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25 October 2013

 
FROM THE EDITOR

It seems as though there are more thumbs up for the Property market in this week's Newsletter. This week’s Medium Term Budget Review presented to parliament by Finance Minister Pravin Gordhan was broadly positive for the residential property market, despite the forecast for very slow economic growth, reaching 2,1% this year and just 3,5% by 2016. Read Positives for property in mini-Budget for more details.

Then in an article titled Listed property on the upswing, the listed property sector has returned more than 13% since it bottomed towards the end of August and more than 1.4% in six of the past eight weeks.

On the negative side though, according to Bill Rawson, Chairman of the Rawson Property Group, estate agents are asked by their clients to come up with a list of the factors they should check before entering into a home sale agreement and at the very top of the list there has to be a question regarding the crime in the area. See an article titled Crime now the number one factor to be investigated in selecting a home.

Although crime is an issue that affects us all in South Africa, our country still has a lot of good to offer. This week we look at KwaZulu Natal, a province that has a population in an estimation of 10 million people. A mother to Durban harbour, the busiest port in South Africa and one of the 10 largest in the world, KZN contributes enormously to the country’s economy. Every year the port of Durban handles over 30 million tons of cargo with a value of more than R100-billion. Read more about this exciting province in our Focus on section of this Newsletter.

Enjoy!
The editor


Property of the Week


Amanzimtoti, KwaZulu Natal - South Africa

Elegantly Designed with Spacious Modern Interior


News

Listed property on the upswing

The listed property sector has returned more than 13% since it bottomed towards the end of August and more than 1.4% in six of the past eight weeks. Last week’s 2.3% gain was driven by falling bond yields and a stronger Rand...


Strong sellers' market now evident throughout South Africa's big centres

The boundary lines between the buyers’, sellers’ and an ‘even’ residential property market in which supply more or less meets demand tends to shift and to be indistinct ...


Positives for property in mini-Budget

This week’s Medium Term Budget Review presented to parliament by Finance Minister Pravin Gordhan was broadly positive for the residential property market, despite the forecast for very slow economic growth...


No 'second bubble' for SA property market

With the real estate markets in the US and the UK abuzz with speculation that a second housing bubble burst could be on the way, the question has arisen as to whether SA could also experience a rerun of the 2008/ 09 market collapse...


Investec Australia Property Fund debuts on the JSE

Bringing a unique proposition to market, Investec Property Australia (IAPF), a division of Investec Bank in Australia, today listed on the main board of the JSE, under the Real Estate – Real Estate Holdings and Development sector...


Africrest Properties Transforms Design District Into A Creative Hub In Rosebank

Africrest Properties has almost completed the rejuvenation of their creative hub known as ‘Design District’ in Rosebank, located on the corner Thyrwhitt Avenue & Keyes Avenue...


Hiring frenzy reaches new highs in Dubai realty

Dubai: The festive season has started early for real estate professionals in the UAE. If the current momentum is sustained in the marketplace, they have every reason to party hard right through to the New Year as well...


Crime now the number one factor to be investigated in selecting a home

From time to time, estate agents are asked by their clients to come up with a list of the factors they should check before entering into a home sale agreement. Such lists can be useful and often remind buyers of points they might otherwise have overlooked...


Trusts are an effective way to pass property onto heirs - but beware of dishonest trustees

Due to the fact that properties passed on by benefactors to their heirs are taxed higher on capital gains if they are in trusts than they would be if they were given directly to the individuals concerned, this method of leaving property to others is not as widely used as it used to be...


When is VAT payable on property?

When buying a property the usual process is that transfer duty is payable on the property but if the property is registered in the name of a company it will be subject to VAT...


Renting office space in a secure office park can save you up to 10% on your rental bill

Renting offices premises in security office parks is not necessarily more expensive
than standalone offices. In fact, tenants could save as much as 10% on their
rentals due to “critical mass savings on security costs”...


EAAB audit requirements

The Institute of Estate Agents, Western Cape, has had many enquiries from estate agents regarding the Estate Agency Affairs Board’s requirements for the 2014 audit, says Annette Evans, regional manager for the Institute...


Absence of written mandate or condition report could create problems

Once again, a court case has come up where there is a dispute over commission paid on the sale of a property and it has become quite clear that sellers must be prepared to sign a mandate with their estate agent and should not think it unreasonable for the agent to ask for this...


If you incur more debt before taking transfer of a home, you could have an agreed bond cancelled

A recent case in the residential property sector of the Western Cape has shown just how powerful the new National Credit Act is and how closely the banks have to adhere to it...


Landlords must be careful in selecting tenants

Since the inception of the Consumer Protection Act, there has been much debate on whether provisions in the Act apply to residential leases...


Sectional title sales soar in Northern Suburbs

Sales of sectional title (ST) homes in Cape Town's Northern Suburbs are extremely brisk at the moment, thanks to their affordability for younger buyers and profitability for investors...


Buildings with design faults can cause financial problems

A sectional title building in need of refurbishing which then is discovered to have a number of design faults and waterproofing issues can create huge financial problems...



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

Focus On

KwaZulu Natal - South Africa

KwaZulu-Natal, also referred to as KZN or Natal, is found to the southeast of South Africa. The province has a long shoreline on the Indian Ocean and borders three other provinces namely the Free State, Mpumalanga and the Eastern Cape, and the countries of Mozambique, Swaziland, and Lesotho. It is called the garden province and is the home of the Zulu nation...

>> View properties in KwaZulu Natal


In The Area

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

  • Rondebosch
Gracious Silwood home sold in two weeks
Rondebosch homes are usually highly sought after because of its position in relation to the academic facilities in the Southern Suburbs. The biggest draw-card for Rondebosch property owners are the top South African schools in the area...

Property News Continue

Schemes placed under administration

A sectional title scheme is placed under administration when it runs into financial difficulty, after a certain period of time should be in a better financial position than it was when it was deemed to be in a situation needing an administrator....


Comparing full title to sectional title property

The value of a property owned in a full title legal entity is determined by the land and the property size, the area it is in and the physical condition of the property...


Pre-paid meters in sectional tile schemes

One of the major financial problems encountered by many sectional titles schemes these days is the recovery of services costs. Quite simply, owners and tenants just don’t pay their electricity and water bills...


Make sure its priced right

Sellers who want to sell their home within a reasonable amount of time and for the best possible price will need to ensure that their asking price is market related from the start...


Landlords need to look at their lease contracts, taking into account accelerating operational costs

An increasing number of commercial landlords are being placed under severe pressure with the continual increase in rates and taxes, as well as utility bills from councils, which, in some cases, have risen by as much as 300% over the last year...


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Tivvit Property Count 25/10/13

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Properties for Sale: 101,525  
Properties to Rent:  10,288


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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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