KZN Property Pages - 15 April 2017 by KZN Property Pages

RESIDENTIAL LETTING COMMERCIAL

A BL ACK INC MEDIA PUBLICATION

15 April 2017

booking deadlines: BOOKING:

2pm Monday prior

Junk status vs the housing market: The experts weigh in

Wondering where the credit downgrade will leave the property market? The heads of some of SA's biggest agencies were asked for their opinions…

South Africans held their collective breath when President Jacob Zuma fired former finance minister Pravin Gordhan and replaced him with the former minister of Home Affairs, Malusi Gigaba. The repercussions were not long in coming, and although Standard and Poor’s (S&P) only released a public statement on Monday, 31 March, it came to light that it, one of the world's largest credit rating agencies, had notified the new minister that it was downgrading the country’s sovereign credit rating to junk status just hours after his appointment. The Rand also reacted immediately, going into free fall in the days after the announcement was made. It's obvious that we are in for a rough ride. It generally takes years to reverse an adverse credit rating and the consequences of such a rating cost everyone more. Interest rates will go up and food and petrol prices are going to increase. The cost of owning and renting property is also going to increase, putting additional pressure on people from all walks of life. Francois Venter, director Jawitz Properties, summed up what many are feeling when he noted, “It's a grim day for the property market and, indeed, the country. "With consumer and business confidence already at low levels, South Africa’s downgrade to junk status by S&P Global will put more pressure on the economy as a whole, sending it further into negative territory, with a natural ripple effect on the residential property market. Already, many South Africans are over indebted, and this latest development is likely to lead to further pressure on households in the short to medium term. The Rand has depreciated significantly, and downward pressure on our currency will lead to inflationary pressure which will impact on potential interest rate increases.” Samuel Seeff, chairman Seeff Properties, said that while he's disappointed with the news, the threat of a downgrade has been looming for the past 18 months and although the latest

political and economic shifts have been negative, the downgrade has, in many ways, already been priced into the current trading markets. “We therefore expect the property market to remain stable for the time being with any real effects only filtering through later in the year. That said, one cannot ignore that the actual realisation that 'junk status' sends a major blow to consumer confidence and will have a longer-term negative impact on the economy. We again emphasise the need for political and economic stability. For now though, there is no need to panic and it is not all doom and gloom. We expect business as usual for the property market.” When asked how the downgrade will affect the average South African homeowner, Haydn Wakefield, director Wakefields Real Estate said “There’s little doubt that this level of uncertainty is unsettling, and it’s likely to make everybody second guess everything. But South Africans are used to a high level of ‘noise’, and clear thinkers will know that it’s too soon for anybody to know the specific implications of this rating. Other than the exchange rate, which has been reacting negatively due to the uncertainty – albeit off a very strong base of R12.30 to the dollar it’ll take three to six months for the knock-on effects to be felt. Historically, the SA Reserve Bank has utilised an inflation target band of three to six percent to assist in making interest rate decisions, and with time, we will see how inflation reacts to the increased likelihood of the cost of borrowing.” Adrian Goslett, CEO Re/Max said “The downgrade will increase the cost of credit as well as that of imported goods, making them more expensive. It will also slow the economy which may impact jobs. Cut down short-term debt immediately and consolidate long-term debt where possible. Interest rates will increase consumers with high debt levels will be hit the hardest.” Whilst access to credit may be more difficult for first time buyers, those already on the property ladder should hold on. We all know that there are cycles (up and down) in the property market, but the trend in the longer term is always upwards, and so for the average homeowner and investor, especially in the residential market – it’s not all bad news!

Source – Private Property

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2pm Tuesday prior COMPLETE MATERIAL:

10am Thursday prior

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75 15 April 2017

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ATHLONE

R1 950 000

PELHAM

R1 580 000

HAYFIELDS

R1 050 000

- 5PM

30PM

A COMFORTABLE FAMILY HOME

FAMILY HOME JUST MOVE IN

SPACIOUS, SECURE SIMPLEX

4 Beds / 3 Baths / 1 Garage / 1 Carport / Web 2135996. This delightful home has enough space for a growing family. Features a formal lounge and a TV lounge, a well fitted kitchen with granite tops & UCO/hob, a study, and entertainment room, a large pool & bachelor flat. Bruce Campbell 084 510 0808 | bruce@natalproperty.co.za

