Neighbourhood 10 DECEMBER 2017
PROPERTY & LIFESTYLE
Testing the waters Why homebuyers are happily diving in and investing in coastal properties, page 8
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HOLIDAY ATTRACTIONS
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PROPERTY NEWS
8
INVESTING IN THE COAST
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NEWS & LIFESTYLE
10 DECEMBER 2017
Neighbourhood
Suburb focus
Holiday guide Explore your city these holidays WORDS: MOLLY FITZ-PATRICK IMAGES: SUPPLIED, KEVIN SAWYER, GUY CROSBIE & ISTOCK
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he December holidays present the perfect opportunity to spend time with family and friends. With so much to see and do, why not make the most of your free time by exploring your city? We’ve selected some of the top attractions and events happening this month.
Top attractions
Family activities Durban Botanic Gardens
The Durban Botanic Gardens is the oldest surviving botanic garden in Africa and Durban’s oldest public institution. The spectacular garden also boasts the rarest collection of cycads in the world. durbanbotanicgardens.org.za
uShaka Marine World
uShaka Marine World is home to the fifth-largest aquarium in the world. There are numerous spectacular exhibits, regular events and shows, and there’s a dedicated Kids World, complete with jungle gyms, sandpits, Polly’s Paint Pen and many other fun activities. ushakamarineworld.co.za
Umgeni River Bird Park
The Umgeni River Bird Park is home to more than 800 birds and 220 species from across the world. You can see many of them in action at the popular freeflight bird show from Tuesday to Sunday at 11am and 2pm, weather permitting. urbp.co.za
Mitchell Park Zoo
Named after Sir Charles Bullen Hugh Mitchell, Mitchell Park Zoo was established in 1910 as an ostrich farm. Today, the park features a great kids’ playground, a walk-through aviary, the Blue Zoo tea garden and beautiful lawns ideal for picnics. goo.gl/v8yq2a
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EDITORIAL TEAM: Group Editor: Charis Le Riche charisl@yourneighbourhood.co.za Managing Editor: Molly Fitz-Patrick
Suncoast Casino and Entertainment World
At Suncoast Casino and Entertainment World, you and the kids can spend hours playing modern and classic arcade games or go see a movie, get a delicious meal and then relax on the sundeck. There are many options, so be sure to check out Suncoast these holidays. tsogosun.com/ suncoast-casino ADVERTISING SALES: Visit yourneighbourhood.co.za or call 087 828 0423
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10 DECEMBER 2017
Neighbourhood
NEWS & LIFESTYLE
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Holiday events Shongweni Farmers Market Christmas Extravaganza
A favourite local market, the Shongweni Farmers Market boasts more than 150 stalls. The Christmas Extravaganza will add extra fun and festive cheer, with a kids’ play area, live music and plenty of stalls selling everything you’ll need and more for the holidays. WHEN: 15 December, 6.30am–7pm, 16 December, 6.30am– 3pm, 17 December, 9am–3pm, 23 & 30 December, 6.30am–1pm WHERE: Shongweni Farmers Market, Shongweni INFO: shongwenimarket.co.za
A Christmas Celebration
Directed by Ralph Lawson, A Christmas Celebration promises to be a festive extravaganza for the whole family. Expect spectacular music and dance numbers that will stay with you long after the holidays are over. WHEN: 21–23 December, 7pm; 24 December, 2pm WHERE: Playhouse Opera Theatre, Durban Central INFO: goo.gl/e3BQGA
The Festive Market
Shop at your leisure at The Festive Market, the biggest indoor Christmas Market in the Upper Highway area. There’ll be loads of quality, handcrafted goods ideal for gifts for friends and family. WHEN: 14–19 December, 9am–7pm WHERE: Curro Hillcrest High, Hillcrest INFO: thefestivemarket.co.za
A Christmas Night – A walk through Central Park
Festive Season Markets (third instalment)
Taking place at the spectacular Moses Mabhida Stadium, the I Heart Market is all about good vibes. The Festive Season Markets started on 2 December and the third one, happening on 16 December, is the perfect way to spend the public holiday and do some festive shopping. WHEN: 16 December, 9am–2pm WHERE: Moses Mabhida Stadium, Durban Central INFO: goo.gl/dVi4ip
Experience Central Park and some festive music tonight at the Durban Christian Centre (DCC) South. Tickets now available for R25 per person through the DCC South office and information desk. WHEN: Today, 10 December, 7pm–9pm WHERE: Durban Christian Centre South, Bluff INFO: goo.gl/1axXru
Christmas Extravaganza Saturday, 2nd December 06:30am - 1pm Saturday, 9th December 06:30am - 1pm Friday, 15th December 2pm - 7pm Saturday, 16 December 06:30am - 3pm Sunday, 17 December 9am - 3pm Saturday, 23 December 06:30am - 1pm Saturday, 30 December 06:30am - 1pm
For More Information: www.shongwenimarket.co.za
info@shongwenimarket.co.za
SMS: 083 777 1553
Destination: Lot 457, Mr551, Shongweni
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10 DECEMBER 2017
Neighbourhood
PROPERTY NEWS
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Nedbank partners with clients to protect their homes
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verall consumer debt in South Africa stands at more than R1,7 trillion. As one of the country’s largest home loan providers, Nedbank understands that owning a home is a long-term commitment which can be affected by changing economic cycles. This is why the bank is partnering with clients to help them cope with financial hardship. Nedbank has a range of options to help clients. There’s a customised payment plan, allowing them to catch up on missed payments over time. A home loan account can also be restructured over a longer period, effectively reducing instalments. To date, more than 30,000 families have made use of these options and have managed to keep their homes.
