Absa House Price Index - February 2011
Absa - South Africa
The South African economy is forecast to expand by between 3,5% and 4% in real terms this year, with expectations of a moderate increase in employment, further growth in real household disposable income, and interest rates remaining low. These factors, as well as the lowering of transfer duty on property announced in the national Budget in February, are expected to support the residential property market in 2011. However, consumer price inflation is forecast to rise during the course of the year on the back of movements in food price inflation, international oil prices, and the rand exchange rate. Oil price and currency movements are adversely affecting domestic fuel prices since late last year, while a hike of 18 cents/litre in fuel taxes on 6 April 2011 will cause fuel prices to rise even further. Higher transport costs and consumer price inflation, together with rising electricity prices, municipal rates, taxes and levies, will impact household finances and eventually the residential property market in 2011.
Taking account of recent trends in house prices, as well as the abovementioned expectations with regard to the economy, nominal house price growth of around 1,5% is currently forecast for 2011. Based on this forecast and a projected average consumer price inflation rate of between 4,5% and 5% this year, house prices are set to record a real decline in 2011.
Absa House Price Index
EAAB's CEO fed "lies" to the media - court papers
RealEstateWeb - South Africa
The papers reveal how media reports on Mapetla were "entirely devoid of the truth".
JOHANNESBURG - Thami Bolani, chairman of the Estate Agency Affairs Board (EAAB), in his responding affidavit to axed CEO Nomonde Mapetla's court bid to get her job back, accuses her of feeding false information to the media.
The media has claimed that Mapetla was suspended and subsequently fired due to her involvement in hard-line investigations against "big-fish" estate agents, creating the perception that some estate agents (who are also members of the board) hatched a sinister plot "to get rid of her" because they were threatened by these investigations.
"Whilst this theory may make for good reading in the mass media it is unfortunately for the applicant [Mapetla], entirely incorrect and could not be further from the truth. The intrigue and mystery which the applicant contends for is nothing more than a figment of her imagination and the speculations of some journalists seeking to entertain their readers", says Bolani.
Sectional Titles Act 'extensively amended'
Business Report - South Africa
The Sectional Titles Act 95 of 1986 has been "extensively amended" by Act No 11 of 2010, which was assented to by the president on December 03 2010.
"Most of the amendments are, however, of a technical nature, although there are some that are of importance, particularly to developers and managing agents," says law firm Garlicke & Bousfield.
Section 5 of the Act, which deals with the definition of the boundaries of a section by reference to floor, walls and ceilings thereof, now provides that any window, door or other structure that divides a section from another section or from common property shall be considered to form part of such floor, wall or ceiling.
Finding & Choosing the Right Conveyancer
Hip-Consultant - UK
According to surveys, moving home is the third most stressful thing the average person will have to deal with after the death of a loved one and a divorce. As well as this, a home is by far the most valuable purchase or sale then any of us will ever make, so with these things in mind it's important to choose the right conveyancer. If you are confident your conveyancer is doing a good job you can free to concentrate on organising the hundred and one other things you'll need to do!
The right conveyancer for one person may not be right for another of course, and it's important to think about your particular needs and preferences before looking for a firm to represent so you. This will help you find a firm that matches your requirements.
Absa House Price Index - February 2011