3 Beds / 3 Baths / Secure Parking / Web 2144377. Attractively renovated home with large open-plan lounge, dining-room, fitted kitchen with granite finishes, fireplace, undercover patio, verandah & lots more. There is a swimming pool & a self-contained flat (bedroom, bathroom, lounge & kitchen) as well as a servants quarter with shower en-suite. All on a fully fenced, secure property (alarm, security gates & 24 hr response). Tony Sanders 082 779 6145 | tony@natalproperty.co.za

3 Beds / 2 Baths / 1 Garage / Web 2141394. This spacious simplex offers 3 bedrooms, 2 bathrooms, open-plan lounge/dining room, fitted kitchen, enclosed courtyard, large covered verandah, automated garage and large, fenced garden. The unit is located in a neat & secure complex. Jessica Campbell 084 510 0808 | jessica@natalproperty.co.za

WEMBLEY

SCOTTSVILLE

R1 795 000

CHASE VALLEY

R1 225 000

CHARMING, PRIME POSITION, PRIVATE & SECURE

UPMARKET DIGS ON VARSITY DOORSTEP!

FACE-BRICK DUPLEX WITH PLEASANT VIEWS

3 Beds / 2 Baths / 2 Garages / Web 2064541. This gorgeous home offers spacious, airy rooms & so much character! The home comprises of a study, diningroom with lovely kitchen & lounge which leads to the verandah & pretty garden & pool, 2 garages, maids flat & great security – don’t miss this gem! Margie Smith 082 571 6516 | margie@natalproperty.co.za

8 Beds / 2 Baths / Web 2143635. This spacious home has been converted into an 8 bedroom digs (large rooms), lounge, kitchen/dining area, pool & off street parking. 2 Of the rooms are located in an attractive, separate cottage with it’s own kitchen, bathroom & lounge. Currently has leases in place for 6 rooms @ R 19 000 pm rental. (R 25 200 pm when fully let.) Sid Brown 083 300 0530 | sidney@natalproperty.co.za

3 Beds / 2 Baths / 1 Garage / 1 Carport / Web 2130635. This unit in a popular complex comprises of a lounge/dining room, an open-plan fitted kitchen (uco & hob), a guest toilet downstairs & access directly into the garage from the unit. Upstairs are 3 bedrooms, 2 bathrooms (main en-suite), plus a large open entertainment patio. Also garage & carport. Bruce Campbell 083 226 2015 | bruce@natalproperty.co.za

SCOTTSVILLE

R1 895 000

ATHLONE

R1 650 000

OTTOS BLUFF

R2 200 000

ABSOLUTE CHARM!

A MODERN UNIQUE STYLED HOME

COUNTRY LIVING

3 Beds / 2 Baths / 1 Garage / 2 Carports / Web 2143160. The home boasts a well fitted kitchen with UCO/Hob opening onto what could be a TV room/study. The lounge & separate diningroom are spacious & offer lovely oregan pine flooring. The home also offers an excellent 1 bedroom self-contained flatlet plus a further bachelor pad. Added extras include pool & storeroom. Paul Campbell 082 782 4180 | paul@natalproperty.co.za

3 Beds / 2 Baths / 2 Garages / Web 2147417. This relatively new home features open plan living at it’s best. The lounge, diningroom & fitted kitchen with gas stove are all open plan plus there is a pantry & laundry. There is also a study & the home has flatlet potential & pleasant views. Bruce Campbell 083 226 2015 | bruce@natalproperty.co.za

Web 2145736. Smallholding with neat 3 bedroom farm style home near Pietermaritzburg. The property offers 20.7Ha level land, stunning views, 3 bedroom home, outbuilding, pool, double garage, land is arable, can cater for livestock or vegetables; Eskom power (3 phase) and borehole. Abie Lange 082 875 0200 | abie@natalproperty.co.za

MONTROSE

R1 850 000

R2 950 000

HAYFIELDS

R1 295 000

RAISETHORPE

R 950 000

ELEGANTLY APPEALING!