Thozama Mochadibane, head: customer experience (home loans collections and recoveries), Nedbank, believes that clients who are better informed make better choices. “With this in mind, we’ve developed the Nedbank Payment Solutions website. The website provides simple descriptions of the options available and a useful calculator, enabling clients to assess which options they can choose, as well as the likely financial impact of each.” It’s important that consumers focus on protecting and retaining property and other appreciating assets, as this represents first-generation wealth. Together with future rental income, property can be an appreciating asset and a potential income earner.
Old warehouse to be converted into retail park
Sectional title short-term letting Read the rules carefully before listing your home WORDS: CANDICE BOTHA IMAGE: ISTOCK
Some people argued that Airbnb letting amounted to running a business, which you are not allowed to do in residential sectional title schemes ANDREW SCHAEFER, MD, TRAFALGAR
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lanning to make some extra money while you’re away this festive season by renting out your home on Airbnb? If you’re in a sectional title scheme, consult your conduct rules before listing your home on short-term letting sites, as the Community Schemes Ombud Service has recently ruled that a body corporate may restrict shortterm letting within a scheme.
with their own keys could be particularly risky. Conduct is also an area of concern in many sectional title schemes and many people are concerned that it’s difficult to adequately teach people who will only stay for a night or two the rules of the scheme and to motivate them to adhere to the correct standards.
“Some people argued that Airbnb letting amounted to running a business, which you aren’t allowed to do in residential sectional title schemes,” says Andrew Schaefer, MD, Trafalgar (a national property management company). “Others said Airbnb letting was actually no different from regular letting, or from having a friend stay in your spare room for a while, as the purpose of use would still be residential.”
Then there’s the issue of whether renting out your home for a week or two could be considered commercial activity. If so, this would have implications for the insurance of the scheme as a whole, even if only one unit was rented out, having financial ramifications for all owners. “An example given by one broker was where an insurance premium for a building rated residential was R3,000. It would change to R14,000 if the building was rated commercial,” says Schaefer.
The argument from those against short-term letting in sectional title schemes revolves around security and conduct. Having people coming and going from a complex, apartment block or estate poses a security risk, and having short-term tenants
While there are concerns and the ombud noted that a body corporate may rule against short-term letting, the trustees would need to ensure that the rule is properly approved by owners in the scheme and registered with the ombud.
M1 Place (Marlboro, Sandton) is a prominent and highly visible property asset, and it’s home to great businesses. However, it had become outdated in recent years. We identified its refurbishment and expansion as a good investment to unlock better performance from the asset and extend its life cycle. This strategic upgrade is already achieving its intended benefits. ENGELBERT BINEDELL, DIRECTOR: INDUSTRIAL DIVISION, GROWTHPOINT PROPERTIES
Brettenwood launches Wagtail
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agtail will be the last premium sectional title development in Brettenwood Coastal Estate in KwaZulu-Natal. The 35 properties offer premium finishes and positioning with sea views. This new development is situated on one of the best sites on the estate and offers a prime location. Union 3 Developers have been working closely with Brettenwood’s on-site sales and marketing team, Home and Country Property, to launch this new development. They have been responsible for developing upmarket
homes and developments along the Dolphin Coast for close to seven years. The houses, designed by Bloc Architects, will range from 200m² to 250m², while the apartments will range from 99m² to 207m². The houses will have mostly sea and forest views, swimming pools and customised finishes catering to investors’ individual tastes. Construction on this development will begin in March 2018 and the first house will be handed over in November 2019.
