Property360 - National Digital Magazine - 13 August 2021

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PROPERTY

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BRACING FOR THE R I S I N G TA R I F F S T O R M A H E A D PA G E 3

PICTURE: SAMI ANAS/PEXELS

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Caution is the name of the game Although interest rates are low, other living expenses are going up, so ensure you can afford what you commit yourself to

BY BONNY FOURIE bronwyn.fourie@inl.co.za

Getting the family involved in cooking at home will offer entertainment and opportunities to save money. PICTURE: ANNA PROSEKOVA/PIXABAY

LOW interest rates have been a treat for homeowners – and aspiring owners – but don’t assume they will last. They are not the new normal.

Geoffrey Lee, Absa’s managing executive for home loans, says when people do this, the effect of the reductions will be largely used up. “Should rates or living expenses increase in the medium term, it is important that home loan customers be in a position to absorb slightly higher instalments or risk falling behind on their repayments.”

BEFORE BUYING Lee says, generally speaking, buying a home is the single-largest purchase many people will make in their lives. To this end, it is vital for them to arm themselves with as much information as possible.

“As a customer, it is essential that you are realistic about what you can afford and you need to assess whether you can afford the loan before the application process begins. Managing your finances and ensuring that you will be able to meet the repayment requirements, for the full period of the loan, is important.

Any major investment warrants careful research before

you take the leap.

“Once you’ve done your homework, you can take the next step from an informed position.”

Depending on your circumstances, says Craig Mott, Rawson Property Group’s sales manager in the Western Cape, you can play it safe by applying for a bond below the most you can afford, with a sizeable deposit, or take advantage of the current lending climate to secure a loan.

“There are great opportunities out there at the moment, and for those who are able and see this as a good opportunity to invest in a safe and long-term asset, now will be the time to take advantage of circumstances – but do so in a responsible manner. Rather use this time to buy low and pay off as much debt as possible, which could put you in a strong position for the future.”

S AV V Y S P E N D I N G – A N D S AV I N G Mott says homeowners are facing a significant rise in household expenses and so the unchanged interest rate offers an important chance to consolidate finances, pay off debt and boost savings as much as possible.

“This will go a long way towards minimising the effect any

interest rate increases will have on the security of consumers’ property investments and other debt, despite tight financial times.”

The relatively high cost of living and the possibility of an increase in interest rates in the short term will require consumers to review their household budgets to generate savings, says Ester Ochse, product head at FNB Money Management.

“However, small, gradual changes in how you manage your day-to-day spending, and how you think about money, can free up some cash flow to save.”

Here are four areas where you can save during these challenging times, she says: International travel/holidays: The global pandemic has restricted travel, with stringent conditions where it is allowed. While your suitcases may be collecting dust, your holiday budget should be growing. Following the easing of inter-provincial travel, you could also explore local tourist attractions or within South Africa with some of your holiday budget.

Entertainment: With places of entertainment, including restaurants, restricted to prevent an increase in Covid-19 cases, many consumers are choosing to stay at home. Get the family

involved in cooking, which has the dual purpose of entertainment for the kids and saving money.

Clothing/footwear: Look at items that you can wear at home and at the office. The dual-purpose outfits will help you save a few rand and keep you stylish at the same time. You can pick up bargains on online sales.

Fuel: Given the lockdown restrictions and work-from-home options, put your monthly travel or petrol budget into a savings account. This can be accessed at a later stage or can be used for emergencies.

Ochse adds: “Consumers should consider using points earned through rewards programmes like eBucks as an alternative when purchasing food or fuel instead of using cash, which could help you save a bit more. The freed-up cash flow can then be added to savings or used to pay off debt.”

ASK FOR HELP If you do end up in financial distress, though, you should approach your home-loan lender as soon as possible, Mott says.

“Banks are open to compromise but they’re not going to overlook those who default without explanation.

“Many loan agreements have built-in credit insurance which could help you cover bond repayments until you are back on your feet.”

He says for those without insurance, banks do offer debt restructuring, so it is vital to get in touch with your lender to discuss a way forward.

