PROPERTY
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Tighten your grip on your home as interest rates set to rise again PAGE 3
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HOMEOWNERS should always know their property’s value and the factors that influence that value. PICTURE: TOM RUMBLE
Be wary: These things may be driving down your property’s value Knowing how much your home is worth is not only useful before selling but also during your time of home ownership BY BONNY FOURIE bronwyn.fourie@inl.co.za
I
F YOU KNOW the value of your property, and understand the factors that affect that value, then you will know how to safeguard against negative influences that will cause your home to depreciate, says the regional director and chief executive of Re/Max of Southern Africa, Adrian Goslett. To help homeowners protect the resale value of their homes, he says, three key factors needed to considered – location, external market conditions and the condition of the home. Echoing this, Erwin Rode, of Rode & Associates, says that for residential property, the most important drivers of value are location, floor-area size, quality or age of the building, finishes and condition of the building. 1. Location The location of a property is the biggest determining factor of a home’s value. Each suburb has its own maximum and minimum values based on previous sales that will largely dictate the price parameters for future sales. But the
parameters can change if demand for the area changes, Goslett says. “The more desirable the location and the higher the demand for the area, the more expensive the homes in that area will become. “The most desirable suburbs are typically located in the most convenient, trendy, beautiful, and/ or secure parts of a country. Keep an eye out to see if anything in your suburb changes to make it more desirable.” An example of a positive influence could be the opening of a trendy restaurant, while abandoned homes in the area could be a negative. Other negative factors, says Rode, include noise – such as being on a busy road or under the flight path of an airport. “Location would also include crime and proximity to work opportunities. In low-cost areas, one presumes proximity to reliable public transport is also a factor.” In addition, says David Jacobs, the Gauteng regional sales manager for the Rawson Property Group, the neighbourhood makes a “huge difference” to the value and growth
prospects of a property investment. Proximity to schools, amenities, public transport routes, hospitals, and police stations are also taken into consideration. “This is usually incorporated when an agent does a comparative market analysis.” 2. External market conditions Property values are based on the rules of demand versus supply and will constantly change in response to external market factors, Goslett says. If demand is greater than supply in a given market, property prices will increase. However, if there are more properties on the market than there are buyers, property prices will drop. “When things like interest rates, inflation and unemployment are on the rise across the country, demand usually drops along with property prices. Similarly, during periods of economic flourishing, demand usually rises along with property prices. While it is virtually impossible to time the market accurately, keeping abreast of the external market conditions can help you decide whether now is a good time to sell.” 3. Appearance and condition of the home The features and condition of the home will also determine the its value, he says. This includes things
such as the state of the roof, the number of bathrooms and the size of the property. As simple as it sounds, he says, the visual state of the property will also influence the value of the home, as it can make the property more or less desirable to potential buyers. “Homeowners should keep on top of all home maintenance issues and keep the home modern and appealing to ensure that the resale value is not affected.” When a property owner is ready to sell, Goslett says, hiring the right professional and following their advice should be the priority. “Many might not realise that there is a difference between an official valuation certificate and a real estate agent’s market assessment value of a property. :The difference is that a property valuation can, technically, be conducted only by licensed appraisers. “Some, but not all, real estate agents are licensed to provide an official valuation. But all licensed real estate professionals will have the requisite expertise and access to information to provide a fair market assessment of the home’s value.” Other things that can drive down a property’s value, he says, include the quality of the property’s infrastructure – if it is old and unmaintained and needs a lot of work, or is situated in a
notorious neighbourhood, an inconvenient location, a remote or crime-filled area or on a busy road with constant traffic noise. “One thing modern buyers are unwilling to compromise on is security. If there is no basic security or the security system is not updated, then that can also contribute to lessening the property value.” The factors that contribute the most to a property’s value though, says Kgomotso Sebakwane, the head of property analytics at FNB, is the amount of living space available. “Different people value different things. However, having the option of having an extra bedroom will always add more value. Beyond just the purely functional aspects of a home, the quality of finishes adds extra appeal to a property.” Any major structural or cosmetic defects, however, detract from the value of a property. “Whether it’s a crack in the wall, rising damp or peeling paint, the potential home buyer lands up staring at a potential problem that they need to fix. “Whatever the quoted cost of repair, the potential buyer will always subtract more from the value of a property, based on the uncertainty of even more repairs. People tend to double discount when they see anything wrong.”
