Randburg 03 2018 autumn issuu by Chapel Lane Media

Property Pages

R2.8 MILLION Dream Home UNLOCKING POTENTIAL To Uplift The Industry BUILDING ON? What You Need To Know RANDBURG, EAGLE CANYON AND FEATHERBROOKE

Issue 3 | Autumn 2018

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Seeff is honoured that over the past half a century hundreds of thousands of people have trusted us with their stories, start your next chapter with one of our 1200 property experts nationwide.

â&#x20AC;&#x153;With over half a century of expertise buying and selling properties, we understand it is more than just a transaction - this is your story and we are honoured to write this chapter with you.â&#x20AC;? - Samuel Seeff

SAMUEL SEEFF

THE YEAR IS OFF TO A POSITIVE START FOR THE ECONOMY AND PROPERTY MARKET The year has kicked off with a more upbeat outlook boosted by the election of Cyril Ramaphosa as ANC President and now President of SA. Business and consumer confidence seems to be improving and, after a challenging 2017, the economy and property market can do with some good news.

lthough the economic and political challenges remain for the time being, there are a number of positives from which to take encouragement. The SARB has also hinted that there may be an interest rate cut ahead. FNB is also expecting a better outlook for property prices, anticipating the national average growth for the year at around 5% (from an average of 3.7% in 2017). That said, the market is still in much the same place as where it ended last year and caution remains the order of the day. With increased property stock levels and fewer buyers in the market, it is taking longer to sell. Serious sellers therefore need to continue heeding the call

of agents to keep their price expectations in line with the market trends. On the flip side, we now see more favourable conditions for buyers and there is no reason to wait; if you find the right property at the right price, it is likely a good time to buy. We will have to keep an eye on how the year unfolds politically and economically. The State of the Nation Address has signalled positive action ahead for the country and economy, but the budget is likely to bring higher taxes and costs for consumers aimed at dealing with current deficits. The economic and property market challenges notwithstanding, our branches are more positive about the year ahead.

History has shown SA property is a good investment and the market has weathered many storms. Despite the challenges, FNB reported last year that for the five years to early 2017, prices grew by 50.4% in the Western Cape, 31.9% in KZN, 25.6% in the Eastern Cape, 21.9% in Gauteng and 17.1% in the five smaller provinces. During a challenging phase it is especially

important to work with a credible real estate agency that has stood the test of time having been through the many market cycles and can help you navigate the challenges. SAMUEL SEEFF Chairman Seeff Property Group

“The election of Cyril Ramaphosa has lifted the mood in SA, but for now, the challenges remain and the property market is still in much the same place as where we left off last year. Conditions are good for buyers, while serious sellers need to heed the call of agents in regard to their price expectations.” – Samuel Seeff PUBLISHED FOR SEEFF BY CHAPEL LANE MEDIA

EMAIL: CHARL@CHAPELLANE.CO.ZA

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TEL: +27 (0)82 452 8110

CAN PROPERTY PROFESSIONALS PREDICT WHAT THE FUTURE HOLDS? No one can doubt, real estate has traditionally stood as the first and largest investment for the average person, largely because we need someplace to live and thus our home provides the uniquely dual character of being both an asset and a requirement for survival. However, as most people are aware, there are forces in the economy that can affect the climate of the property market for better or for worse.

eing the Principal of Seeff Randburg, one of Gauteng’s largest real estate concerns, it is inevitable that on a daily basis, someone, somewhere, will be asking you what your “market predictions” are for the year ahead. To be sure, the job calls for you to be current with the latest forecasts from top economists and every day you experience the strength or weakness of the market in the results of your sales team. However, the truth is, so many variables come into play over which we have no control, that although you can make a very educated assessment, no one can be 100% certain what the future holds. Much like valuing a property, it puts the estate agent in a dilemma.

If you are in sales, you have the natural desire to be optimistic about the possibilities; however, we believe at Seeff Randburg that as a prudent financial adviser on whom people depend to assist in making life changing decisions, we are responsible for relaying only what we know to be true, based on statistical evidence. It was commonly held that the political changes occurring in SA were going to be the quick fix to the confidence issues affecting our property market. The truth is that the market is relatively unchanged, and we have not seen 2018 first quarter sales rising to meet the levels of the same time last year, before the credit ratings downgrade. While there is a lot of activity with buyers looking at

homes, putting pen to paper has met with ongoing reluctance. What we know for sure is that challenges in the market remain, particularly in the upper tier. Now don’t get me wrong. As a property professional in Randburg, I believe not only that real estate remains the single best investment for almost everyone, but also that if you are savvy enough to purchase in Randburg, I believe our suburbs offer the best value for money in the entire country. That said, we need to be mindful that the recovery may well take longer than initially anticipated. So when advising about property to our clients, our standard is: what do we know based on the experience of 2017, and what can we be certain of until we measure definitive change?

