HEARD on the street

CityPress - - Business - COM­PILED BY NEESA MOOD­LEY

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

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