IMMACULATE DUPLEX SET IN A SMALL COMPLEX

WELL BUILT IMMACULATE FACEBRICK HOME

4 Beds / 2 Baths / 2 Garages / Web 1896855. A stunning home with modern finishes & fittings. Features include an impressive entrance hall, a formal lounge, TV lounge & family room, laminated timber floors, a large study, oak fitted kitchen, jacuzzi, large outbuildings & a water feature at the entrance. Highly recommended. Jessica Campbell 084 510 0808 | jessica@natalproperty.co.za

3 Beds / 2 Baths / 1 Garage / Web 2065039. This lovely family home is a duplex with a large lounge open-plan to dining room, opening onto a patio, leading onto a pretty private garden, newly fitted kitchen, balcony, a JoJo tank & automated garage. Convenient to shops, freeway and schools. Sue Williamson 082 463 6359 | suew@natalproperty.co.za

3 Beds / 2 Baths / 2 Garages / Web 2106642. This elevated lovely three bedroom home with M.E.S, has views forever - M.E.S, full main bathroom, fitted kitchen, lovely deck, double garage, very secure. A must to view. Cliff Rochester 074 104 8892 | cliff@natalproperty.co.za

HAYFIELDS

R1 395 000

SCOTTSVILLE

R1 395 000

HAYFIELDS

R 970 000

- 5PM

30PM

IMMACULATE SIMPLEX!

A COMFORTABLE FAMILY HOME

IMMACULATE MODERN TOWNHOUSE

3 Beds / 2 Baths / 2 Garages / Web 2135961. This lovely unit offers you spacious bedrooms served by 2 smart modern bathrooms. The unit has a lovely open plan lounge/diningroom, family room & fitted kitchen. The unit also boasts a manicured garden & double garage. Paul Campbell 082 782 4180 | paul@natalproperty.co.za

3 Beds / 2 Baths / 2 Carports / Pool / Web 2134433. This lovely home features a wooden deck which overlooks a sparkling pool. Offers a lounge & diningroom, an Oak open plan kitchen (UCO/hob), a laundry & study. Nice sized grounds with servants quarters. Jessica Campbell 084 510 0808 | jessica@natalproperty.co.za

2 Beds / 2 Baths / 1 Garage / Web 2096281. This beautifully presented unit is in a very popular complex. Spacious well appointed kitchen, modern bathrooms, patio & lovely private garden. Automated garage & excellent security. Well worth viewing! Kerry Brown 083 278 1033 | kerry@natalproperty.co.za

SCOTTSVILLE

R1 495 000

HAYFIELDS

R1 290 000

BELLEVUE

R 950 000

VERY PRIVATE & SECURE

MODERN, SPACIOUS TOWNHOUSE

SIMPLEX WITH PANORAMIC VIEWS

4 Beds / 2 Baths / 2 Garages / Web 1647067. Situated in a quiet lane within walking distance to shops, schools & UKZN. 4 good sized bedrooms (laminated flooring & bics), air-conditioning throughout. Modern kitchen (UCO/ hob) plus granite tops. Double automated garage and lovely pool area. Hennie Balt 082 950 0164 | hennie@natalproperty.co.za

3 Beds / 2 Baths / 2 Garages / Web 2147300. Neat unit offering a modern fitted kitchen, open plan diningroom & lounge which opens on to a covered verandah & private garden. This unit also has a double automatic garage. Michael Birkett 082 254 5784 | michaelb@natalproperty.co.za

3 Beds / 1 1/2 Baths / 1 Garage / 1 Carport / Web 2142060. Lovely low maintenance simplex comprising lounge, dining room & fitted kitchen (UCO/ hob). Then we have the sundeck leading off the front verandah offering magnificent views. Tony Sanders 082 779 6145 | tony@natalproperty.co.za or Andrew Norton 062 138 1423 | andrew@natalproperty.co.za

PELHAM

R 625 000

GLENWOOD

R 560 000

EXCELLENT HEDGEROW FLAT

NEAT HOME

2 Beds / 1 Bath / 1 Carport / Web 1664796. Ideally situated this large 2 bedroom flat with tiled living areas & a balcony is located on the first floor. Neat kitchen, bathroom, carport & remote access. Quiet block close to schools & shops. Sid Brown 083 300 0530 | sidney@natalproperty.co.za

3 Beds / 2 Baths / 1 Garage / Web 2103329. This lovely family home offers a lounge/diningroom, fully fitted kitchen, laundry, verandah, lock-up garage with outside toilet & a fully fenced garden. Bongani Zondi 082 957 4456 | bongani@natalproperty.co.za