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INTEREST rates are expected to increase by 0.5%. PICTURE: STEVE BUISSINNE/PIXABAY
Hold on tight to your home, interest rates are going up again And theyr’e expected to continue rising until March 2023 , leading experts to urge people to plan ahead in order to soften the blow BY BONNY FOURIE bronwyn.fourie@inl.co.za
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CONOMISTS and property experts believe the interest rate will be hiked again this month, putting homeowners and buyers under increasing financial pressure. FNB anticipates a 0.5% hike by the South African Reserve Bank (SARB) at the November meeting, which will bring the repo rate to 6.75% and the prime lending rate to 10.25%, says the bank’s senior economist Koketso Mano. However, he says it is important to note a potential upside to this view, given that the Federal Reserve Bank is expected to implement its fourth-consecutive 0.75% hike today. The broader consensus for the SARB hike in November (0.75%) is more in line with what the Fed is expected to do. “With the continued tightening of lending standards, affordability will be further eroded and the momentum in household credit growth should slow in the coming months. For now, credit remains available and uptake has been robust.” However, FNB’s Q3 2022 Estate Agent survey indicated that buying activity has started to slow and there are strong indications that lower-income households are feeling the pinch of the prevailing cost of living pressures, Mano says. “Unlike many major economies, South FIND US HERE: @iolproperty @iolproperty @iolproperty.co.za
Africa went into the pandemic with a fragile labour market, which limited the upswing in house prices. This implies that affordability in South Africa, as borrowing costs rise, is likely better than in countries that experienced overheated housing markets post pandemic. As such, we expect the slowdown in buying activity to continue, but this will likely not translate into house price depreciation.” Adrian Goslett, the regional director and chief executive of Re/Max of Southern Africa, also predicts that there will be another interest rate hike at the end of the month, although not as severe as previous hikes. He believes the increase will be 0.25% or 0.5% “because the SARB will most likely still be trying to curb rising inflation”. If this is the case, affordability will then become a concern for the homeowner. “It will become more difficult to service loans as interest rates climb, which is why we’ve been encouraging homeowners for a while now to reduce their debt levels to be able to accommodate for this.” Although not able to predict the exact hike, Paul Stevens, the chief executive of Just Property agrees that the interest rate will increase this month, and advises those with mortgage bonds to look beyond this to market predictions of a 6.50% repo rate by the end of 2024. This will put the interest rate at 10%.
“It is better to plan well ahead than to wait until interest rate hikes become unmanageable and to try to solve the problem when it’s too late.” Mortgage holders should calculate what their repayments will be in various scenarios – with increased interest rates – and consider the obligations in the context of their other financial commitments, he says. Knowing if there is a potential breaking point in affordability allows one to take action proactively. “There is plenty of commentary in the media regarding interest rate increases and I would like to encourage mortgage holders to pay attention to how these impact them immediately and over the next two years at least. “There are plenty of options to consider if affordability is a potential issue, and talking about your concerns with your mortgage lender is advisable. They don’t want bad debt any more than you do, so work with them to protect your property and their loan.” Stevens also urges homeowners to consider ways to use their property to raise extra income, for example, letting a portion of it – a granny flat, a spare room, a garage or even a parking bay. “Inter-generational living and other forms of co-habitation can allow you to share costs.
