Property360 National Digital Magazine - 21 January 2022 by Independent Media Digital Magazines

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PROPERTY

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PICTURE: KINDEL MEDIA/PEXELS

A NEW YEAR AND A POSITIVE NEW WAVE OF PROPERTY BUYERS PAGE 3

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Small lock-up-and-go apartments and town houses are less costly to manage and maintain than bigger properties. PICTURE: THE UJULALA/PIXABAY

Choose wisely and stay within your budget

Experts offer advice on the decisions you need to make when considering purchasing property BY BONNY FOURIE bronwyn.fourie@inl.co.za

UYING property is one of many people’s new year’s resolutions, and whether they aim to own their first home, upscale or downscale, or buy a second property, they will be conscious of rising interest rates. They will also be aware of the rising cost of living, what with increases in the petrol price, school fees, food costs and rising water and electricity tariffs, not to mention the fact that they need to budget for home maintenance. In the light of all this, buyers will do well to be prepared, and keep their affordability levels, not only now but throughout their bond repayment period, in mind. To help them do this, experts offer the following advice: Know what you can afford Affordability is always a determining factor when it comes to looking for a home and applying for a bond, irrespective of the current interest rate, says Carl Coetzee, chief executive of BetterBond. You should always ensure you will be able to afford the monthly loan payments over the total repayment period. To assist with this, BetterBond, as well as financial institutions and real estate agencies, offers

an online affordability calculator which gives an indication of what you can afford, taking into consideration monthly expenses and income. “Make sure your credit score is in good shape when you’re considering buying a home, as this will improve your chance of securing the lowest interest rate possible,” he adds. You should also make sure that you have enough cash to cover the bond and transfer fees when buying a home and put down as much of a cash deposit as you can. “Paying a 10% deposit on a R2 million property, with the prime lending rate at the current 7.25%, will drop the monthly bond repayment from R15 808 to R14 227. In 2024, when the prime lending rate could be at 10%, this could mean a saving of almost R2 000 a month on the monthly bond repayment.” Tony Clarke, managing director of the Rawson Property Group, agrees: “Buyers with deposits will always get preferential interest rates. “A sizeable deposit can make a world of difference to the longterm affordability of your home. It also shows the bank you are financially responsible, which

lowers your risk profile.” In addition, a deposit reduces the size of the bond you’ll need, which also decreases risk from the bank’s perspective. “Plus, with a low-risk profile, you’ll have a better chance of securing finance at a favourable interest rate which, in combination with the reduced loan amount, can drop the total interest you’ll pay over the life of your bond by hundreds of thousands of rand. Make, and stick, to a budget Adrian Goslett, chief executive of Re/Max of Southern Africa, says homeowners and new buyers must ensure there is provision within their budgets for an increase of at least 25 basis points ahead of interest rate announcements. These take place every second month. “Interest rates tend to go up gradually by around 0.25% or 0.5% at any given announcement, so budgeting for this ahead of time will be in your best interests.” Before buying a home, he also recommends that buyers use an online bond calculator to find out what their monthly instalments would be if interest rates were to climb.

“This way, you will know you can afford the home no matter what happens in the future.” You should always “budget wisely” and be careful when taking on more debt that does nothing for you, Clarke says. “So, rather save where you can to make it more financially comfortable for you in the long run. “Think twice before taking that expensive cellphone upgrade or applying for a credit card that would just encourage lavish spending and wasting money on unnecessary things.” Consider the upkeep on the property you want In terms of upfront and ongoing maintenance costs, you should be aware that swimming pools and large gardens tend to be costly to maintain, Goslett says. “Once-off maintenance costs you also need to be aware of include rotten wooden window and door frames, as well as old roofs, as these can end up being very costly to fix or replace. “If you are looking to buy a home that requires more manageable, and therefore less costly, maintenance, he recommends a small, lock-upand-go type of apartment or

town house. “These tend to have the lowest possible maintenance costs as any exterior maintenance work, including the gardens or repainting the home’s exterior, should be covered by the complex’s levies.” Once you have found the perfect property, Clarke says you need to make sure it is structurally sound. This is essential to keep down surprise repair costs. “If you’re not sure about the structural condition of a property, I’d highly recommend getting an expert inspection performed. This is not the kind of issue you want to discover while you are living in the property.” He says you also need to remember the long-term nature of property investments and make sure that your decisions suit not only your needs today, but also in the future. “Make sure a property will support your lifestyle for the next five to 10 years at least. “Consider things like some room to grow, if you hope to start a family, and make sure the location offers everything you may need in terms of job opportunities, schools, shops, transport, sporting and social facilities,” Clarke says.