In terms of measures to assist clients in distress, Lee says Absa has time-honoured interventions to help its customers recover from financial hardship – and many have, over the years, benefited from these efforts.

“All cases are considered individually, depending on the specific customer’s circumstances.”

CONTINGENCY PLANS Some homeowners struggling with their bond repayments might be able to let their property, using the rent to cover repayments.

“You could let the property for rent and find something more affordable to rent yourself until you are financially sound.

“You can also consider renting the property and staying with family or friends until you have accumulated some income and are ready to move back.”

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Letter from the editor WE HAVE changed the headlines on our property stories numerous times today. I felt they were too negative, that there had to be hope for our readers, who are probably struggling with the reality of what living through a pandemic means.

But, no matter how we tried to change them so they were potentially lighter, the fact is that things are tough for many of us.

I realise we cannot escape this reality, whether it is witnessing the people we love struggling with ill health, or facing death, or the financial losses and dramatic changes in lifestyle that are affecting many.

Holding on to the roof over our heads has also become harder than many of us could have anticipated.

But experts are encouraging and tell us not to give up.

In our advice piece they offer savvy and unique ways in which to save your cents to ensure you can continue being a homeowner.

Other experts even suggest turning your hobby into a side hustle to bring in extra cash.

And there are some green shoots – low interest rates have meant more people have been able to own a home; we are also seeing more women become homeowners and South Africans’ sense of ubuntu has seen people opening their homes to relatives and friends in dire straits.

Tough times are also the mother of all inventions and we are already seeing some phenomenal ideas of what homeownership of the future could look like. For instance, the Australian app Mortgage Mates – pretty much like the dating app Tinder – helps you find the perfect partner with whom to buy a home. We are also seeing a move to small, self-sufficient communities and homesteads.

Another green shoot is how environmentally aware developers are becoming and how green buildings are now the norm.

And let’s not forget about the revolutionary idea of buying a home via tokenisation.

Yes, times may be tough but if, like me, you have lived more than 20 summers, you will know by now that things don’t stay one way forever.

Warm regards

Vivian Warby vivian.warby@inl.co.za

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The pandemic, unrest and the weak economy mean things will not be easy – but at least interest rates are still low BY BONNY FOURIE bronwyn.fourie@inl.co.za Widespread wage restraint is putting pressure on household finances.

PICTURE: MIKHAIL NILOV/PEXELS

S

OUTH AFRICANS are in for a tough couple of years as they contend not only with a global pandemic, economic weakness and social unrest, but a rising cost of living that is spiralling out of control for many families.

The only real saving grace is the low interest rate.

Property rates and taxes have increased, as have fuel and utility tariffs, outweighing most salary increases – for those who have been fortunate to receive them.

Many families are, instead, facing reduced salaries and even complete loss of income. And this, says Craig Mott, Rawson Property Group’s sales manager in the Western Cape, can have knock-on effects on people’s lifestyles and mental health.

“Not having enough money to get through a full month can be really worrying for any individual.”

Residents in the main three metros will see the following increases for the 2021/2022 year:

P R O P E R T Y R AT E S : Cape Town Joburg eThekwini

4.5% 2% 4.9%

E L E C T R I C I T Y: Cape Town Joburg eThekwini

13.48% 14.59% 14.59%

W AT E R A N D S A N I TAT I O N : Cape Town Joburg: eThekwini:

5% 6.8% 8.5%

R E F U S E R E M O VA L :

@property360.co.za

Cape Town: Joburg: eThekwini:

@property360.co.za

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Hang in there…

FIND US HERE:

@property360_za

A U G U S T

3.5% 4.3% 4.9%

More concerning, however, is that these municipal increases will be higher next year. FNB economist Koketso Mano says price inflation for the next year is actually lower than the previous year, with average metro and rates increases declining from nearly 6% in 2020/2021, to 5.6% in 2021/2022.

“This lower inflation will be supported by lower property rates, which are in the region of 3.5%.”