CENTRAL

R 550 000

PRESTBURY

BEACON HEIGHTS

R 780 000

BEACON HILL COUNTRY ESTATE

R 575 000

3 Beds / 1 Bath / Web 2125349. This beautiful, modern 3 bedroom simplex with designer kitchen, elegant fixtures, spacious bedroom, large carport, is a must see. Tight security. Jones Majola 073 580 4205 | jones@natalproperty.co.za

HOWICK WEST

R 295 000

CENTRAL POTENTIAL

LOVELY, SPACIOUS FLAT

GREAT STARTER FAMILY HOME

4 Beds / 1 Bath / Web 2146214. This central home is situated on a flat piece of land & boasts a spacious lounge with a fireplace & parquet flooring, fitted kitchen, 4 bedrooms, study & bathroom. This home is oozing central potential. Call now to view. Jessica Campbell 084 510 0808 | jessica@natalproperty.co.za

2 Beds / 1 Bath / 1 Carport / Web 2116728. Delightful 2 bedroom (bics), full bathroom unit with an open plan lounge/dining room & kitchen which opens onto a balcony. This unit has an undercover parking, remote access and is close to transport routes & shops. Michael Birkett 082 254 5784 | michaelb@natalproperty.co.za

2 Beds / 1 Bath / Web 2067207. Ideal starter home offering 2 bedrooms served by a single bathroom, lounge & kitchen. Situated in a good neighbourhood and close to all major amenities. Moses Mngomezulu 072 536 4744 | moses@natalproperty.co.za

MAXPROP PIETERMARITZBURG 8 CONNOR ROAD, CHASEDENE 033 342 2056/071 292 3683 FAX: O33 342 2056 NORTHDALE

R885 000

SOLE MANDATE

COPESVILLE

www.maxprop.co.za

R550 000

SOLE MANDATE

ESTABLISHED 1958

BOMBAY HEIGHTS

R405 000

HOWICK

R875 000

NORTHDALE

R545 000

PRICE REDUCED

HIDDEN GEM Beds 3 | Baths 2 | Garage 1 | Carport 1 Web: MXR13833 This face brick property is situated in a cul-da-sac and is on the market for the first time. Has been recently renovated with porcelain tiles, pine ceilings and a fully fitted kitchen with granite tops. Close to Northbury School and walking distance to Truro Plaza.

READY TO MOVE IN FAMILY HOME Beds 3 | Bath 1.5 | Carports 4 Web: MXR13756 This beautiful home has been newly painted, has spacious lounge and shelved kitchen. Secure covered parking for 4 vehicles as well as beautiful flowered garden all around house and spacious back yard.

WHAT A BARGAIN!!! Beds 2 | Bath 1 Web: MXR13008 This starter up home set in a quiet cul-da-sac offers a kitchen with built in stove, nice size yard with space for parking. This home has lots of potential for growth.

LITTLE RED RIDING HOODS GRANNY’S HOME Beds 2 | Baths 2 | Garage 1 Web: MXR13718 This safe, secure well built home is low maintenance with face brick exterior. Open plan kitchen and lounge as well as study. En suite bathroom. Ideal home for small family.

SELLING BELOW MARKET VALUE Beds 4 | Baths 2 | Garage 1 | Carport 1 Web: MXR13676 This once upon a time magnificent home with some TLC can be transformed to its former glory. Situated close to all amenities and on the taxi route. A perfect fixer upper.

LASHILLA SINGH

NKULULEKO MCHUNU 084 555 4861

SHAY GOVENDER

GREG RIDLEY

SHAY GOVENDER 072 230 8904

082 861 1789 /071 405 4170

072 230 8904

083 393 9896

THE COMPLETE PROPERTY SOLUTION home finance. RESIDENTIAL SALES & LETTING | COMMERCIAL & INDUSTRAIL SALES & LETTING | AUCTIONS | PROPERTY MANAGEMENT | PROPERTY INVESTMENT

private property

Dormehl PMB Prime

R1 million discount on Wembley home

49 Peter Kerchhoff Street, Office 107 l TEL: 033 940 0592 E-MAIL: pmbprime@dpgprop.co.za – Web: www.dpgprop.co.za

SOLE MANDATE

Spacious 5 bedroom home in Wembley with large garden cottage/office on private sale at discounted rate of R2.5 million. Features include 2 lounges, TV room, Office/Library, Jacuzzi, pool, perennial stream, garages and staff quarters. Registered as home business and B&B. Serious buyers only and proof of ability to purchase required before viewing. Contact Lara on 033 394 0225/ 082 970 2125.

