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Valuers' Newsletter Issue 05
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#05 issue: Wednesday 01 March 2017




Herewith your next Valuers newsletter issued by the SAIV.

Don’t forget about the gas certificate when selling your house

“I am in the process of selling my house. I have a permanent gas oven in the house and the transferring attorney is saying I need to get a gas compliance certificate for the gas appliance. Is this necessary, and should the buyer not be responsible for this?”

A Certificate of Conformity (COC), also known as a gas compliance certificate, is required by law for all permanent liquid gas installations in your house and must be obtained from an authorised person or an approved inspection authority, which confirms that it is safe according to the applicable standards. Examples of gas installations that require this certificate include gas fire places or gas hobs, as well as gas hot water systems, etc. 

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Must I pay capital gains tax if I sell my house?
“I bought my house, which I’ve always lived in since buying it, for about R1 million in 2000, and on my auditor’s advice had it appraised in October 2001 for R1.1 million. Over the years I had about R200 000 worth of improvements done to the house. I maintained the house well and recently put it up for sale to move to a smaller townhouse. I now received an offer of R3.7 million for the house. However I understand that I might have to pay capital gains tax on the sale, and am worried about how much that may be?”
To answer your questions we’ll need to make one or two assumptions. I accordingly assume that you are a South African citizen and also that the house is your primary residential home. Both these facts are important for capital gains tax.
In effect capital gains tax is income tax that has to be paid on any capital gain made. Capital gains tax came into effect on 1 October 2001, and it is therefore good that you have an appraisal of your property for this date. That will help to determine the base cost of the property.
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Pravin Gordhan raises transfer duty threshold from R750 000 to R900 000
The raising of the threshold for transfer duty on properties sold for less than R900 000, up from R750 000, as announced in today’s National Budget, is positive news as it provides some relief for first time home buyers, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“This aspirant sector of the market is a key driver of South Africa’s residential property market, solidly underpinning activity, particularly in metropolitan hubs which increasingly draw a younger generation of home buyers wanting accommodation close to the workplace.
Harry Nicolaides, Century 21 CEO, reckons “it could serve as a catalyst for consumers who wish to sell their property below R900 000 who then go on to buy more expensive properties.
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Green buildings: a QS perspective

Danie Hoffman, whose research made possible the publication of the first edition of GREEN BUILDING IN SOUTH AFRICA – GUIDE TO COSTS AND TRENDS booklet, was interviewed on RSG today (Fiday, 3 February 2017 at 14:10)

Danie referred to the research that culminated in the above mentioned booklet and said that green buildings cost on average 5% more than conventional buildings and that taken over the lifespan of a building, green technology could lead to substantial savings, resulting in one of the better investments anyone can make.

Click here to listen to the interview



The allure of green building warms up as the globe heats up

The built environment has a major role to play in climate change mitigation, and progressively more South African property investors are rising to the challenge with positive impacts on the environment and their businesses.

This is the word from the Green Building Council South Africa (GBCSA) in light of the World Meteorological Organisation’s (WMO) recent announcement that 2016 is now the hottest year on record. Record-keeping began in the 1880s, and 2016 set a new global heat record for the third year in a row. This means that 16 of the 17 hottest years on record have occurred since 2000.

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Stor-Age close R500 million acquisition

JSE self storage REIT, Stor-Age, today announced that it had raised R400 million in a significantly oversubscribed book build to fund its milestone acquisition of Storage RSA (“RSA”), one of the country’s largest private self storage operators. 

The acquisition includes the purchase of the niche Somerset West facility operated under RSA brand licence. The 7 new properties, valued at c.R475 million in total, will add around 43 000m² to Stor-Age’s portfolio in Gauteng and Cape Town and one development opportunity. 

Following implementation of this capital raise, all conditions to the RSA transaction will have been fulfilled and the acquisition is set to become effective on 28 February 2017.  In terms of the book build 37 million new shares will be issued at R10,81 a share, a 2.5% discount to the 30 day volume-weighted average price on the day before the book build began.  The shares will be entitled to the year-end final dividend.   

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Growth in demand in the uMhlanga region suggests that the node could sustain an additional 200 to 400 hotel rooms, newly released research has unveiled

In a research study commissioned by Tongaat Hulett and conducted by GIW Consulting (Pty) Ltd, director Graham Wood says following an analysis of STR Global's independent metrics of the Umhlanga Hotel market, several interesting conclusions arose.

The node represents 4% of the South African market and 28% of the KZN provincial market and over the past three years has consistently outperformed the national market in terms of occupancies, rates and revenue per available room.

As a leading source of historical daily and monthly hotel performance trends, STR Global measures 340 South African hotels comprising 45 000 rooms including 15 uMhlanga hotels or 2 000 rooms. Wood says 41% of the uMhlanga STR market is weighted toward full service hotels with four and five-star hotels accounting for 20% each and three-star hotels accounting for 52%.

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more Calendar

Southern Branch 2018 Winter Warmer Seminar 10 July

KZN Branch 2018 One Day Seminar 25 July

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