Property Barometer - Regional migration trends
FNB - South Africa
Western Cape continues to far outperform the other 8 provinces in terms of its ability to attract repeat home buyers from other provinces and retain its own.
The inter-provincial repeat buyer migration picture shows a not too dissimilar picture in 2012 to that of 2011. One thing that certainly did not change was the Western Cape’s apparent competitive advantage in the form of the lowest percentage of repeat buyers leaving the province, as well as by far the strongest net inward migration rate of repeat buyers from other provinces.
This should not come as too much of a surprise. The province’s economy is the 2nd largest in South Africa after Gauteng, and has also boasted the 2nd highest growth rate slightly behind that of Gauteng in recent years.
In addition, the City of Cape Town and surrounding areas has the benefit of a perceived high quality lifestyle compared to many other of SA’s cities, and it is this combination of good economic opportunity along with lifestyle that appears to be proving to be the winning recipe in attracting both wealth and skills to the province in relatively abundant quantities.
Cape Town aside, though, the other 3 of the Big 4 provinces (Gauteng, KZN and Eastern Cape) find themselves with net outward migrations of repeat buyers, something that one may think may not bode well for their future economic growth rates.
FNB Property Barometer Regional Migration Trends
Qualification reprieve for estate agents
Estate Agency Affairs Board
Estate agencies have welcomed the decision by the Estate Agency Affairs Board to extend the current qualification and certification of estate agents until June 2015.
Since the Standard of Training of Estate Agents Regulations came into effect in July 2008, estate agents have had to be certified against either the Further Education and Training Certificate: Real Estate (NQF Level 4) for non-principal estate agents, or the National Certificate: Real Estate (NQF Level 5) for principal estate agents by December 31, 2011.
But the date was originally postponed to the end of this year, and has now been postponed again.
MS Chaplog, acting chief executive of the Estate Agency Affairs Board, said it had become clear to the board that a further extension period was needed if the needs of the estate agency sector in general, and agents themselves, were to be accommodated.
Estate Agency Affairs Board
Banking changes improve access to property ownership
IolProperty - South Africa
Even though prices are rising, the prospect of home ownership has been brought closer for many more South Africans over the past few months, thanks to some exciting shifts in bank lending practices.
These include declining deposit requirements and increases in both the number and size of home loans being approved, and their effects are revealed in the latest statistics from BetterBond, SA's biggest mortgage origination group.
These figures show that the average percentage of home purchase price required as a deposit when lenders are considering home loan applications has dropped from a two-year high of 23,3% reached in February this year to just under 16% currently.
In addition, notes group chairman Rudi Botha, the average approved bond amountis now 8,3% up year-on-year and at its highest level since July 2011.
Van Rhyn NO and Others v Fleurbaix Farm (Pty) Ltd
Western Cape High Court
Mandament van spolie – alleged spoliation of a right of way over existing route in circumstances where alternative route provided – necessity for applicant to allege nature of the right concerned. Where right of way is a via simpliciter, closure of an existing route and its replacement by the servient tenement holder with an adequate and non-prejudicial alternative route does not amount to unlawful dispossession of the dominant tenement holder’s right of way.
Mandament van spolie – right of way – quasi-possession. Use of established route of right of way does not in general equate to physical possession by the right holder of the road concerned. Earlier judgments suggesting otherwise distinguished or not followed.