November House Price Index
FNB - South Africa
Year-on-year house price growth has steadily slowed over past 7 months.
In November 2016, the FNB House Price Index continued to cling onto low positive year-on-year growth. But the rate of year-on-year growth has been slowing steadily, and on a month-on-month basis the index has already been in mild deflation for the past 4 months.
This weakness is not too surprising, given other FNB non-price indicators that have for some time been pointing to weakening demand and residential activity levels. The recent price growth weakness is thus the lagged impact of a multi-year weakening in economic growth, which has caused slowing housing demand and an alleviation of prior supply constraints in the market.
November House Price Index
New body to help with Joburg heritage queries
IolProperty - South Africa
The Johannesburg Heritage Foundation, together with various residents' associations and representatives, has formed the Joint Plans Committee East (JPCE) to facilitate applications for alteration, addition or demolition to heritage properties in the eastern suburbs of the city.
The committee aims to improve the monitoring and protecting of heritage resources in neighbourhoods to assist residents and professionals in complying with the National Heritage Resources Act and the National Building Regulations.
The objectives include the promotion of sustainable developments that benefit the wider community while also respecting existing neighbourhood structures and characters.
Uncertainty still hangs over old municipal property debt
City of Tshwane and Ekurhuleni Municipality plan to fight a groundbreaking municipal debt judgement at ConCourt.
Moneyweb - South Africa
The victory of property owners in a recent landmark Pretoria High Court judgement that confirmed that they were not liable for a previous owners’ municipal debt has been short-lived, as the City of Tshwane and Ekurhuleni Municipality has approached the Constitutional Court for an appeal.
The High Court judgment was great news for the residential and commercial property market.
Until the Constitutional Court hears these appeal, which is likely to be delayed for a long time, municipalities may hold new owners liable for the old owners’ debts and subject to them to meeting certain jurisdictional requirements, such as complying with their by-laws and credit control measures before they can attach the property for non-payment.
Millennials changing the real estate market
ReMax - South Africa
Consumers under the age of 30 years old or millennials as they are more commonly called, are standing up and making their presence known in the real estate market, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. He adds that while it is the Generation X consumers, aged between 31 and 45 years old, who are still the driving force behind the property market, there are several areas around the country where millennials represent the highest percentage of recent buyers.