Bloemfontein, a property buyers’ den
Property sales are booming at the lower end of the market in some parts of Bloemfontein and demand for homes is reportedly still strong.
According to Mike Spencer of Platinum Global, property sales have picked up mainly in the lower end of the market.
He said many buyers are still battling to obtain home loans that some sellers are asking for unrealistic prices for their homes.
Platinum Global in association with Indian and Russian property developers are currently building 400 affordable homes in Vista Park.
Properties are priced between R300 000 and R700 000 for modern two to four bedroom homes.
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How to manage property cycles
The dizzying heights of the most recent property boom, when house price growth peaked at an average annual rate of 32% in 2004, as well as the protracted recovery period in which the property industry has been languishing since late 2009, are prime examples of fluctuations that obscure the otherwise clear cyclical movements in the property industry.
The property market moves in cycles and investors can be absolutely certain that neither a growth period nor a downturn in any market will last forever.
One of the fundamental basics of economics is that markets move in cycles. Markets experience boom times, followed by a period of market correction and a downturn, before the next boom arrives. This is a natural phenomenon evident in all markets, and whether it is called "boom and bust", "bulls or bears" or simply "peaks and troughs", investors can be absolutely certain that neither a growth period nor a downturn in any market will last forever.
What was uncertain, however, was the highs or lows that may be reached during an upturn or a downturn, and the duration of either.
"In the property industry in SA, the average cycle normally spans around seven years," says Dr Koos du Toit, CEO of the P3 Investment Group.
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Selling property after mandate expires
There are occasions in the property selling business when a seller will fail to understand the full implications of signing a sole mandate with an estate agent, which can lead to unfortunate consequences.
This is according to Lanice Steward, MD of Anne Porter Knight Frank, who says it can happen that after the sole mandate period has expired the seller will do a deal on his own with a buyer or work with another agent.
“However, if the buyer was originally introduced to the seller by the agent or if any deal is done within 10 days of the mandate expiring, the original agent is still entitled to full commission.”
This basic estate agent’s right, says Steward, has in the last decade several times been upheld by the courts.
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Mining boosts Jozi property market
Johannesburg north suburbs are experiencing a boom in property purchases thanks to buyers in the mining industry from Africa and other countries.
Estate agents operating in these plush suburbs report an overwhelming increase in property buyers from China, India and African countries including Ghana, Nigeria and Zambia.
According to Pam Golding Properties (PGP), branch managers Jonathan Davies and Rupert Finnemore, this buying trend results from the general growth in mining and mineral beneficiation occurring in sub-Saharan Africa.
Buyers are said to favour among others, Parkmore and Bryanston suburbs.
“Homes and townhouses in secure complexes have been sold for between R3 million and R30 million,” say agents.
Purchasing has been influenced by factors such as security and ease of access to and from work, shopping, entertainment and other places of interest.
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Renting, selling of RDP houses concern
The sale and renting out of RDP homes is becoming a major headache for Buffalo City Metro Municipality in the Eastern Cape.
Samkelo Gqeba, spokesperson for the municipality said the metro has received a number of complaints about recipients of RDP houses profiting illegally from their subsidised homes.
"As part of its housing education campaigns, the metro discourages people from selling or renting because this impacts negatively on government's efforts to curb informal settlements," said Gqeba.
He said of major concern is what is going to happen when work is finally complete on two major housing projects in the metro, in Reeston and Mdantsane.
The low-cost housing projects are a joint venture between the metro and the provincial Human Settlements Department.
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Afro-chic décor
With Africa right on your doorstep, invite it in and bring it into your décor scheme.
The visual tapestry of African décor is woven with the use of rich fabrics in an array of textures, vibrant beadwork and basketry in geometric designs and vivid hues, handmade clay pottery in energetic colours, and traditional artwork.
African décor encourages harmony with the environment with its kaleidoscope of earthy colours and natural materials. Earth tones such as browns, yellows, gold and burnt orange, with fabrics in a wide range of patterns and colours to complement any decorating style. Contrasting colours tend to mimic the scenery of the African region itself, with deep reds, sky blue and shades of green that offer a glimpse of the breathtaking landscape that surrounds us.
Incorporating this style of décor into a home creates a relaxed yet luxurious atmosphere with its blend of African influence and old world style for an overall effect of a natural and comforting environment.
With its roots in rituals and tradition, accessories found in African-themed décor connect with the past yet offer new materials and a more modern take. Faux Zebra rugs in bold black and white patterns, faux leopard upholstered accessories, basket weave rattan chairs and accessories, bold ethnic prints, genuine leather furniture with scattered cushions in bright African prints and designs, and sold, dark hand crafted pieces. The earthiness of a few African embellishments offers the homeowner a unique setting, while so easily blending in with the rest of your home decor.
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