Just be sure to check by-laws as they may impact your decisions.” Cobus Odendaal, the chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, says the rate increase could be by as much as 0.75%, but thinks it is more likely to be 0.5% as “the reserve bank is trying to be ‘softer’ on the consumer in their efforts to curb inflation”. “And, as Reserve Bank governor Lesetja Kganyago recently said, they believe that not curbing inflation will be more harmful than hiking the interest rate in the long term, so I think we can expect an increase.” He too believes that the hike could be tough for the market to cope with. “With the goal being for inflation to be stabilised by Q4 in 2024 at 4.5%, I think we are in for the long haul which is a bit concerning, especially as higher interest rates mostly impact the sector that has been most active and has been underpinning the market – property in the R1 million to R2.4m band. “On a 0.5% hike, it adds around R400 extra per month on a R1m bond which makes a big difference to the disposable income of these owners/buyers.” In the middle market of around R3m to R6m, Odendaal says the main issue will be investor confidence as many are beginning to wonder when, and where, the constant increases will end – and few people think we’ve reached the turning point. “And, as this is the demographic that is bearing the brunt of the economic turmoil.” While the hikes are concerning, Carl Coetzee, the chief executive of BetterBond, says it is important to keep an eye on the global picture and recognise that recent repo rate increases are in fact a sign that the South African Reserve Bank (SARB) is acting prudently and responding timeously to the inflationary pressures being felt worldwide. Given that inflation will probably remain high for the next few months, he says South Africans can expect at least two more repo rate hikes before it stabilises in March 2023. However, it is too soon to say whether we should expect increases of 0.5% or more as we near the peak of the repo rate cycle. As many homeowners will be paying more on their bonds, Odendaal expects to see lower transaction volumes and a softening of house prices. However, this will be segmented across the market, with the lower end relying heavily on housing finance.
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 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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PICTURE: THGUSSTAVO SANTANA/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 Sherine Budhram
084 460 7295
sherine.budhram@inl.co.za
TO ADVERTISE IN WESTERN CAPE Abigail Wilmot
083 212 1141
abigail.wilmot@inl.co.za
TO ADVERTISE IN GAUTENG Antoinette Gilbert 083 793 5382
antoinette.gilbert@inl.co.za
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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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21 PROPERTIES ON AUCTION - 17 NOVEMBER 2022
LUKE | 071 351 8138
VIREND | 071 383 1735
LUKE | 071 351 8138
VIREND | 071 383 1735
RETAIL & RESIDENTIAL DEVELOPMENT SITE 272 - 276 Florida Road, Durban Extent: ± 1 032 m² | Bulk: ± 1 545 m² | Zoning: General commercial | Potential for retail, offices & residential | High trade node with huge exposure
INDUSTRIAL WAREHOUSE 12-16 Cordova Close, Briardene Site Extent: ± 8 262 m² | GLA: ± 4 780 m² | Yard Area: ± 2 300 m² | Power Supply: ± 250 AMPS which can be increased to 1000 AMPS | Excellent Height: ± 12m to Apex & ± 9m to Eaves | 6 x Roller Shutter Doors Access Viewing: 08 November 2022 from 13h00 to 15h00
HUGE EXPOSURE INDUSTRIAL, RETAIL, RESIDENTIAL POTENTIAL Portion 129 of the farm Allandale No 10, Corner Old Pretoria Main Road and Johnnic Boulevard, Halfway House, Gauteng Extent: ± 17 595 m² | Close to Freeway & Gallagher Estate | Great potential in established area