However, inflation is expected to rise towards the longer-term average of close to 9% between July 2022 and June 2023, driven by pressure on water availability.

“Municipal electricity tariffs should be hiked by 14.5% this year (metro average), following a 6.2% average over the July 2020 to June 2021 period. Further pressure is expected in July 2022 as the National Energy Regulator of SA continues to liquidate the court rulings in favour of Eskom’s disputed Regulatory Clearing Account decisions.

“The speed at which these get passed onto the consumer will be better understood early next year.”

Fortunately, Mano says, petrol prices should moderate going into next year as Opec+ oil producers phase out oil production limits and alleviate pressure on global Brent crude oil prices.

“These declining petrol prices mean that fuel price inflation will fall considerably during 2022, reducing pressure on household finances.

“Food and non-alcoholic beverages inflation should also moderate in 2022, falling from current highs of over 6% to average just below 4.5% in 2022 – supported by abundant supplies in domestic agricultural markets.”

This alleviation in cost-push price pressures, coupled with subdued demand-driven inflation, should assist in mitigating rising utility inflation, he adds.

Geoffrey Lee, Absa’s managing executive for home loans, retail and business banking, says widespread wage restraint in the economy, which constrains disposable income, is putting pressure on household finances.

In addition, there are unlikely to be sustainable “big improvements” in household disposable income without stronger employment growth.

“To this end, consumers will undoubtedly remain under financial pressure.

“Covid-19 and the devastating scenes of recent unrest and violence in parts of South Africa, including the vandalising of infrastructure, have added to this financial pressure.”

However, interest rates are expected to remain low for a while, although the South African Reserve Bank will have to start removing the current “highly accommodative monetary policy stance” as the economic recovery gains traction.

Absa Research forecasts an increase of 75 basis points in the repo rate next year.

“Against this background, mortgage affordability for most borrowers has been significantly enhanced through the current low interest cycle. In essence, the large reduction in interest rates has stimulated the demand for housing by making repayments more affordable...

“More importantly, this has helped a much greater number of customers with continued affordability when it comes to

servicing their loans (despite pressure on income during the pandemic).”

Still, Lee acknowledges that there is “no one-size-fits-all approach” when it comes to consumers’ unique financial situations, and while most customers who were on Absa’s Payment Relief Programme have made a full recovery, its arrears levels have “undoubtedly increased where our customers have been permanently affected by the pandemic’s effect on the economy”.

“The reality is that the Covid19 pandemic and the recent unrest in South Africa have had profound financial consequences for many.

And while the reduction of rates has provided a much-needed boost for the market, we may not see the same level of activity continue sustainably if this is not supported by economic growth.”

Mott says people need to “make every rand count in their favour”, and that includes re-looking at household budgets, cutting back on non-essential items and using household items sparingly.

Non-essential spending, he says, includes take-away foods, cellphone upgrades and any service that one is paying for but has not used in two or three months.

“Owning a property comes with maintenance requirements. Set out a plan for the maintenance and attend to the items that are the most necessary without ignoring issues that may end up costing you more down the line.”

Mott adds that, in attempts to cover expenses, many people are turning to communal living and opting to share spaces with family or friends.

DISCLAIMER: The publisher and editor of this magazine give no warranties, guarantees or assurances and make no representations regarding any goods or services advertised within this edition. Copyright ANA Publishing. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from ANA Publishing. The publishers are not responsible for any unsolicited material.

Publisher Vasantha Angamuthu vasantha@africannewsagency Executive Editor Property Vivian Warby vivian.warby@inl.co.za Features Writer Property Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za

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P R O P E R T Y

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VITAL TO SAVE FOR A RAINY DAY IF THE pandemic has taught us anything, it is the importance of having emergency savings – especially if you own your own home.

Putting money into a contingency fund each month will provide homeowners with a financial cushion to avert disaster, says Adrian Goslett, chief executive of Re/Max of Southern Africa, Something could happen to the house itself, such as a leaking roof or rising damp, or it could be a financial emergency

that affects you as the homeowner, such as job loss or a cut in salary.

