FILTERS:

Web Bytes 443

8 August 2013

Cape Town Master's Office move
Cape Town Attorneys Association
Members of the profession met with representatives of the Master’s Office on Monday 5 August 2013 to discuss the operational requirements during the office move. The Office will be relocating from the Iustitia Building to 45 Castle Street Cape Town.
Occupation date
The occupation date of the new offices situated at 45 Castle Street Cape Town shall be 1 September 2013. The official opening of the new offices is expected to be 11 September 2013. Although the office shall be fully operational from 1 September 2013, the files and documents shall be gradually moved over a 3 week period commencing on 1 September 2013. In this regard please note that the bulk filing system has not yet been installed, but should be completed over the next few weeks.
Masters Office Move

Property barometer - Holiday towns
FNB - South Africa
Price stability appears to have returned to holiday town residential markets after a significant prior decline, but these markets still underperform the primary residence-drive metros.

Our expectations for holiday home buying to be more constrained than primary residential buying are not only about current household sector financial constraints, including high levels of indebtedness. It is also about the ongoing cost increases relating to owning and running a home, notably in the form of strongly rising municipal rates and tariffs.

Such running cost affordability deterioration may not appear too severe, but could be expected to impact more negatively on non-essential property buying than on primary residential buying.
Property_Barometer Holiday Towns_August 2013

House Price Indices - July 2013
Absa - South Africa
Slowdown in house price growth continues

Price growth in the South African housing market slowed down further in July this year from June, as reflected by nominal year-on-year growth in the average value of homes in the middle segment of the market. Base effects and continued subdued month-on-month price growth in all the categories analysed are still impacting year-on-year price growth. These findings are according to the Absa house price indices, which are based on applications for mortgage finance received and approved by the bank in respect of middlesegment small, medium-sized and large homes (see explanatory notes).

Middle-segment house price growth came to a nominal 9,8% year-on-year (y/y) in July from a revised growth rate of 10,8% y/y in June. The first seven months of 2013 saw the value of middle-segment homes rising by an average 10,8% y/y. The slowdown in year-on-year price growth continued in the categories of small and medium-sized housing, while price growth in the segment for large homes appears to be near an upper turning point. Real price growth in middle-segment housing was registered at 5% y/y in June, i.e. after adjustment for the effect of headline consumer price inflation, which was at 5,5% y/y.
Absa House Price Indices July 2013

Joburg objects to 63 000 property valuations
IolProperty - South Africa
In a bizarre move that is going to affect thousands of residents, the City of Joburg has objected to the new valuation of almost 63 000 properties on the recently released general valuation roll.

The question now being asked is: Why is the city being allowed to object after May 3, the cut-off date for objections?

Another question is: If there are now some 88 000 objections, or 11 percent of the valuation roll, did the valuers do a proper job in the first place, and what are these objections going to cost the council?

Most residents received a valuation notification in February or March, giving their new valuations and calling for objections before May 3. The new roll came into effect on July 1.

There were 25 000 objections, but now the council has belatedly objected to a further 63 000 valuations. Residents have been receiving letters from the municipal valuer informing them that the city has objected and saying they should make submissions about the value of their properties.
IolProperty

Submit your comment:
 
Name
EMail
Comments
Security Picture (click to change)
Word shown in picture: