Property News - May 2010
Welcome to our property investment newsletter, the aim of which is to keep you up to date and informed as to the most recent property trends.
This month we would like to draw your attention to our feature properties of the month which include new A-Grade Executive Offices in Prime Umhlanga Ridge as well as platformed land at the Old Mill Industrial site in Mount Edgecombe.
We have also included an interesting article from the Estate Agency Affairs Board that covers what’s happening to the South African property market, the boom or gloom scenarios, interest rate cycles, the buyers market, when to sell and the national credit act. (Article 2)
Founding members Bradley Hancock and Yianni Pavlou have also put together a short article in which they have identified what we believe to be the most important infrastructural developments that will drive the future sustainability of the KZN Property Market. (Article 5)
Proposed amendments to the Sectional Titles Act were published on 17 August 2009. The amendments eliminate many problems and clarify uncertain aspects. Some of the most important amendments relate to …
Despite diverse views and opinions regarding the once buoyant South African property industry, the outlook is not necessarily all doom and gloom! South Africa seen against the backdrop of global property pricing trends is comparable to countries such as the USA, the UK and Australia, who have all been reporting varying degrees of reduction in property pricing growth.
In death Mr Eugene Terreblache may have made his biggest contribution to the new SA. His murder brought the issue of the struggle words “Kill the Boer” to an explosive climax, and we may all be better off because of it. Let us re-trace developments a bit.
The average nominal value of small, medium and large houses for which Absa approved mortgage finance (see explanatory notes), jumped further in March 2010 compared with a year ago. On a month-on-month basis, home values in all three the abovementioned segments were also higher in March compared with February.
Finally KwaZulu Natal is been recognised as the investment destination for major local and international businesses, local and national government as well as Corporate South Africa. The Billions been spent and earmarked to be spent in this region is testament to the confidence in the region and the fundamentals behind making such investment decisions.
Prices have remained flat for the past nine months after falling sharply in the latter half of 2008 and the first six months of last year. Values are still 6.5% lower than they were 12 months ago, but I believe that an increase of up to 5% is not inconceivable over the rest of the year.