“The question you need to ask yourself is, ‘If something like this happens, would I still be in a position to afford the home?’”

Goslett describes three basic steps required for homeowners create a contingency fund: Set incremental savings goals: As a bare minimum, you should aim to save approximately one month’s salary although, in an ideal world, three to six months’

saved income is preferable.

A six-month financial cushion should see you through most crises.

Select a vehicle: When setting up a long-term savings vehicle, it is important to select an interest-bearing account that is separate from your regular banking, so that you are not tempted to dip into it for non-emergencies.

Automate the savings: Avoid creating the option of not contributing towards your savings fund by setting up a debit order or automatic payment each month.

Entrepreneurs who let their homes or a room to paying guests have to declare their rental income to Sars. PICTURE: PxHere

SARS IS WATCHING YOUR SPARE ROOM

P It is important to have an emergency savings fund to see you through crises.

PICTURE: STEVE BUISSINNE/PIXABAY

Be considerate of the neighbours

ROPERTY owners who host paying guests but do not declare their income to Sars will need to do so, says Sohail Govender, finance director of Just Property.

While Airbnb is well regulated and requires taxrelated declarations annually before any payments are made to the hosts, the informal sector is unregulated, and so some of those who let their homes or rooms directly to tenants may not be aware that

they need to track such income and declare it to Sars.

“I believe there are still entrepreneurs in the informal sector who are not aware of this and do not declare this income to Sars.”

If Sars discovers that a landlord or host has not declared their rental income during the relevant years of assessment, Govender warns, penalties of up to 200% and interest can be charged.

“Even harsher steps may

be taken based on the value of the undeclared income where taxpayers are unable to pay their tax at the time it is assessed by Sars.”

He adds, however, that both ad hoc renters and landlords can claim expenditure incurred in the production of income against that income.

“The general deduction formula allows for deducting expenditure incurred in deriving the income to arrive at one’s taxable income.”

I T ’ S W A R M T O D AY I N S U N N Y K Z N

More visitors and home deliveries will occur in residential areas as more people work from home. PICTURE: RODNAE PRODUCTIONS/PEXELS

WITH many people working from home for the foreseeable future, a lot more business activity is taking place in residential areas.

The need to stay home means more entertainment is happening at home, including more visitors and deliveries.

However, says Gerhard van der Linde, managing director for Seeff Pretoria East, laws still apply, and everyone has the right to enjoy their property without discomfort. You should not interfere with your neighbour’s rights, or you could face legal consequences.

South Africa has a comprehensive set of laws which deal with property and neighbourly issues, along with local municipal by-laws and regulations concerning acceptable noise levels etc.

The basic rules, he notes, include: • Reasonable noise, such as that from gardening and building work, is acceptable between 6am and 6pm and party noise to about 10pm on Fridays and Saturdays.

• Dogs may not bark incessantly.

Van der Linde says part of the attraction of living in a sectional title complex or estate that is well managed is that they often have strict rules with regard to noise, parking and so on.

KZN’s mild winters are attracting semigrants to its coastal regions. PICTURE: FITNISH MEDIA/UNSPLASH WITH many parts around the country experiencing freezing winter temperatures, the KwaZuluNatal coastline comes into its own with its year-round, mild climate.

And this is fuelling the semigration trend to the region, says Carol Reynolds, Pam Golding Properties area principal for Durban Coastal.

“We are fortunate to live in a very desirable pocket of the country where there is ongoing

demand. The North Durban coastal belt offers exceptional schools, good infrastructure, office parks, shopping malls and excellent hospitals, and all of this in a sought-after strip with warm, clean beaches and some of the best surf in the country.”

Despite the lockdown, she says the residential property market in this perennially sought-after region has shown resilience, and agents are continuing to experience

activity across all price bands.

Most notably, family homes priced under R5million are selling quickly while developments are attracting a significant amount of investor interest.

“We have noticed a positive influx of Johannesburg buyers shopping in our sunny climes, while local property developments in particular, have attracted investment interest from out-of-towners.”