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Buyers who can afford more expensive homes will help keep the market active. PICTURE: ERIKA WITTLIEB/PIXABAY

Letter from the editor THE NEW year is here, with the hope that the property market will not lose traction, in spite of rising interest rates and the predicted increases in the cost of utilities. We can buy into the story of fear and anxiety – that things will turn so bad we won’t be able to service our existing bonds or that house prices will drop – but, because of other rising costs, we won’t be able to afford to jump on to the property ladder… Or we can turn to the everoptimistic people in the property industry, who insist the safest and best asset you can have is property, and that things will get better and so on. At the start of the year, I know which story I would rather buy into. I was talking to an analyst recently, who advised that buying property was a good idea, his thought being that, over the long term, things that go down do eventually go up. However, one only has to look at places such as Hillbrow in Joburg, for instance, where the area suddenly turned, to know you have to be very wise when making an investment. I remember as a young reporter watching the elderly, who had invested in the area for retirement, scuttling about anxiously with the ominous presence of growing crime. That’s why homeowners do need to be vigilant and aware when they see bad things happening in their areas, and communities do need to be stronger than ever. In cities, where people prefer anonymity, being more involved might be the best option. Get to know your neighbourhood watch groups, support neighbourhood CAN groups, pick up the litter, get to know the councillor in your ward. Support social causes. It’s a new world with a bit of the old. We are at the precipice… and, ultimately, you get to choose which story you’ll take with you into the year. I wish you well and we will keep a close eye on the property world and keep you informed. Warm regards

Vivian Warby and team vivian.warby@inl.co.za

FIND US HERE: @property360.co.za

@property360_za

@property360.co.za

Residential property market looking buoyant Different groups of buyers are expected to keep the market turning over BY BONNY FOURIE bronwyn.fourie@inl.co.za

NEW wave of property buyers is likely to bolster the market this year, picking up where first-time buyers – who were encouraged by the historically low interest rates – left off. As these buyers will be less sensitive to interest-rate increases over the next three years, buying activity is not expected to wane. Many are repeat buyers who can afford more expensive homes. Home buying improved significantly after the interest rate cuts, says FNB senior economist Siphamandla Mkhwanazi, with two waves of home buying flowing into the market. The first, which was seen in the second half of 2020, was largely driven by younger buyers, most whom were buying for the first time. More recently, though, a number of repeat buyers have been coming to the fore, buying in the upper price segments. “So, one could argue that the interest rate-sensitive buyers – lower income, first-time buyers – have already brought forward their buying decisions, and now the market is largely driven by less interest-rate sensitive buyers.” These buyers have higher incomes and “superior access” to equity and savings. However, they are still getting “decent deals in a market that has suffered from subdued demand for a long time”. Mkhwanazi adds although the cost of servicing a mortgage will probably go up this year, and have a cooling effect on demand, price growth may be slow, and this “could present buying opportunities in some segments”. Still plenty of opportunities Adrian Goslett, regional director and chief executive of Re/Max of Southern

Africa, echoes this, saying that 2022 “should still be a good year to buy property”. “House price appreciation has remained subdued for some time now, owing to the struggling economy and the impact of the pandemic, which means buyers stand to get more for their money by investing now.” Property will always remain an “excellent and stable investment, outperforming many other asset classes”, adds Tony Clarke, managing director of the Rawson Property Group. And the sooner one can enter the property market, the better. Realistically, though, buyers still need to prepare for future interest rate increases, although these are likely to start “very slowly”. “For buyers and investors, property prices remain favourable, and while interest rates won’t rapidly increase in the near future, they’re still likely to be good for some time, meaning this is still a good time to buy. “Consumers have proved resilient and their confidence in property as an investment remains strong. Banks are also coming to the party and offering up to 105% mortgages, likely to be available for some time to come.” But... you need to prepare for water and electricity price increases Thanks to low interest rates over the past 18 months, says Carl Coetzee, chief executive of BetterBond, in many cases it is cheaper now to buy a home than to rent a property of the same value. However, owning a home incurs expenses over and above the bond repayments, such as maintenance and utility costs. “Homeowners need to budget for electricity and water tariff increases, as well as price increases in the cost

