HEARD on the street
Property prices rise
Statistics for the third quarter of this year, released by ooba, South Africa’s largest bond originator, show continued year-on-year growth in property prices.
The average purchase price recorded by ooba for properties bought between July and September this year was R967 009 – a 7.3% increase compared with the same period last year.
Average house prices in the first-time buyer segment have risen to R746 627, an increase of 8.2% compared with the same period last year.
“First-time buyers are a key driver of the property market with 53.7% of all our applications received in quarter three of 2014 coming from this segment, compared with 52.7% in quarter three in 2013,” says Rhys Dyer, CEO of ooba.
Beware of cloned cars
Statistics from the SA Insurance Crime Bureau show that 36.4% of hijacked vehicles in South Africa make their way back on to the market as cloned vehicles.
Warwick Scott-Rodger, head of brokers at MUA Insurance Acceptances, explains that criminals transfer the VIN number and engine numbers from legally owned vehicles to illegally obtained ones in an effort to legitimise the stolen vehicle.
“This method allows the criminal to steal the identity of a vehicle that is authorised in the system to authenticate the stolen vehicle.
“Criminals also ‘hijack’ the live records and registration details of vehicles that are financed and, before the owner knows it, these details have been changed on the system,” he says.
Note that if you buy a cloned vehicle, you will lose the vehicle and your hardearned cash if and when the vehicle is recovered by police. Tips to avoid buying a cloned car: Buy from a reputable car dealership. Be wary of buying cars via the classified ads or websites such as Gumtree where only a cellphone number is supplied as the seller’s contact details.
Ask for the service book or owner’s manual, which should be in the vehicle, and check that all details correlate with the vehicle you are buying.
The car should have two sets of keys.
If you are buying a code three or rebuilt vehicle, ask for a copy of the repair schedule.
Free JSE seminar
Shopping malls have already strung up their Christmas decorations. Before you wind down for the year, you might want to give some thought to your investment strategy for the year ahead.
Investment commentator Simon Brown will present a free seminar at the JSE on Thursday, November 13, from 5.30pm.
The seminar will focus on investment trends for next year and will include economic, investing and trading ideas to help boost your investment portfolio next year. There are only 145 seats available. You can RSVP at www.jse.co.za/events/ten-investmenttrends-for-2015
FSB sounds a warning
The Financial Services Board (FSB) has previously issued a warning to the public not to conduct financial services business or invest funds with Discount Mart Cleaning Services trading as DMC Holdings or Abdool Younus Karim.
It has now been brought to the attention of the Registrar of Financial Services Providers that DMC is advising its shareholders that the registrar has instructed it to dispose of the properties by way of auction or private sale and refund the shareholders’ investments.
The FSB says it has not issued such instructions nor made any arrangements related to the disposal of DMC properties.
There is, however, an ongoing investigation into the business affairs of DMC and its associated institutions.
In the interim, the company has also been referred to the National Consumer Commission for investigation as a property syndication.
If you have any queries or concerns regarding the DMC property syndication scheme, you can contact Andile Mange at the consumer commission at A.Mange@thencc.org.za