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FROM THE PRINCIPAL Pros: • Gauteng remains a balanced market between supply and demand and a magnet for young job seekers nationwide. • Banks are keen to lend, so finance is less difficult to obtain. A 100% finance plan is not uncommon. • Interest rates remain historically low. • Inflation remains under control. • There is a stable, healthy appetite for correctly priced properties under R2 million. • Developers continue building projects with units priced between R650 thousand – R1.3 million. These units are selling well, with a strong buy-to-let component. • Equity can be built quickly if you buy right. Cons: • Sales volumes are down year on year by as much as 20%. • Buyers are cautious and reluctant to commit. • The upper tier market (R2-2.5 million plus) continues to have limited demand. • Sellers are still unrealistic on pricing. There are more expired listings. • The time it takes on

average to sell your home has doubled over the last 2 years. • There are more distressed sales. Consumers are under pressure. • Rates and Taxes are on the rise. Properties are becoming less affordable. • On average, properties are losing value when adjusted for inflation. In summary, there are signs of recovery and market conditions could be much worse. In fact, if you are a property owner in Randburg, you enjoy a balanced market and are, on average, in a better position than many others regionally. This doesn’t give license to be cavalier, but, if you are cautious in your approach, you should have the confidence an investment in Randburg property deserves.

Kind Regards, CHRIS HAJEC Managing Director Seeff Randburg & West Rand [O] +27 (0)11 476 3536 [F] +27 (0)86 570 1876 [C] +27 (0)79 898 6048

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COVER PROPERTY

R2.8 MILLION DREAM HOME

BROMHOF BEAUTY

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Tucked away quietly in the sought-after suburb of Bromhof, this beautiful home is ideally suited for a discerning family. It is centrally located, just 10km from Sandton, Rosebank and Fourways and is in very close proximity to great schools and several churches.

s you enter the home, it is evident that it has been crafted with much love. It boasts superb finishes throughout and careful attention was paid to detail. A large entrance hall leads to a formal lounge and open-plan dining room with a separate family and TV room. The beautiful wooden cottage pane windows and doors are made from reclaimed Oregon pine that enhances the aesthetics of the rooms and complements the leafy character of the well-established garden that can be seen through the windows. The staircase and balcony balustrades were all handcrafted by the owner and the large formal lounge has stacking doors that open onto an entertainment area with a fireplace. The spacious open-plan kitchen has granite tops and an eat-in or breakfast nook with a scullery that leads to a private courtyard. Located upstairs are four large bedrooms with wooden flooring, all opening onto their own balconies. Two bedrooms are en-suite with walk-in dressing rooms and the main en-suite also has a fireplace and own balcony with a private Jacuzzi. Many green features and careful design considerations are incorporated into the architecture of this home, including low maintenance face-brick for exterior walls; a steep, gutter-free roof that reduces maintenance and the risk of water-related damage to the roof; high ceilings at 2.7m with low energy ceiling fans that allow the home to remain cool in the hot months without the need for energy intensive airconditioning; and a modest solar array system with battery backup, allowing lights and critical systems to function independently from main power. This reduces energy costs and allows for operation during power outages. The house is set in an established, low maintenance garden with irrigation and a lovely open lawn where children can play. Ancillary spaces include a double automated garage, a domestic room or workshop, all under state-of-the-art security with an alarm system, beams and CCTV cameras. This is a home where a family could be truly happy and live close to everything, yet with the privacy and tranquillity one would expect of a country retreat.

PRICE: R2 800 000 BEDROOMS: 4

BATHROOMS: 3.5 GARAGES: 2

SPECIAL FEATURES: EACH BEDROOM WITH OWN BALCONY, SOLAR PANELS, IRRIGATION SYSTEM, CCTV SECURITY, JACUZZI, ATTIC PROPERTY SIZE: 900mÂ˛ BUILDING SIZE: 410mÂ˛

WWW.SEEFF.COM REF: 456940

CONTACT: SEEFF RANDBURG +27 (0)11 476 3536 AGENTS:

MARGIE LANSDELL +27(0)83 675 6271 or margie.lansdell@seeff.com OLIVIA HODGSON +27(0)81 272 8556 or olivia.hodgson@seeff.com

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BUILDING ON?

WHAT YOU NEED TO KNOW Are you considering extending your property? Seeff has some advice about how this will affect your property value and sale potential.