RETAIL BUILDING DURBAN 106 Mathews Meyiwa (Stamford Hill) Road, Greyville Site Extent: ± 618 m² | GLA: ± 760 m² | Sold with month to month tenant: monthly rental ± R70K | Clean, well maintained retail/showroom floor with mezzanine level offices | Separate delivery & storage access Viewing: 10 November 2022 from 14h00 to 15h30
PORTFOLIO DISPOSAL
PORTFOLIO DISPOSAL
PORTFOLIO DISPOSAL
PORTFOLIO DISPOSAL
LUKE | 071 351 8138
LUKE | 071 351 8138
LUKE | 071 351 8138
WAREHOUSE WITH HIGH POWER 48 Circuit Road, Westmead Extent:± 2 117 m² | GBA: ± 1 386 m² | Currently tenanted Current Annual Income: ± R883 K | Fantastic visibility | Well located along Circuit Road
MULTI-UNIT INDUSTRIAL & RETAIL PARK 3 Brass Link, Richards Bay Extent:± 8 175 m² | GBA: ± 2 800 m² | Currently fully tenanted | Gross Annual Income: ± R2 Million | Multiple units | Additional bulk available | Fantastic visibility | Well located
INDUSTRIAL PROPERTY WITH PLATFORMED YARD 114 Alumina Allee, Richards Bay Extent: ± 6 159 m² | GBA: ± 3 582 m² | Gross Annual Income: ± R2.4 Million | ± 5 kms from the Port | Previous Bell equipment facility | Good height | Large yard | Well located
DEFAULT SALE
DEFAULT SALE
DEFAULT SALE
VIREND | 071 383 1735
PORTFOLIO DISPOSAL: APARTMENT BLOCK CENTRAL DURBAN 61-63 College Lane (Known as Colinton Court), DBN GBA: ± 1 000 m² | Gross Annual Income: ± R264K | Current Lease until September 2023 | On-going income generating property | Ideal for student accommodation | Can accommodate ± 50 people
VIREND | 071 383 1735
INDUSTRIAL WAREHOUSE IN QUEENSMEAD INDUSTRIAL 6 Martin Drive, Queensmead Industrial Site Extent: ± 1 867 m² | GLA: ± 1 065 m² | Yard Area: ± 650 m² | Power Supply: ± 300 AMPS | Sold with month to month tenant: monthly rental ± R50K Viewing: 09 November 2022 from 13h00 to 15h00
VIREND | 071 383 1735
PORTFOLIO DISPOSAL: RESIDENTIAL APARTMENT BLOCK, DURBAN CBD 76 McArthur Street (Known as Treves Court), DBN GBA: ± 1 200 m² | Gross Annual Income: ± R310K | Current Lease until September 2023 | On going income generating property | Ideal for student accommodation | Can accommodate ± 50 people
LUKE | 071 351 8138
PROMINENT RETAIL SPACE Section 1 & 2 SS Boundary Corner, Malibongwe Drive, Northriding, Johannesburg Property 1: ± 275 m² | Property 2 : ± 288 m² | End-user opportunity as current tenant will vacate
VIREND | 071 383 1735
PORTFOLIO DISPOSAL: BLOCK OF FLATS IN DURBAN CENTRAL 88 Maud Mfusi (St Georges) Street, Durban CBD GBA: ± 1 136 m² | Gross Annual Income: ± R428K | Current Lease until September 2023 | 43 Rooms Can accommodate over 120 people| Ideal for student accommodation
ALAN | 082 445 5048
MODERN HOME Portion 126 of The Farm Hebron No. 914, Fleetwood, Dargle Road, Dargle Valley, KZN Midlands Extent: ± 11,9351 Ha | Modern Home | 3 Beds with self-contained flat | Well-appointed Kitchen | Off the Grid Solar | Borehole
LUKE | 071 351 8138
TWO MINI-INDUSTRIAL UNITS 56 Dollar Drive, Richards Bay Extent: ± 1 290 m² | GBA: ± 876 m² | Two units: ± 438 m² each | Single freehold property
MUHAMMAD | 079 458 4256
EXCLUSIVE LARGE PENTHOUSE IN PRESTIGIOUS BUILDING Sections 7 & 11 SS Hertford, 747 Musgrave Road, Morningside, Durban Extent: ± 337 m² (excluding garage) | 4 Bedrooms | 4 Bathrooms | Fully fitted kitchen | Exclusive finishes | ± 65 Triple garage | Stunning city & sea views
LUKE | 071 351 8138
STANDALONE RETAIL BUILDING Erf 247, Northlands Deco Park, Ext. 22, Northriding, Johannesburg Extent: ± 1 460 m² | GBA: ± 1 386 m² | Located near the entrance of the park | Secure, freestanding building | Off street parking | Destination retail opportunity
DECEASED ESTATE
BRAD | 073 757 9533