Boom time for the East City Precinct
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or many years, Cape Town’s East City Precinct was regarded as the less desirable fringe of Cape Town’s CBD, largely overlooked by the developers who’ve been reshaping the cityscape over the last decade. However, this has started to change, with recent upgrades attracting new businesses and injecting new life into the area. Lew Geffen, chairman, Lew Geffen Sotheby’s International Realty, says that until recently, investment in this area was very slow, especially when compared to the Foreshore and other central sectors, but with R16bn worth of construction under way or planned over the next few years, the East City Precinct will undergo a dramatic transformation.
“The area has been earmarked by the city as a special design and development district, and many are hailing it as a ‘design and innovation district’, as well as the latest trendy social hub,” says Geffen. Chad Shapiro, senior commercial broker, Lew Geffen Sotheby’s International Realty CBD, City Bowl and Atlantic Seaboard, says that a number of the larger commercial buildings have already been remodelled and upgraded, including The Harrington, 50 Buitenkant and the entire Church Square area. Construction includes the new Amazon.com building which is being built where Viglietti Motors was situated.
g n i m a e r Dof a pearl white ? s a m t s i r h C
If you are looking for an exclusive gift for your loved ones, the Pearls Mall has all you need to help you fill those Christmas stockings. Share in the festive cheer with dazzling fairy lights and a gigantic 4-metre Christmas tree. www.thepearls.co.za | facebook.com/thepearlsmall 800 parking spaces available | 45mins FREE parking
Mon – Sat: 09h00 – 18h00 Sun & Public Holidays: 09h00 – 16h00 Festive Season trading (15th Dec until 2nd Jan) 09h00 – 20h00
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PROPERTY NEWS
10 DECEMBER 2017
Neighbourhood
Coastal investment on the increase Homebuyers are choosing coastal properties as they retain their value and produce good returns WORDS: CANDICE BOTHA IMAGES: WAYNE WARREN, MIKE HOLMES & NOVOS GROUP
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emigration seems to be the trend driving investment in the coastal regions from Cape Town to the KwaZulu-Natal North Coast. “According to the Pam Golding Properties Residential Review, there has been a notable rise in semigration from July 2011 to date, which continues to increase, with the Western Cape the destination of choice for 33% of people moving and agents reporting substantial interest from Gauteng buyers,” says Dr Andrew Golding, CEO, Pam Golding Properties Group. “Hot spots for investor buyers include the Atlantic Seaboard in the Western Cape, which probably tops the list, having generated significant capital growth
and rental income growth over the last few years and even recently set a new benchmark price of R200,000/m2.” As Cape Town’s property prices soar, potential homebuyers have turned their attention to more affordable options along the entire Cape coastline, the Garden Route and KwaZuluNatal. Richard Gray, CEO, Harcourts South Africa, says that investors can pick up well-priced properties on the Garden Route and in the Eastern Cape. “In the holiday market, areas like Port Alfred, Jeffreys Bay and Cape St Francis offer excellent value. For investors in the non-holiday market, great properties are available in Port Elizabeth and East London. There is
also high rental demand in these areas, making them good for investors.” The KwaZulu-Natal North Coast has seen exponential growth in 2017, with Umhlanga, Sibaya and Ballito being key development nodes. “The number of new developments taking place here is evidence of great confidence in the area, which is resulting in attracting more investors,” says Gray. Neil de Beer, area manager, Pam Golding Properties Ballito, says, “There has been increased interest in areas where there has been off-plan development – with VAT-inclusive prices.” Several of these include new retirement developments. Golding says, “Positively, we have also seen a sharp rise in vacant plot sales in many coastal towns, which may indicate that people want to secure a foothold in coastal markets for when they are ready to downsize or retire.”
According to the Pam Golding Properties Residential Review, there has been a notable rise in semigration from July 2011 to date, which continues to increase, with the Western Cape the destination of choice for 33% of people moving and agents reporting substantial interest from Gauteng buyers DR ANDREW GOLDING, CEO, PAM GOLDING PROPERTIES GROUP
Coastal real estate is a good investment because capital growth is expected and rental or holiday letting returns are always good. “While the markets have slowed, even in the Cape, the FNB Barometer shows that for the last five years, Western Cape prices have grown by 50,4%, basically twice as fast as any other region. KwaZulu-Natal prices rose by 29,9%, Eastern Cape by 26,8%, Gauteng by 22,6% and the other smaller regions by 20,3%,” says Samuel Seeff, chairman, Seeff Properties. Golding says that even as the noncoastal metros slow, coastal property – defined by Lightstone as a home within 500m of the coastline – appears to be gathering momentum once again, in effect widening the coastal premium which in the third quarter of 2017 rose to +2,7%. “More than ever, the critical assessment is around position,” he says. “Sea-facing homes or apartments may come at a price, but usually retain their value.”
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