of materials needed for the upkeep of their homes. The cost of living continues to rise and this needs to be factored into calculations of monthly expenses when applying for a bond.” He emphasises that, regardless of the interest rate, affordability should be the most important consideration when owning a home – and this includes having enough in the household budget to cover monthly expenses and unforeseen costs. Mkhwanazi agrees. “Utility costs, especially electricity, are expected to rise significantly again in 2022, possibly by an amount close to 15%. You also have water prices that have been heating up. Municipalities are financially constrained, so you may see pressure on rates and taxes as well. “Cost of services may also rise, such as medical aid and education.” Start preparing now If possible, homeowners should pay a bit extra into their bond each month, Coetzee says, as even a small amount will make a difference in reducing interest and the overall loan repayment period. “If you are applying for a bond this year at the current interest rate of 7.25%, consider paying what you could pay when the prime lending rate reaches 10% – possibly in the third quarter of 2024.” In this way, he says you will reduce the amount of interest on your loan and shave a few years off the loan repayment period. “So, instead of paying R15 808 each month on a bond of R2 million, you pay R19 300. This will result in a saving of R641 803 on interest and reduce your loan repayment period from 20 years to 13.6 years.”

EXPECT TO PAY MORE Currently, the repo rate, which dictates the interest rate, is 3.75%, and if one follows the Monetary Policy Committee’s forecast that we could see nominal increases in every quarter for the next three years, BetterBond’s Carl Coetzee says the rate could be: l 4.75% at the end of this year, l 5.75% at the end of next year l and 6.75% at the end of 2024. “This means, at the beginning of this year, with the prime lending rate at 7.25%, the monthly repayment on a R2 million bond will be R15 808.” The repayment on this bond amount could increase by: l R304 at the end of this month, l R1 866 by the second quarter of next year l and R3 492 by the third quarter of 2024. Illustrating the rise of bond repayments on a R1.5m home loan, based on expected interest rate hikes, Siphamandla Mkhwanazi of FNB says the amount that buyers are paying now could increase by R691 by the end of this year, R1 160 by the end of next year; and R1 640 by the end of 2024, if the interest rate goes up by another 50 basis points that year.

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.com Executive Editor Property and Environment Vivian Warby vivian.warby@inl.co.za Features Writer Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za

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O T H E R

P R O P E R T Y

N E W S

The average number of days homes are taking to sell has been decreasing in many areas. PICTURE: PXHERE

Q1 PROMISES TO BE ‘EXCEPTIONALLY BUSY’ THE MOMENTUM of South Africa’s property market over the past year will continue into 2022, says Marcél du Toit, chief executive of Leadhome Properties. This bullish sentiment was reflected in a dramatic decrease in the average number of days taken to sell a home in major centres between 2020 and last year. “This indicates that, despite headwinds such as load shedding,

petrol price increases and entering a cycle of interest rates increases, the property market is in an extremely positive place.” Although Du Toit says that the average offer value countrywide is around R1.5 million – a slight decrease over the second half of last year – the market is seeing renewed confidence in property as a long-term investment and a vehicle not only to

build wealth, but improve well-being. “South Africans are seeing the value in buying property again. They’re feeling more secure in their jobs and their incomes, and as business has become more sustainable, it has removed the fear factor from investing. “We’re confident that, despite the fourth wave of the pandemic, the first quarter will be an exceptionally busy period on the property market.”