RETAIL & COMMERCIAL INVESTMENT 68 Westbourne Road, Richmond Hill, Gqeberha (Port Elizabeth Extent: ± 656 m² | GLA: ± 674 m² | Gross Annual Income: ± R 493K | Zoning: Business 1
BRAD | 073 757 9533
MEDICAL CENTRE INVESTMENT 88 Westbourne Road, Richmond Hill, Gqeberha (Port Elizabeth) Extent: ± 1 500 m² | GLA: ± 1 430 m² | Gross Annual Income : ± R1.5 Million | Zoning: Business
MUHAMMAD | 079 458 4256
SEA VIEW APARTMENT MORNINGSIDE Flat 51 Bowhill Lodge, 16 Gordon Road, Windermere, Durban Estate Late: Joyce Dorothy Mitchell Masters Reference No: 013986/2022 2 Bedrooms | 2 Bathrooms | 1 Garage | 1 Open parking bay | Vacant occupation
MUHAMMAD | 079 458 4256
HOLIDAY APARTMENT IN ESTUARY RESORT Section 54 Eden Wilds, Old Pont Road, Port Edward Extent: ± 84 m² | 2 Bedrooms | 1 Bathroom | Tenanted | Secure Estate
MUHAMMAD | 079 458 4256
2 X VACANT SITES IN ISIPINGO 11 & 13 Tecoma Square, Isipingo Hills Extent: ± 465 m² each | ± 750 m from M35 Main Road | 2 Road frontages | Potential for mixed-use development | To be offered individually and combined
Auction Date & Time: 17 November 2022 | 11h00 | Auction Venue: Mount Edgecombe Country Club, Gate 2, 1 Golf Course Drive, Mount Edgecombe | Terms: R50 000 refundable registration deposit. Strictly by EFT. FICA Documents are required | Auctioneer: Andrew Miller
CONTACT US FOR MORE INFO: 0861 444 769 info@in2assets.com 063 500 1652 www.in2assets.com
The Rules of Auction & CPA Regulations can be viewed at www.in2assets.com or at Unit 505, 5th Floor, Strauss Daly Place, 41 Richefond Circle, Ridgeside Office Park, Umhlanga Ridge. Bidders must register to bid and provide original proof of identity and residence on registration. The Rules of Auction contain the registration requirements if you intend to bid on behalf of another person or an entity. The above properties are subject to a reserve price and the sale by auction is subject to a right to bid by or on behalf of the owner or auctioneer. In terms of the POPI Act, our contact details have been stated in this document. By responding to such, you hereby opt in for future marketing communication via email, mobile and WhatsApp. Email optout@in2assets.com to be removed from all future communication.
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RETAIL AUCTION 29 November @ 12H00 - The Country Club JHB, Lincoln Street, Woodmead DAVID SOUTTER 083 325 7152 ZIMBALI WEDGE SHOPPING CENTRE
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CONSTANTIA INDUSTRIAL PARK - 90% LET
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Lunar focuses on hybrid solar installatio 15 that are solar ready and off-grid solar so
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D Book I R Ea complimentary C T O R Y site visit with Lu WA: 065-043-1382
Mail: hello@lunarsolar.co.za Website: www.lunarsolar.co.za 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
LUNAR SOLAR INSTALLERS Cape Town Office 065 043 1382 Email: hello@lunarsolar.co.za www.lunarsolar.co.za
SERENITY HILLS ECO ESTATE KZN, South Coast Office 073 142 8292 Email: home@serenityhills.co.za www.serenityhills.co.za
DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258 www.dogongroup.com
PETER MASKELL AUCTIONEERS KZN Office: 033 397 1190 Email: info@maskell.co.za www.bidlive.maskell.co.za
WYTHAM ESTATE KENILWORTH, CAPE TOWN 063 707 2886 sales@wytham.estate www.wytham.estate
DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 enquiries@dogongroup.com www.dogongroup.com
BALWIN PROPERTIES Ballito Office 084 788 1020 Email: michelle@balwin.co.za www.balwin.co.za
PAARL, BOLAND, CT Werner Pieters 082 363 6089 Marius Pieters 082 566 0853 sales@grootparysestate.co.za www.grootparysestate.co.za
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