What millennial buyers are looking for
Harcourts - South Africa
Technology and modern design elements have undoubtedly influenced what first time buyers, especially millennials in the under 35 category, deem attractive. Access to tech hubs, Wi-Fi coverage and fibre optic connectivity, as well as taking green innovations into consideration are all characteristics millennials are looking for.
Millennial buyers are a force to be reckoned with in the local property market and many sellers are realising the potential of penetrating this market, especially considering South Africa’s large young population.
If you are selling your property in a geographical location with a high demand from millennials there are certain features this demographic are enquiring about more increasingly and you need to make your property appeal to these buyers.
Firstly, what you need to understand is, millennials view property in a completely different way. Many of them are first time buyers and are often managing very strict budgets so added costs like high levies are going to undoubtedly influence the property’s marketability.
Time to object to Cape Town property valuations
IolProperty - South Africa
For property owners in Cape Town, the new General Valuation Roll (GV2015 Roll) as issued by the City of Cape Town is almost in play, with the deadline to object - April 29 - just around the corner.
"Your property value as reflected on the roll will certainly have gone up as prices have increased in line with pent up demand and low supply over the last few years, but don't let this figure flatter you," says Francois Venter, director of Jawitz Properties.
"Although prices have significantly increased since 2012, your GV2015 value may not be accurate for your property."
Conducted every three years, the GV Roll using a computer-assisted mass appraisal system, determines all property values on a specified date. For GV2015, the chosen date was August 1, 2015 - based on a market value sample looking at recent sale prices of similar properties in a given area. The last date of valuation was August 1, 2012, which told a very different story in terms of property values.
Property Barometer - Western Cape
FNB - South Africa
Western Cape house price growth bucks the Rand area trend
While economic and house price growth slowdown is the general direction within the major regions of the Rand Area, the Western Cape has recently bucked that trend to record the fastest average house price growth of the major regions.
The FNB Western Cape House Price Index for the 1st Quarter of 2016 rose 12% year-on-year. This is faster than the 10.5% recorded in the previous quarter, and is the highest price growth rate recorded since the 1st quarter of 2006. Even in real terms, when adjusted for the province’s CPI (Consumer Price Index) inflation rate, the rate of increase was a very strong 5.58% year-on-year in the 1st quarter.
Of the major Rand Area regions, the Western Cape had the highest house price growth in the 1st quarter, followed by Namibia with 8.1%, and thereafter the other major South African provinces with Eastern Cape on 7.6%, KZN recording 5.6%, and Gauteng rising by 3%.