Property 24/10 - 369

SA rental trends and prices revealed
Increasingly low confidence levels and mounting affordability pressures amongst South Africans indicate increased demand for rental properties across the country.

The PayProp Rental Index, which outlines trends on a quarterly basis in the residential rental market, reported that in the past quarter the weighted average national rental exceeded R7 000 for the first time.

PayProp’s Johette Smuts says it was announced this quarter that South Africa is in a technical recession for the first time since 2009. She says Growth Domestic Product growth has been lower than population growth for some time now, which means the average person is just getting poorer.

R188m set aside for Johannesburg inner city housing
Human Settlements Minister Lindiwe Sisulu has recommitted R188 million to the City of Johannesburg for the development of housing in the inner city.

The amount is in addition to the R136.5 million the city has already committed to housing developments in the inner city for the 2017/2018 financial year.

City of Johannesburg Mayor Herman Mashaba said the economic revival of the inner city is a priority, and is key to creating an inclusive and prosperous city for all residents.

Mayor Mashaba said the City of Johannesburg faces a serious housing challenge with a 300 000 unit backlog, and he had repetitively stressed the need for provincial and national government’s support to ensure that this problem is progressively addressed.

Think ahead: Property ownership through life’s phases
It may be counterintuitive to think about retirement when buying your first apartment or family home, but according to those in the know, planning ahead can be a very smart move.

“For most of us, the first home we rent or buy won’t be our last, but we seldom think more than a step or two down life’s path when trawling the property market,” says Bill Rawson, Chairman of the Rawson Property Group.

“Property is a long-term commitment, but it’s not necessarily a lifelong commitment. By understanding the likely progression of your property requirements, you can plan for your changing needs and wants as you grow up and grow older,” he says “This not only makes the process of change less stressful, but can also allow you to build a strategic and profitable property portfolio.”

Should you buy first or sell first? 3 factors to consider
What is the right way to do it, buy a new home and then sell the one you are in? Or sell first and then go looking?

“Well, the answer to these questions will largely depend on your current circumstances and your unique situation,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.

He says there are a few elements that will weigh in on the decision, such as the financial options available, the local market environment and, lastly, your feelings about moving more than once if you require temporary accommodation while searching for a home.

Rental scams: Protect yourself with these helpful tips
The internet has transformed the way we access information, but it's also made it easier for people to fall prey to scams of all kinds, especially rental scams. Here's what you need to know plus some tips to protect yourself from Steve van Wyk, Seeff’s MD in Centurion:

Many people have either been the victim of an online scam themselves or know someone who has. While the internet has certainly made our life easier on the one hand, it has also opened up a world of opportunities for fraudsters on the other side, and one has to remain vigilant at all times not to fall prey to online property scams.

The modus operandi many scamsters use is to steal photographs from legit property websites and then showcase and advertise the same property at a reduced rate on a different webpage while pretending to be an ‘agent’ with a reputable agency.

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