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25 January 2013

 
FROM THE EDITOR

Great news this week for home owners. South Africa's Central Bank Monetary Policy Committee (MPC) on Thursday decided to keep the repo rate at 5%, citing concerns about the weak rand, rising inflation and labour conflicts. The prime lending rate therefore also remains at 8.5. Read more in South Africa’s Interest rate remains untouched at 5%

In The property market 5 years after the recession we read that the amount of activity experienced in the market as well as new buyers coming in indicates that the property market is picking up, but still remained a shadow of what it once was. Even though it may never enjoy the highs it reached almost 7 years ago, it will definitely increase and reach new levels that for many years have not been attained.

FNB’s latest Household Consumer Debt Service Risk Index paints a picture of trouble to come.  The household debt-to-disposable-income ratio stands at 76% and the Debt Risk Index stands at 6.68% - considerably higher than the long run average of 5.3%. But what do these figures mean to you and me? Find the answer to this in 2013, the year to escape the debt trap

Battling to sell your home? Neville McIntyre, chairman of Aida, says that you should not give up. He notes, “the average time that owners can expect their properties to remain on the market prior to sale currently is just under 16 weeks – which implies that there are many that will take longer than that to sell." He also states that the most common reason for a home's failure to sell is that the asking price is more than buyers are currently willing to pay and if you really need to sell you might have to consider lowering your asking price. Read more in Don't give up too soon

Enjoy!
The editor

In This Issue
Property of the Week

Port Alfred, Eastern Cape
Situated in the Marina this lovely holiday home has ample accomodation...


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South Africa’s Interest rate remains untouched at 5%

South Africa's Central Bank Monetary Policy Committee (MPC) on Thursday decided to keep the repo rate at 5%, citing concerns about the weak rand, rising inflation and labour conflicts...


The property market 5 years after the recession

The start of the recession in 2008 took its toll locally and globally on employment. In South Africa alone a total of 1 million jobs were lost as markets plummeted leaving half of the South African youth unemployed and ensuring the tightening up of money spending in all sectors...


South African residential prices performing better than those of most of the Western World

Among his friends and business associates, says Bill Rawson, Chairman of the Rawson Property Group, there are several who have invested in residential properties overseas in the last year or two - especially in Europe and the UK...


The bureaucratic hurdle in exploiting a R50bn property sector

Millions of South Africans have RDP houses and technically should have access to an asset that would allow them to create wealth: either by using it to get a loan to start a business, mortgage their home or to sell them...


2013, the year to escape the debt trap

The residential property market survived 2012 with a few nicks and bruises but, generally it remained stable with positive signs; like the banks relaxing their loan requirements and the historically low repo rate to help matters along...


Things Home Buyers should consider

It is expected that the property market will be more vibrant this year than it was in 2012 as a result of the more stable, and low interest rate. It however still presents some challenges to buyers...


Don't give up too soon

Seasoned estate agents know that even in a bull property market, about 20% of the homes they list don't sell right away – and some don’t sell even within two or three months...


Give buyers a vision of their future

When selling your home, should you show it “as is” with all your furniture and belongings in place, or wait until it is empty it so prospective buyers can see the actual size of the rooms...


Electric Fence System Certificates of Compliance

According to the Electrical Machinery Regulations of 2011, as issued under the Occupational Health and Safety Act 85 of 1993, property sellers now need to obtain Electric Fence System Compliance Certificates just like they need Electric and Plumbing Certificates and, in the coastal regions, Beetle Certificates...


New CPA rules entitle a tenant to cancel a lease - but this can be costly

A fair amount of confusion and dismay has become evident among landlords and tenants following the promulgation of the Consumer Protection Act (CPA) which, among other things, allows a tenant to cancel a lease immediately, no matter what the original agreement specified...


Maintenance responsibilities regarding a "rented" sectional title property

The question of who is responsible for the maintenance of the different areas in a sectional title scheme is frequently misunderstood and presents rental agents with an on-going challenge, as they have to explain the situation to their clients, says Wayne Albutt, National Manager of the Rawson Rentals...


Rent increases are subject to specified conditions

South African tenants in rented properties often have the idea that no rent increases can be allowed on a 12-month lease...


Official accredited green building course to be held in Cape Town

The Green Building Council of South Africa’s signature course and core offering, that introduces the Green Star rating tools and is the first requirement for obtaining status as a Green Star SA Accredited Professional, will take place in Cape Town on Tuesday 05 February at the Southern Sun in Newlands...


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1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
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10. Limpopo

Focus On

Port Alfred, Eastern Cape, South Africa

Fondly known as the heart of the sunshine coast, the small town of Port Alfred is situated equidistant from Port Elizabeth and East London in the Eastern Cape. The town was established in the early 1820s when Lord Charles Somerset moved British settlers into the area to serve as a buffer between the Cape Colony and the Xhosa people...

>> View properties in Port Alfred
>> View properties in the Eastern Cape


In The Area

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

  • Cape Town
  • Parys
  • Moot
  • Stellenbosch
Pack for Perth? No, Cape Town!

Rather than choosing to move overseas, many South Africans are opting to move to cities in their own country and the Western Cape tops the list of places to move, says Joanna Thomas of Lew Geffen Sotheby’s International Realty...


Semigrantsboost property prices in Parys

The small town of Parys on the southern banks of the Vaal River has already become one of the country’s most popular weekend getaway destinations, offering a plethora of art, antiques, comestibles and adventure sports to please visitors...


Bank valuations are 'depressing' Moot market

Willing homebuyers and sellers in Pretoria's Moot area are reporting that big banks are undervaluing properties for sale, which slows down transactions in this popular neighbourhood...


Bank valuations are 'depressing' Moot market

Strong demand for affordable homes in and around Stellenbosch is evident in the quick uptake of units in new developments brought to market at reasonable prices...


Tivvit Property Count 25/01/13

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Properties for Sale: 114,845
Properties to Rent: 10,147



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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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