Property Barometer - Cape Town
South Africa - FNB
The overall city picture
Using Deeds Office Data, we have recently constructed a new set of house price indices for key sub-regions within the City of Cape Town Metro, the aim being to better evaluate this regional housing market’s stellar performance in recent years.
We have then rolled up this set of sub-regions into an overall City of Cape Town Metro House Price Index. In the 1st quarter of 2017, the City of Cape Town’s estimated average house price growth rate remained in double-digit territory to the tune of 14.1% year-on-year, but slower than the 14.5% revised rate for the final quarter of 2016.
While still very strong, this year-on-year price growth rate represents the 4th consecutive quarter of slowing from a 10-year high of 15.8% revised rate recorded in the 1st quarter of 2016.
Cape Town Property Barometer
Property Barometer - Gauteng
South Africa - FNB
The overall Gauteng picture
Using Deeds Office Data, we have recently constructed a new set of house price indices for key sub-regions within the province of Gauteng, the aim being to evaluate this regional housing market’s performance in more detail.
We have then rolled up this set of sub-regions into overall house price indices for each major metropolitan council region as well as for each district municipal region in those areas outside of Gauteng’s 3 metros.
Unlike the booming City of Cape Town Metro House Price Index, Gauteng’s 3 Major Metro House Price Indices are closely grouped together in what can only be termed “mediocrity” at best.
In the 1st quarter of 2017, the City of Tshwane’s estimated average house price growth rate was a lowly 4.21%, only marginally better than Ekurhuleni’s 3.92% and Joburg’s 3.41% year-on-year.
Gauteng Property Barometer
Get approval before building
South Africa - RE/MAX
Property owners need to ensure that the correct procedures are followed before they start building and moving ahead with a building project without adhering to the necessary protocols will only make the process far more complicated and costly, says Adrian Goslett of RE/MAX.
"Anyone who wants to undertake a construction project that does not fall under the category of minor work will need to follow procedures and submit building plans for approval before construction starts," says Goslett.
So what exactly is defined as minor work? According to the Section 13 of the National Building Regulations and Building Standards Act 103 of 1977, the following projects will be considered to be minor work:
Get approval before building
Make sure your estate has a rental management policy
South Africa - IolProperty
If you are buying a property in an estate or a cluster home complex, ensure the homeowners' association has a formal policy covering the letting of homes in the development as well as the obligations of the owners who decide to become landlords.
This is to protect property values in these developments, says Gerhard Kotze of RealNet.
"Most tenants will be happy to comply with rules and live in harmony with their neighbours, but there are always those who break the rules, and count on it being difficult for the home owners' association to get their absentee landlords to take action against them, as long as they keep paying the rent."
Non-resident owners have historically been less interested in the overall condition of the development, and less willing to invest any money in maintenance and repairs.
IolProperty
Leave a comment: