of his current address, bank statements and had paid a deposit, IHD’s customers have over past two years experienced a low (30%) success rate when applying for loans at IHD’s Bardale Village development in Blue Downs, Cape Town. 

The early signs of autumn are here.  After a hot dry summer there are now signs of a chill in the air and occasional rain, so this would be a good time to do a thorough check to make sure your house is ready for winter (particularly in the Western Cape, where it rains heavily in winter and the north wind storms can do great damage), says Lanice Steward, managing director of Knight Frank Anne Porter.

In Focus on this week we take a closer look at Woodstock,Situated just east of Cape Town’s city centre on the lower slopes of Devil’s Peak, the suburb of Woodstock boasts panoramic views of the harbour.

Enjoy!
The editor

In This Issue
Property of the Week

Woodstock, Cape Town
Beautifully renovated three bedroom house..


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News

Comment on interest rate announcement
The decision to keep the interest rates where they are is the right one, said Adrian Goslett, CEO of RE/MAX of Southern Africa, after the announcement was made at the second Monetary Policy Committee meeting of 2013

Property law is illegal
The proposed Municipal Property Rates Amendment Bill is unconstitutional, the Democratic Alliance and lobby group AfriForum said on Monday.

Home prices still falling
Residential house prices in South Africa grew slightly in June compared to a year earlier, according to latest results recorded by bond originator ooba.

Growthpoint property to come under Aucor hammer

Johannesburg, 17 March 2013: Aucor Property has today announced that its April Auction event will take place at the Park Hyatt Hotel in Rosebank on Thursday, 17 April at 12h00. The auction is headlined by a strong retail offering located in Witbank from listed fund, Growthpoint..


Listed property sector takes a breather

South Africa’s listed property sector declined by 1% during the week ending 15 March 2013. This comes on the back of a 7% plus gain so far this year.


Fear of land reforms still lurks in the minds of some property investors

In our last Capital Gains Tax article we discussed the method of calculating the Capital Gains Tax which is payable on the sale of immovable property in South Africa. We mentioned


South Africa Real Estate Report Q1 2013

With a focus on the principal cities of Johannesburg, Cape Town and Durban, the report covers the rental market performance in terms of rates and yields over the past 18 months and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the government-led infrastructure initiative on a market characterised by a tepid construction pipeline


Hike to destroy housing
A premature interest rate hike will undermine confidence in the already shaky real estate market, according to Seeff Chairman Samuel Seeff.

Big-ticket property fire spreads to Johannesburg
The average home price in Johannesburg’s luxury property sector has risen by almost 13% in the past 12 months to R2,6 million, on the back of strongly increasing demand.

Cash buyers dominate the argentinean property market

A new comprehensive report recently released from the World Green Building Council (WorldGBC), highlights that there are a large number of compelling benefits from green buildings received by different stakeholders throughout the life cycle of a building.


Advice on increasing the chances of getting that home loan

Investors looking for property in South Africa need to be prepared to pay top dollar, as the country continues to suffer from a shortage of affordable housing...


If planning to pay the full price of a home before transfer, be aware of the pitfalls

It is important that when a person buys a house he never pays over to the attorney the full purchase price to the seller prior to transfer, says Lanice Steward, managing director of Knight Frank Anne Porter.


Be prepared when deciding to sell your apartment!
It may be that you want to sell your apartment, but are you prepared to sell it? It will be a breeze if you know what to expect and have all your “duckuments” in a row.

Valuation methods for calculating Capital Gains Tax

In our last Capital Gains Tax article we discussed the method of calculating the Capital Gains Tax which is payable on the sale of immovable property in South Africa. We mentioned


Now is the time to get your house ready for winter
It may sound strange but the best way to get to know your new home is often to ask the previous owner – after you have signed a sale agreement and set the transfer in motion...

First impressions count

Selling a property in a buyer’s market can have a certain number of challenges for those wanting to stand out from the crowd


Buyers and sellers beware : when signing contracts, reading everything carefully
It seems like a very obvious statement that buyers and sellers of properties need to read everything in the sale agreement carefully and that all changes must be in writing and initialled by all the parties, says Lanice Steward, managing director of Knight Frank Anne Porter, but there are still cases where mistakes creep in and these can create major problems for all parties concerned

Full home inspections possibly the way to go when selling a home
Although it is the buyers aged between 31 and 45 years old, known as Generation X, that are currently driving the property market, Adrian Goslett, CEO of RE/MAX of Southern Africa, says that the younger Generation Y buyers are eager to get their foot in the property ownership door and have strongly made their presence felt in certain regions throughout the country already...
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Focus On

Woodstock, Cape Town, South Africa
Situated just east of Cape Town’s city centre on the lower slopes of Devil’s Peak, the suburb of Woodstock boasts panoramic views of the harbour..

>> View properties in Woodstock
>> View properties in Cape Town


In The Area

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

  • Fish Hoek
  • George
Fish Hoek now offering homes with both value and character
Fish Hoek, which has experienced almost no significant rise in home prices for some 36 months, offers the home buyer value for money on a scale and to a degree almost without comparison in South Africa today

Rawson Properties franchisee says George lifestyle still attracts buyers

A prediction made last year by Bill Rawson, Chairman for the Rawson Property Group, to the effect that Cape coastal property is now set for a marked revival, appears to be coming true


News Continue


World Green Building Council showcases cost-effective Green Building benefits throughout the world

A new comprehensive report recently released from the World Green Building Council (WorldGBC), highlights that there are a large number of compelling benefits from green buildings received by different stakeholders throughout the life cycle of a building.


Can the body corporate restrict access to a complex if levies aren't paid

There are sometimes cases where levies aren’t paid on time or are not paid at all, and the body corporate, possibly out of desperation because they have tried just about everything else, restricts the owner’s access..


In an emergency situasion, sectional title schemes should have a backup facility if funds are needed

There are sometimes situations that arise, where a lift in a sectional title scheme might break, a water pipe bursts or during a terrible storm it is found that sections of the roof need repairing straightaway and there is a risk of major damage


Sectional Title scheme maintenance often raises questions about who is responsible for different sections

If there is one issue which can be almost guaranteed to cause dissension among sectional title property owners, it is the question of who is responsible for the maintenance of the three different types of property in sectional title schemes


Ongoing debate on levy charge methods

It may be that you want to sell your apartment, but are you prepared to sell it? It will be a breeze if you know what to expect and have all your “duckuments” in a row.


Check that buyers have sold their existing properties

One of the lessons that has to be repeated over and over again at the Rawson Property Group’s training sessions, says Bill Rawson, Chairman of the group, is the simple one that agents must check up on statements from buyers detailing the sale of their existing properties..


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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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