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PICTURE: KAIQUE ROCHA/PEXELS

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National Listings T O A D V E RT I S E I N K WA Z U L U - N ATA L Anne Reddy 0 8 2 8 2 8 0 0 1 0 Larissa Marks 0 7 6 2 3 1 1 0 8 9

anne.reddy@inl.co.za larissa.marks@inl.co.za

TO ADVERTISE IN WESTERN CAPE Leigh Auret 074 991 3373 Shevon Philander 078 422 4925

leigh@property360.co.za shevon.philander@inl.co.za

TO ADVERTISE IN GAUTENG Contact any of the four sales representatives above

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Freestanding 3 bedroom homes from R3 450 000

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RHONDA RAAD PROPERTIES We specialise in the Sales and Rentals of residential property in the Southern Suburbs and Surrounds.

Contact us today for all your Buying, Selling and Rental needs on 082 448 7795 / 021 685 2212.

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CONTACT: RHONDA C: 082 448 7795 T: 021 685 2212 E: rrpsales@mweb.co.za / www.rhondaraadproperties.co.za

AUCTIONS There is a commonly held belief that property auctions are a good place to pick up a bargain because auctioneers often handle sales in execution / property reposessions / liquidations.

Our dedicated auction section allows auctioneers to showcase their properties to buyers looking for these bargains.

THE AUCTION SECTION OF THE PORTAL OFFERS: • Advice to buyers • Auction news • Recommended auctioneers to deal with • Diary of upcoming auctions Contact LEIGH to get your listings visible 074 991 3373 or leigh@property360.co.za

www.property360.co.za

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Safe. Clean. Organised. Waiting for You.

There’s never been a better time to invest in Cape Town real estate.

We’ll even fly you down to prove it!

Two-bed, two-bath apartments from R1,199m The StayMelville lifestyle eco-estate in Cape Town has apartments available for immediate occupation and to be completed within the next six months.

Secure, well managed, green, and featuring an incredible range of facilities for you and your family, StayMelville is conveniently located in the Southern Suburbs close to the M5 highway and within easy reach of shops, schools and beaches.

This is an excellent opportunity to re-locate your family in a rush. Best of all, if this is only a temporary requirement, our on-site rental team will ensure that your investment unit is always tenanted and well managed. At today’s interest rates, this means you should be cash positive from day one!

Look what StayMelville has to offer: • Uncapped WiFi: 20 Mbps for R99 pm

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12641 MACHETE.CO.ZA

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For more info, call 021 417 4300 or visit www.StayMelville.co.za/KZN * Terms & Conditions: An air ticket for you and your partner is subject to payment of a refundable R10 000 reservation fee. Should a buyer elect to not purchase a unit, the balance of the reservation fee, less the flight costs will be returned. Should the buyer proceed with the sale, the flight costs will be covered by the developer and will be deemed to be part of the deposit for the unit.

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V & A WATER FR O N T - R 19. 5 MIL L IO N E XC I T I N G N E W R E L E A S E

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ATTENTION DEVELOPERS & INVESTORS!!

PRIME DEVELOPMENT PROPERTY NEXT TO THE WOODLANDS MALL, PRETORIUS PARK, PRETORIA EAST ONLINE AUCTION

ONLINE BIDDING: 12:00, 25 - 26 AUGUST 2021 BID AND REGISTER: www.vansauctions.co.za AUCTION OF: PROPOSED PRETORIUS PARK EXTENSION 39, MAT & METIS AVENUE, PRETORIA EAST

WEB21/0152

Woodlands Mall Property Extent: ± 1 HA Property description: Proposed Pretorius Park Extension 39 situated on Portion 454 of the Farm Garstfontein 374 Approval: - Rezoning to Residential 3 at 80 units per ha on 3 storeys or 40 units per ha on 2 storeys.

- Subdivision into 2 stands, proposed as Erf 1736 & 1737.

AUCTIONEER’S NOTE: An excellent development opportunity in well developing area in Pretoria East for Residential units!!

