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SA property market 'far from imploding'
Friday, November 30, 2007 (183 reads)
The latest statistical data from local and international sources bring a touch of reality to the property market and give the lie to loose talk that it is "imploding".
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What to consider after retirement
Thursday, November 29, 2007 (177 reads)
If you're retiring and looking to scale down on home maintenance so you'll have more time for travel, hobbies or just relaxing, you've probably thought about selling your family home.
But then what? Should you rent or buy again? And if you buy, what type of home should it be?
Berry Everitt, managing director of the Chas Everitt International property group, says the advantages of renting – especially if you choose an apartment or sectional title townhouse – are less responsibility for home maintenance, generally good security, more freedom to lock-up-and-go, and avoidance of the extra costs associated with home buying and ownership, such as transfer duty and bond registration costs, insurance and rates and taxes.
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Fuel price rises to affect property
Wednesday, November 28, 2007 (199 reads)
As petrol prices soar to record levels the increasing trend towards working from home is going to have a profound effect on the property market.
RealNet property group CEO Tjaart van der Walt says the foundations for this have been in place for some time as companies have increasingly adopted flexi-time policies for their staff.
"I believe the next level is going to be the 'virtual employee', with workers providing their services via intranets and local area networks as more companies recognise the benefits of distance working."
The recent oil price rise to record levels of $100 per barrel will spur the trend, he says. The price has since dropped back, but analysts believe it will remain high on the basis of supply/demand factors – which mean that commuting will become increasingly expensive.
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Absa signs deal for low-cost housing
Tuesday, November 27, 2007 (189 reads)
Pretoria - A public-private partnership between the National Housing Finance Corporation (NHFC) and Absa, launched yesterday, aims to help reduce the backlog in the delivery of affordable housing in the country.
Gavin Opperman, the Absa Group Home Loans managing executive, said the signing of a memorandum of understanding between Absa and the NHFC heralded a major breakthrough in the battle to eradicate the housing backlog.
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Property Markets
Monday, November 26, 2007 (102 reads)
Affordability of the average-priced house based on the average person's income growth has deteriorated of the past decade. However, a different calculation of affordability based on the number of people that can afford the average- priced house shows an improvement in affordability over the past decade, especailly on mew houising stock. This is a somewhat different story to what many seem to believe.
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Probe infrastructure before moving
Monday, November 26, 2007 (181 reads)
Buying a property is no longer just about looking closely at your prospective investment – it's about examining the whole environment to which you plan to relocate.
"Because land is becoming so expensive, the consequence is densification – developers building more units on smaller pieces of land to maximise their profits, as well as to meet the demand for accommodation in South Africa's urban areas," says Mark Meyer of Engel & Völkers' Johannesburg office.
"The notion is great, in fact we're modelling ourselves on other First World cities where development happens around existing infrastructure. However, the problem is that many of our cities' development hotspots simply do not have the infrastructure to keep pace with the influx of new residents," says Meyer.
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Foreign ownership: Unease caused
Friday, November 23, 2007 (200 reads)
Players in South Africa's property industry are expressing unease around proposals originating from the report on foreign land ownership as well as recent legislation that stipulates that anyone buying property from a foreigner has to withhold tax from the proceeds of that sale.
The general consensus is that care needs to be taken when formulating policies and laws around foreign ownership of land and property in South Africa in the interests of maximum benefit to South Africa's growing economy.
The government-commissioned report on foreign land ownership recently presented to Agriculture and Land Minister Lulama Xingwana proposes the compulsory disclosure of the race, gender and nationality of all foreign and South African buyers along the lines of the Financial Intelligence Centre Act. It specifies that this disclosure should encompass all past, present and future registrations of property titles.
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First-time buyers need subsidies
Thursday, November 22, 2007 (186 reads)
With concerns now rife that houses are becoming beyond the reach of ordinary South Africans, serious consideration should be given to a subsidy for first-time buyers and to other aspects to be considered to alleviate problems faced by the vulnerable.
So says Ian Slot, managing director of Seeff City Bowl, CBD and Atlantic Seaboard, who adds that "if we subscribe to the philosophy that homeownership is one of the cornerstones of a stable democracy, then we all need to be very concerned about the inability of the average South African to buy or retain a home".
"We have been talking about this for many years. There are so many ways that we could be helping first-time buyers to purchase and the elderly to retain their houses for as long as possible.
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Lower-income earners taught how to save
Wednesday, November 21, 2007 (185 reads)
Johannesburg - South Africa's collective investments industry has launched a Mzansi-style fund aimed at encouraging lower income earners to save for their children's education.
The "Fundisa Fund", meaning "to teach" is a joint initiative between the state and the private sector that aims to provide South Africans with the opportunity of a better quality of life through further and higher education, said Di Turpin chief executive of the Association of Collective Investments.
"Education is a key factor in promoting wealth generation and higher living standards and we believe Fundisa can play a meaningful role by incentivising families to plan for a child's education beyond basic high schooling
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Prices rising steadily in Ferndale
Tuesday, November 20, 2007 (187 reads)
The vast majority of Ferndale falls within a quadrangular perimeter defined by Bond Street, Hans Strijdom, Republic Road and Hendrik Verwoerd, from which the Johannesburg CBD, Fourways, Midrand and Kempton Park via the N1 National Highway are easily accessible.
Based on deeds office data, the average freehold price for the past two years in Ferndale was R1,462,886, and the average priced sectional title offering over the same period was R561,444. The number of transactions taking place in the area are up 5% and 21,92% from the last period for freehold and sectional title respectively.
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