RAISETHORPE N ON SU OW PM SH 2-5

R929 000 NEG

PELHAM R830 000

This delightful up market flat situated in the “sort after” Royal Gardens complex. It is a 2 bedroom ground floor flat with open plan kitchen and lounge area. The block of flats is overlooking the Duzi river. No transfer Duties! For viewing please call. Contact Gary Dutlow: 0823754228.

SOLE MANDATE

BLACK RIDGE 395 000

1227 sqm of residential land for sale in Black Ridge. This land is priced to sell so don’t delay. Contact the agent for further details. Call now to book an appointment to view. Contact Carlene van Zyl: 0786281583

NEW LUXURY APARTMENTS

NOW SHOWING IMMEDIATE OCCUPATION

This home is situated on a corner plot offering exclusive privacy on one side, the house is designed for family living with immaculate, built-in-cupboards in 3 bedrooms, 2 bathrooms, spacious en-suite and a fitted kitchen, single l/u garage, tarred driveway. Available for immediate occupation. Follow boards from Chota Motala/ Khan Road Intersection into Jarrier Road. 033 397 3116/ 084 958 9854

RAISETHORPE WITH A POOL

R899 000 NEG

CENTRAL PMB. MANOR

R1.2 ML NEG

DIRECT FROM DEVELOPER | GREAT INVESTMENT | ST YLISH LIVING | SECURE ESTATE

RAISETHORPE

R1 MIL NEG.

WANTED WANTED Vacant land, commercial and residential properties. Anywhere, Any condition and Any Price. I have local and foreign investors willing to purchase.

WANTED WANTED

Deceased Estate. Prime Location – for personal or investment use. Ideal for student accommodation, offers ample land space for expansion. Corner plot to access two driveways. 072 274 3175

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Longcrest View VICTORIA COUNTRY CLUB ESTATE

North facing. Amazing views. High end finishes: SMEG ovens, gas hobs & braai’s, Caesarstone tops & vanities. Club Room, Gym and Pool to be ready in 2017. 2 bed/3 bed, 2 bath with double garage options. Ground floor private gardens. Limited availability left at pre-launch prices from R1 795 000, 00 inclusive of vat. No transfer costs.

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Land Restitution in South Africa : Value Calculations

The Constitution of the Republic of South Africa, the Supreme Law of the Land, is globally recognised as the finest document of its kind in existence, and rightly so. Not only is it noteworthy for the scope, range and depth of the protection of the Human Rights of all who live in the Country it offers, it is, as Jeremy Cronin, the Deputy General Secretary of the South African Communist Party recently stated in Parliament, a radical instrument for the transformation of South African Society by remedying the imbalances and injustices of the past.

What does that all mean in practice?

To get a sense of how this all evolves in order to determine compensation which is just and equitable, we need to briefly examine the judgement of the Land Claims Court of South Africa in the matters of Msiza and 2 Others versus Johannes Uys NO and another.The facts, briefly stated, were that a Trust, of which Uys was a Trustee, bought a farm of approximately 320 hectares in 1999, at a price which all agreed was well below the then prevailing market value of the property. At the time of purchase Msiza and others occupied a portion of the property in extent approximately 40 hectares, and used such portion exclusively for their own habitation as well as for cultivating crops and grazing cattle for their own benefit. A land claim for the award of ownership of this land had been made by the time the Trust bought the farm, and Uys was aware of this.

The Judge looked at the history of acquisition, and found that it was inequitable that the Trust enjoy such an excessiveprofit. Should the compensation payable equate to the established market value, the profit made would exceed the actual estimated pro rata original cost of the land by a factor of roughly 40.

