MyNews24 is a user-generated section of The stories here come from users.

Comments: 2
Article views: 606
Latest Badges:

View all Rhyno's badges.

This article has been selected as an Editor’s Choice report. Articles are selected based on quality of writing, audience response, newsworthiness and originality, and is at the discretion of the MyNews24 editors.

Property Market: Sensibility seems to be returning

13 March 2012, 12:39

Not too long ago, I practised as an attorney during the first effects of the global recession on economies around the world.

As most would know, we weren’t spared the fate of a collapsing property market and the copious amounts of houses for sale as people awoke from the hangover of being property moguls.

At that stage, most upper middle class to upper class incomes in South Africa owned at least two properties, one of which was usually vacant land in yet another overzealous and cigarette box conceived development that was built “in the tranquillity of nature” or on “the next Fancourt”.

The eventuality of all of this was fully bank owned farms on any bit of land conceivable, with battered and torn “for sale” and “on auction” signs.

Now, the advantages of practising law is the following; there is always some hype that makes money, or becomes your greatest earner; when times are good, property transfers, bond registrations/cancellations is the name of the game.

When times are bad, sequestrations and liquidations do the trick, normally with a property transfer to follow anyway.

At the risk of sounding insensitive to clients falling in the latter group, I have to state that the band wagon during tough times was quite a spectacle.

So many people were making their “cut” in the deal!

Out of work estate agents would kill to get their hands on auction lists for bank repossessed properties.

Cash is, and was king during these deals as well, as Curators, Liquidators, Auctioneers, Attorneys and Advocates all formed part of the production line that is someone else’s misery.

Recently, Auction Alliance CEO Rael Levitt was fingered in a range of auction “scandals” such as kickbacks, price inflation and believe me, in some cases the misuse of inside information. You’ll note that I used inverted commas for the word "scandals", and the simple reason therefore is this:

All of this, is standard practice in the industry, and is definitely not regarded as scandalous to anyone operating therein.

Currently, I don’t practise anymore, and have found solace in using my legal knowledge and experience in business rather.

Although I have the worlds respect for the legal industry and have a passion for law, I wasn’t happy doing it, and I only realised it after my departure.

Recently, my fiancé and me have been browsing for houses and I once again found myself in the mercy of estate agents.

I have to say, not all of them are bad, which made me wonder everyones opinion on them in the first place...

The conclusion I reached was that every jobless salesman became an estate agent during the late 90’s and early to middle 2000’s, because of the property boom.

When the market corrected itself after 2006, only the "real" agents remained as the rootless weeds were washed away, and the mushroom phenomenon in agencies faded with the current property drought.

The property market seems to have been pretty much corrected as well, as the highly inflated prices on residential, which in turn became bargains of the decade, seems to have calmed down, possibly due to agents advising sellers correctly for the first time in years.

Be that as it may, it’s great to have some sense back in a market that’s been as erratic and crazy as Julius’s slurs, and to actually be in a position to negotiate sensibly, with sensible people.


Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Andy Young
At stake is our freedom to choose

I am following the hearing against Tim Noakes with great interest and I suppose Twitter is not the best place to try and pass on information to others.  Read more...

0 comments 141 views
Submitted by
Obakeng Matshoge
Motions of life


0 comments 27 views
Submitted by
Sifiso Ganandana
The obsolesce of apartheid.

With previous and current societal events in our country I'd assume that this topic might sound very sensitive and hostile, but I shall believe that we need to move forward as a nation. Read more...

0 comments 240 views
Submitted by
No.You're a handbag
Not All Muslims Are Terrorists

In the wake of several attacks around the world claimed by ISIS, Boko Haram and a variety of Al Qaeda affiliates, there's been a backlash against Muslims, and it's not fair.  Read more...

0 comments 1395 views
Submitted by
Bobby Shabangu
The Plight of Poverty in Zimbabwe

I'm looking at this photo that's trending on social media, of two Zimbabwean women who work at a butchery, and have been caught with stolen meat hidden on their bodies... Read more...

0 comments 564 views
Submitted by
Trudy Mhluli
Forgetting your roots Commissione...

Members of the Department of Correctional Services have for years been burdened with the fact that it’s National Commissioner that was serving the department lacked experienced and understanding of the circumstances under which its members are supposed to be performing at optimum levels with loyalty and dedication being appointed from outside of its own ranks. Read more...

0 comments 134 views


E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

TV Get us in your home, on your television.

Interactive Advertising Bureau
© 2015 All rights reserved.
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.