Interest rates have dropped and may drop again in November, and the South African property market is booming, especially in the Western Cape, so, could this be the time to buy, and if so, will your age be a factor?Homeownership can be significantly impacted by age, as it affects your ability to secure a home loan, according to Adrian Goslett, the Chief Executive Officer (CEO) of RE/MAX of Southern...
Property News
Homeowners that are selling their property may be frustrated if their properties are taking a long time to get off the market, but there are a number of reasons why their properties may not be gaining traction among potential buyers.The recent interest rate cut should be driving more buyers to the market, particularly as South Africa heads into the warmer months, which are traditionally a little busier for...
Cape Town - Irish property investor Kenneth Denton, who owns prime real estate along the Atlantic Seaboard, has raised the ire of Mouille Point residents who say his neglected building continues to be an eyesore. Dubbed Cinderella, the Bay Road building was once overtaken by homeless people and operated as a brothel before Denton purchased it with the vision of it being a family home, more than 10 years...
Ordinary South Africans-turned-micro-developers in the townships have been hailed as the property heroes of the city, with their ability to curb an impending affordable housing crisis. The micro-developers began in earnest about 20 years ago to respond to the scarcity of affordable housing by providing low-cost rental stock by either building onto their homes or demolishing their homes and building...
The uncertainty in South Africa’s property market ahead of this pivotal general election is not a cause for concern, pre-poll economic jitters are a common thread of elections worldwide and invariably the market bounces back fast. This according to High Street Auctions Director Greg Dart, who says there’s a rhythm to election cycles well known to the global property sector, and to which it adapts –...
Many sellers (and buyers) find themselves in murky waters around understanding their rights and obligations in the property market. When it comes to selling your property, there are certain disclosures you are obliged to make, even with voetstoots, failing which, you could be accused of misrepresentation and face a claim for damages from a disgruntled purchaser. “The Consumer Protection Act (CPA) is...
Ever increasing property prices in Cape Town may be causing big broad smiles and joy for those selling, but increasingly, local South Africans are getting left behind and before not too long, they may not be able to afford housing in the mother city.The current situation in Cape Town beggars the question: where does that leave people who cannot pay hefty prices just to secure a roof over their heads?A...
Property deposits have sky-rocketed in KwaZulu-Natal, according to Jackie Smith, head of Buyers Trust, a subsidiary of ooba.KZN went from having the fifth highest average deposits in Q1:2023 to having highest average deposits in Q1:2024 at an average size of 12.8% of the purchase price.Following closely behind is the Eastern Cape, with an average deposit size of 11.2% and Mpumalanga, with an average...
South Africans are already feeling the heat of the cost of living crisis, with food prices soaring and with electricity increasing as well.Homeowners could spend up to 60% more on their electricity bill in winter as a result of the triple threat of winter rates, the implementation of new Eskom electricity tariffs for 2024/2025, and an increase in energy demand during the cold months.This is according to...
If you are experiencing issues with getting your property off the market then you should consider renting it out instead. High interest rates may deter buyers from buying property which means that sellers will have to deal with their properties staying on the market for longer. This may pose a dilemma for those who want to move while those who are who are struggling to keep up with their bond repayments...