He accordingly reduced the compensation payable to well below the Department’s stated market value, and found this amount to be equitable to the owner, in that the compensation it was to receive for the land represented fair and not excessive compensation, the award was equitable as far as the applicants were concerned in that they received ownership of the land, and it was fair to the State, in that the award assisted the State in discharging its Constitutional obligation of restitution, without having overpaid.The State’s available resources to meet the restitution obligation were not unduly depleted in this instance.

There have, in recent times, been frequent criticisms of the Constitution insofar as Land Reform is concerned. Critics maintain that the so called “Property Rights clause” in the Constitution, is inimical to the principle of Land Reform, and must be changed. A brief analysis of section 25 of our Constitution reveals that whilst existing property rights are indeed protected, the State may acquire private property not by the arbitrary seizure thereof, but by the expropriation thereof, but then only through a law of general application, and that the land is expropriated for a public purpose or in the public interest, and that just and equitable compensation be paid to the owner of the expropriated land.

This case affordsone a very good example of the Constitution at work, and of the correct interpretation and application thereof by the Court. There seems to be no question here of the hackneyed mantra of “we don’t want willing buyer and willing sellerto be a factor in restitution matters” and the further refrain of “greedy and intransigent farmers pushing up the market value of property,“ and thereby bleeding the state of its available resources.

Our land restitution laws are of general application and the Constitution itself specifically provides that restitution of land to those previously dispossessed of same by virtue of past racially discriminatory practices or legislation, is an act in the public interest.

The third aspect of the State’s right to expropriate land for restitution purposes, is that the expropriated land owner is to receive just and equitable compensation therefore. The Constitution itself, provides that the amount of the compensation, and the time and manner of payment must reflect an equitable balance between the public interest and the interests of those affected, having regard to all relevant circumstances, including:• The historical use of the property • The purpose of the expropriation • The history of the acquisition of the property • The extent, if any, of direct or indirect State investment or subsidisation in the initial acquisition and subsequent capital improvement of the property, and finally – • The market value of the property expropriated.

Accordingly, the market value of the Property acquired was established as being R1, 8 million. The judge then went further, and following the methodology provided for in our Constitution, tested whether the market value in fact represented a just and equitable compensation.

This disquiet the Judge felt at the profiteering element should the Trust be compensated at market value , was heightened by the fact that the landowner knew of the pending award of ownership, before buying the farm, that it never utilised the land, which therefore produced no income, and, in fact, it was, to all intents and purposes, “dead land “ as far as the owner was concerned.

One of these injustices specifically mentioned in the Constitution, is the restoration of land to those who were dispossessed of same by the racial discriminatory practices and legislation of the past.

The State is thus under a Constitutional obligation to address the imbalances and injustices of the past, in particular the restoration of land to those previously dispossessed of same due to the old racially skewed laws and practices of the past, and that in discharging this obligation, the State is acting in the public interest, and it may therefore expropriate the land required for this purpose.

historically been used for agricultural purposes, and that its future intended use would remain agricultural land. The Department valued such agricultural land at R1,8 million, which was itself a value four times higher than the Trust originally paid for the whole farm.

The Constitution, correctly applied, is, as Jeremy Croninsaid, a radical instrument in the transformation of our society. Quite why there should be such misconception as to the real position by eminent politicians, who ought to know better, is a mystery. Yet the call for an overhaul of our admirable Constitution continues to resonatewithin our country’s corridors of power. Some 5 years after the purchase by the Trust, in 2004, Msiza and his co-applicants were awarded ownership of the land. The issue which now arose was to determine the amount of the compensation to be paid for transfer of that ownership right. The Trust appointed a valuer, who assessed the value of the affected 40 hectares at over R 4,8 million, a figure ten times in excess of the original price paid for the entire 320 hectares. The valuer attempted to justify this extraordinarily high value by claiming that the land acquired by the applicants had township development potential, in that the Local Authority had, in the past, made tentative enquiries about the possibility of acquiring the land in order to erect low cost housing thereon, but nothing materialised as a result of these enquiries. The judge made short shrift of that argument, accepting the argument of the Department of Rural Development and Land Reform that the land had

If the State overpays for land acquired for restitution purposes, it has not followed the provisions of the Constitution in acquiring the land, and only has itself to blame for the consequent depletion of available resources.

By: Andrew Fisher

Attorney, Conveyancer & Notary Public Randles Attorneys For more information on this or any other legal related queries please contact us at propertypages@randles.co.za or 033 392 8000

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