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ESTATE SAVVY

hen extending your property, the most important factor to keep in mind is to not over-capitalise for the area that you are living in and to understand what the price thresholds in the specific area are. The best way to do this is by doing proper research and speaking to experienced estate agents that know the market well. You also need to be very perceptive about the type of extensions that are taking place where you live. If home owners in your area are extending their properties to have an extra bedroom because increasingly more families are showing interest in the area, this could be a good idea for you to do as well, especially if you want your property to be able to compete with the ones that already have the desired number of bedrooms. Keep in mind that buyers look at the total price per square metre when comparing properties as this tends to give a very accurate price on which to compare properties. What sort of selling prices do properties that have been extended fetch? Are these selling prices significantly higher than other property prices in the area or is it a minor increase? These questions are important to ask because extending a property could potentially be a stressful and costly exercise, and suffering a financial loss, breaking even or only making a slight profit could be devastating to you as a seller, both financially and emotionally. Another important factor is to keep all costs to a minimum and to realise that good planning and using the right contractors can be vital in achieving your end goal. It is advisable to do and redo your costings and to always allow for possible postponements due to weather or contractors’ delays. Also make sure that your plans are submitted to local municipalities for final approval before you begin.

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When considering which extensions to undertake, it is wise to keep in mind that buyers look for a home that has a nice main bedroom, bathrooms, kitchen and entertainment areas. The lounge must be spacious and light and the kitchen and bathrooms preferably need to have been renovated or extended to be more modern. According to Ooba, clever extensions can significantly increase the market value of one’s home – and they don’t need to break the bank, either. Renovations to kitchens and bathrooms, for example, can generate a return on investment of between 60-80%. If, for example, you spend R10 000 on your bathroom renovations, this could increase the total value of your home by up to R18 000. Adding an additional room onto your property can produce up to a 70-80% return. However, it is important not to overdevelop a property – sometimes a third bedroom is more valuable than a fourth, as you don’t want to create a labyrinth. Once again, it is crucial not to over-capitalise; no one wants to buy a property that doesn’t fit into an area and buyers will usually not overpay for a property just because it has been extended. Ooba adds that you should keep your property value variation between 15% and 20% of others in your suburb because buyers who can afford more expensive homes will invariably shop in more expensive areas. You should always keep a record of your expenditure, especially as this can be set-off against any capital gain made at the time of resale that exceeds the exemption amount, thus reducing your potential tax liability at the time. At the end of the day, you should also bear in mind that economic conditions could always influence the actual resale value of your property.

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ENTERTAINMENT

HINTHUNT THE ESCAPE ROOM

They say entertainment is often a form of escape. Well, at Johannesburg’s very own HintHunt, escape is the game.

ocated in the landmark Thrupps Centre on Oxford Rd, and originally founded in London, HintHunt is a live escape game and it’s a great way to get the blood pumping and the mind working at top speed. “My brain hurts, in a good way,” groaned my 11-year-old, with a huge smile beaming across his flushed face as we exited the room. “When can we do this again!?” cried my 13-year-old daughter, jumping up and down with the endorphins we all had flowing through our bodies from the sheer concentration and exhilaration we’d experienced together. We’d been in the room for an hour and had come awfully close to completing our mission and freeing ourselves from the edge of destruction. But, alas, we hadn’t been able to solve the last few clues. Still, my little family left with a great sense of achievement, and lots to talk about. A mere 60 minutes before, we’d entered the Submarine; a relatively small theme room built to precise, and rather realistic, specifications. The door was locked behind us

and a voice boomed over the interactive TV screen that we had a challenge ahead that we’d have to face, and our first task was to get from point A to point B (no spoilers – you’ll have to play for yourself). The countdown clock was set, and its ticking punctuated every moment of our space for the next hour. HintHunt has a total of six game rooms, two of each have the same theme: the John Monroe Office, which is the original escape game with a murder mystery, the Zen Room, and their newest room, the one in which we played, the Submarine. Because it wouldn’t be fair to give away any clues, we can’t even tell you the size of each room, but we can tell you that everything in the room matters. To get yourself out, you have a series of interconnected clues you have to solve and codes you must decipher as your timer clicks down. Find special keys to unlock secret spaces, answer the brain-teasing riddles to figure out where to look next, and seek out hidden objects. Because the game is monitored by a game manager at all times, you

can earn yourselves hints along the way. But they won’t give the whole game away. Each HintHunt game can be played by 3-5 people. It’s perfect for groups of friends or families as well as corporate events and birthday parties. FIND OUT MORE: www.hinthunt.co.za +27 (0)11 268 6608

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Seeff is honoured that over the past half a century hundreds of thousands of people have trusted us with their stories. Start your next chapter with one of our 1200 property experts nationwide.