Office property sector still facing major challenges

What to look out for when buying a plot Prospective stand buyers need to take into account a number of important factors before buying land on which to build their dream home. PICTURE: BENJAMIN DAVIES/UNSPLASH

HE ACCELERATED switch to remote working over the past two years, and the resulting migration from big cities to smaller country and coastal towns, is driving a significant increase in the number of people who are buying stands and building their own homes. But finding the right stand is more complicated than most people think, says Gerhard Kotzé, managing director of the RealNet estate agency group. In addition to affordability considerations, he says there are other factors that prospective stand buyers need to take into account before they start planning their dream home. These include: The slope: A steeply-sloping stand on a mountainside or shoreline might provide a dream view but you need to

be prepared for the fact that there are significant extra costs involved in excavating, piling and building on such a site, and in the measures necessary to ensure the safe drainage of storm water. The drainage: In general, Kotzé recommends that buyers avoid low-lying land where water will pool – no matter what assurances a developer or builder might give about modern construction techniques and materials obviating the risk of rising damp. Future development: Consider the effects of future development in the surrounding area and what type of properties your neighbours will be allowed to build. You should also take care to find out about plans for any new shopping centres, schools, medical facilities or offices close by that could mean there is a lot more traffic in the area.

RESOLUTIONS FOR YOUR HOME

The warehousing and logistics sub-sectors have been benefiting from the increased focus on online retail. PICTURE: PXHERE

Y THE end of last year, activity in the commercial property market had starting improving, following a dip in the third quarter. This decrease was more than likely due to a quarterly contraction in the economy and the disruption caused by the widespread unrest and looting damage in KZN and Gauteng, says FNB commercial property economist John Loos. However, the renewed activity from October to last month “suggests that the impact of disruptions of the third quarter were perhaps largely a thing of the past”. The industrial property market continues to perform best

of the three main commercial property sectors. “This probably shouldn’t be surprising, as it is the most affordable property class, as well as arguably the most adaptable, factors that can be relative positives in tough economic times, while warehousing and logistics are said to benefit from increasing focus on online retail.” Although there is evidence the retail property market battled to achieve further strengthening in recent quarters, Loos says office property remains the weakest. “The office property sector has the biggest challenges of the three classes, with a many companies reassessing their office space needs.”

An area can be extra appealing if there is a good neighbourly vibe. PICTURE: ANDRE OUELLET/UNSPLASH

HOMEOWNERS should consider making new year resolutions for their properties to help protect their brick-and-mortar assets, says Bruce Swain, chief executive of Leapfrog Property Group. He shares his top five property resolutions: • Have a professional evaluation done. This is a useful tool in helping you determine what could be improved to increase the value of the property. • Pay more than the minimum into your bond. As little as R500 a month extra can make a noteworthy difference in the long run by shortening the bond period. • Get a grip on interest. Shop around for the best interest rate on your bond. You are under no obligation to keep a bond at the institution that first granted it. • Become a master of maintenance. The condition of your property can have a significant impact on its future value. • Be a good neighbour. A less obvious way to add value to your property is by being a good neighbour. Friendliness is free and being nice to your neighbours can go a long way to elevating the overall appeal of your street, complex and greater neighbourhood.

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National Listings

PICTURE: JESSICA BRYANT/PEXELS

T O A D V E RT I S E I N K WA Z U L U - N ATA L Sherine Budhram

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antoinette.gilbert@inl.co.za

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LAST FEW FROM THE DEVELOPER

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TIMED ONLINE AUCTION OF ±8174 SQM RESIDENTIAL STAND WITH DISTANT SEA VIEWS CNR OF VICTORY AND GREYS ROAD, SHELLY BEACH Duly instructed by virtue of Special Power of Attorney

BIDDING OPENS ON WEDNESDAY, THE 9TH FEBRUARY 2022 AT 12 NOON & CLOSES THURSDAY, THE 10TH FEBRUARY 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

For further details contact Danielle on 033 3971190 | 082 801 6827 or email: danielle@maskell.co.za or view our website www.maskell.co.za - R50 000 to obtain Buyer's card - 10% Deposit payable by successful bidder on fall of the hammer - FICA Docs to be provided - Above subject to change without prior notice (E&OE)

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TIMED ONLINE AUCTION OF ±1,9HA PROPERTY WITH 3 BEDROOMS AND TWO SELF-CONTAINED FLATLETS 18 WINGATE AVENUE, MARGATE, SOUTH COAST Duly instructed by virtue of Special Power of Attorney

BIDDING OPENS ON WEDNESDAY, THE 9TH FEBRUARY 2022 AT 12 NOON & CLOSES THURSDAY, THE 10TH FEBRUARY 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