Contact us for more information: www.vansauctions.co.za

R50,000 registration fee, 10% deposit: Bidders to register & supply proof of identity and residence. Regulations to Consumer Protection Act: www.vansauctions.co.za Rules of Auction to be viewed at 36 Gemsbok Street, Koedoespoort Industrial, Pretoria.

Tel 086 111 8267 | Auctioneer: Anton Shand

BIDDERS TO REGISTER ONLINE, REGISTRATION FEE OF R50,000 PAYABLE VIA EFT ONLY, FICA DOCS REQUIRED TO BE ABLE TO REGISTER.

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HOME LOANS

Now is the time to find out how much you qualify for as the repo rate is at a record low.

Celestine is always available to take your call and guide you through the process from application through to registration.

She will pre-qualify you for a home loan before you start house hunting.

A pre-approval is very useful when house hunting as it helps the agent narrow down which properties to show you and not waste unnecessary time.

Complete one application and she will apply to all 4 major banks and negotiate the best interest rate on your behalf.

Call her for quick and efficient service Please feel free to contact Celestine at any time on 084 559 1786 | celestine@property360.co.za

www.property360.co.za

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A G E N T S ’ D I R E C T O R Y

RAWSON PROPERTY GROUP Cape Town Office 021 658 7100

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www.rawson.co.za

DE PLATTEKLOOF LIFESTYLE Cape Town Office 021 814 7000 Email: live@deplattekloof.co.za www.deplattekloof.co.za

KINGSFORD ESTATE Westville, KZN Office: 087 012 5670 Email: info@kingsford.co.za www.kingsford.co.za

DOGON GROUP PROPERTIES Atlantic Seaboard Office 021 433 2580 Email: thekings@dogongroup.com www.dogongroup.com

STAY MELVILLE Cape Town Office 021 417 4300 Email: sales@staymelville.co.za www.staymelville.co.za

ALOE REAL ESTATE Upper Highway - KZN Contact: 073 353 0881 Email: pixie@aloerealestate.co.za www.aloerealestate.co.za

DOGON GROUP RENTALS Sea Point Office 021 433 2580 Email: enquiries@dogongroup.com www.dogongroup.com

RHONDA RAAD PROPERTIES Cape Town Office 082 448 7795 Email: rrpsales@mweb.co.za www.rhondaraadproperties.co.za

THE WOODLAND Umhlanga Office 081 281 3960 Email: info@woodland.co.za www.woodland.co.za

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

BALWIN PROPERTIES Ballito Office 084 788 1020 Email: michelle@balwin.co.za www.balwin.co.za

SHELLEY RESIDENTIAL KZN Office 082 412 4463 Email: hello@shelley.co.za www.shelley.co.za

debbie.reabow@rawsonproperties.com

southernsuburbs@dogongroup.com

www.dogongroup.com

TOP ADDRESS IN HYDE PARK, JOHANNESBURG!!

STYLISH AND SPACIOUS RESIDENCE WITH SWIMMING POOL ,TENNIS COURT & MORE ONLINE LIQUIDATION AUCTION

In liquidation: Sandton Property Developments 2001 (Pty) Ltd. Master’s ref: G1160/2020 DOGON GROUP PROPERTIES VAN’S AUCTIONEERS

Western Seaboard Gauteng ONLINE BIDDING: 12:00, 10-11 086 AUGUST Office: 021 556 5600 or 021 433 2580 Office 111 82672021 BID AND REGISTER: www.vansauctions.co.za Email: enquiries@dogongroup.com www.dogongroup.com www.vansauctions.co.za

AUCTION OF: 81, THIRD ROAD, HYDE PARK, JOHANNESBURG

Extent: ± 3000 m² Improvements: Ÿ Entrance hall, lounge, dining room with sun room & family room Ÿ 4 bedrooms Ÿ 3 bathrooms (2 en suite) Ÿ Separate toilet Ÿ 2 TV rooms, kitchen & scullery

www.property360.co.za WEB21/0141

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PETER MASKELL AUCTIONEERS KZN Office: 033 397 1190 Email: info@maskell.co.za www.bidlive.maskell.co.za

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