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Urgent timed online liquidation auction of a 36-bed boutique hotel & contents previously known as the Caledon Boutique Hotel & Spa: Lee Barns Blvd, Ballito Duly instructed by the Liquidators of Erf Boulevard 44 (Pty) Ltd Reg. no. 2009/017709/07, Master`s Ref no. D38/2018

BIDDING OPENS ON TUESDAY, THE 15TH FEBRUARY 2022 AT 12 NOON & CLOSES FROM 12 NOON WEDNESDAY, THE 16TH FEBRUARY 2022 Bid online via our APP https://bidlive.maskell.co.za

Download our APP “Peter Maskell Auctioneers” – from IOS or the Play Store OR visit https://bidlive.maskell.co.za • R50 000 to obtain buyer’s card by EFT prior to date of sale • 10% deposit from successful bidder to be paid on the fall of hammer • FICA to be provided • Contact Danielle 0333971190 / 082 801 6827 • Sale is subject to confirmation • “Above subject to change without prior notice” (E & OE)

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TIMED ONLINE AUCTION OF AN UPMARKET 4-BED DOUBLE-STOREY FAMILY HOME LOCATED IN BISHOP COUNTRY ESTATE, BEACON BAY, EAST LONDON Duly instructed by virtue of Special Power of Attorney

BIDDING OPENS ON WEDNESDAY, THE 9TH FEBRUARY 2022 AT 12 NOON & CLOSES THURSDAY, THE 10TH FEBRUARY 2022 FROM 12 NOON Bid online via our APP https://bidlive.maskell.co.za

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THREE SECTIONAL TITLE UNITS!! TWO GROUND FLOOR IN MIDRAND, ONE UPMARKET IN JACKAL CREEK GOLF ESTATE!! ONLINE INSOLVENCY AUCTION Insolvent Estate: Jet-G Trust, Master’s ref: G942/2019

ONLINE BIDDING: 12:00 16-17 FEBRUARY 2022 BID AND REGISTER: www.vansauctions.co.za LOT 1: UNIT 82 ST ANDREWS, PALORA ROAD, JACKAL CREEK GOLF ESTATE, ZANDSPRUIT X 18, JOHANNESBURG WEB20/0238

Lot 1: Unit 82 St Andrews (1st floor) Measuring: 51 m² - One bedroom - Bathroom

- Open plan kitchen and lounge area - Undercover parking Auctioneer’s note: Ideally situated in Jackal Creek Golf Estate for modern golf estate living!

LOT 2: UNIT 9 ACACIA AND LOT 3: UNIT 67 BAOBAB, SAN RIDGE VILLAGE IN MIDRIDGE PARK, OFF LEVER ROAD, MIDRAND

Lot 2: Unit 9 Acacia (Ground floor) Lot 3: Unit 67 Baobab (Ground floor) Measuring: 112 m² Measuring: 122 m² - 2 bedrooms and bathroom - 2 bedrooms and bathroom - Open plan lounge, dining room & - Open plan lounge, dining room & kitchen kitchen - 2 covered parkings under the building - 2 covered parkings under the building allocated allocated. Auctioneer’s note: This secure complex is well situated, ± 1 km west of the N1, and close to shops and amenities. Ideal for investment or first time buyer.

R50,000 registration fee. 10% Deposit plus commission : 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

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A G E N T S ’ D I R E C T O R Y

360

PROPERTY

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

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

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

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

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

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

DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258

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

BROLL Durban Anthon 082 466 9907 avanweers@broll.com www.broll.com

southernsuburbs@dogongroup.com

www.dogongroup.com

DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 enquiries@dogongroup.com www.dogongroup.com

VAN’S AUCTIONEERS Gauteng Office 086 111 8267 www.vansauctions.co.za

www.property360.co.za

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Have you discovered these digital magazines yet? Click here to read our magazines now. To receive all our FREE digital magazines directly to your mailbox, email iol.magazines@inl.co.za with the word Digital.

Advertising Sales queries: Charl Reineke | charl.reineke@inl.co.za

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Property360 National Digital Magazine - 21 January 2022

Articles inside

RESOLUTIONS FOR YOUR HOME

Office property sector still facing major challenges

What to look out for when buying a plot

Q1 PROMISES TO BE ‘EXCEPTIONALLY BUSY’

Residential property market looking buoyant

Letter from the editor

Choose wisely and stay within your budget