Property glossary
Agency with mandate:
Agency with mandate is an Estate Agency that has been given the authority to sell a property by it's owner.
Annual Return:
the Annual return is the percentage change in the average (median) price of property on a yearly basis
Appreciation from year-to-date:
The Appreciation from year-to-date is the % increase in the median sale price from that particular year to the current year.
Average:
The average is the total sum of a set of numbers divided by the amount of numbers that were added together.
Average Sales:
The average sales is the sum of all property prices greater than zero divided by the count of those sales. In this case the average property sale price is the sum of the median price for all particluar years divided by the count of those property sales.
Commercial Property:
My Agent classifies Commercial Property as having the following usages types:
AMUSEMENT PARK
BAR/RESTAURANT/TAVERN
COLD STORAGE
FLATS & OFFICES
FLATS & OTHER
FLATS & RETAIL
GUEST HOUSE
HEAVY INDUSTRIAL
HOSTEL
HOTEL
INDUSTRIAL PARK
LIGHT INDUSTRIAL
NON-RESIDENTIAL
OFFICES
OFFICES & RETAIL
RESORT/CARAVAN PARK
RETAIL
SER/STATION & OTHER
SERVICE INDUSTRIAL
SERVICE STATION
THEATRE & CINEMA
VETERINARY CLINIC
WAREHOUSE
WORKSHOP
Comparative Market Analysis (CMA):
Comparative Market Analysis is a property valuation method that determines the cost / value of a property based on the sale price of other properties of a similar stature within the same suburb.
Date of last sale:
The Date of last sale is the Date at which a property was most recently sold or the Date at which the ownership of a property changed.
Deeds Office:
The Deeds Office is the body that governs the registration of property and holds the title deeds.
Erf number:
Erf number refers to the unique number identifying a piece of land within a Suburb.
Erf size:
Erf size refers to the size of a piece of land measured in square meters.
Evaluation:
Evaluation is the term given to the process of determining the value of property. My Agent evaluations combine a number of different methods of calculating this value.
Landmarks:
Landmarks are points of interest or anemities. Schools, libraries, sports fields and shopping centres are examples of landmarks.
Main Areas:
My Agent has grouped the municipal suburbs into the following main areas:
athlone
atlantic seaboard
bellville
bergvliet - tokai
blouberg
brackenfell
century city
city bowl and surrounding
constantia bishopscourt
durbanville
elsies river
epping
fish hoek - st james
glencairne
goodwood
gordons bay
hout bay
king david
kommetjie
kraaifontein
kuilsriver
langa
maitland
milnerton - montague gardens
mitchells plain
muizenberg - lakeside
noordhoek
ottery
paarden eiland
parow
plattekloof - welgemoed
retreat - grassy park
scarborough
sea point - green point
simons town
somerset west
southern suburbs
strand
strandfontein
tygervalley
van riebeeckshof
woodstock - salt river
Median:
The median is the "middle" value for the particular set of results. If for example there are 5 properties sold in an area for the following prices:
R100 000
R150 000
R200 000
R250 000
R500 000
The median property sale price in this example would be R200 000 as that is the value that is in the middle.
If there is an even number of figures then the middle two values will be averaged to calculate the median. You will therefore get the exact middle value for a range of numbers.
The reason for using this method, especially when many records are used, is to remove the outliers and anomalies. If, for example, we are analyzing the property sales for the above example but include a large plot of land sold for R15,000 000, then the median would be R225 000. If we used an average instead of the median our result would be R2,700 000 which would not reflect the sales in that particular area sufficiently.
Municipal building value:
The Municipal building value is the value or price associated with a building by the Municipality.
Municipal land value:
The Municipal land value is the value or price assigned to a piece of land by the Municipality.
Municipal Rates:
The Municipal Rates are the taxes that property owners have to pay the municipality.
Municipality:
The Municipality is the governing body of a city or town.
Owners name:
The term Owner's name refers to the registered owner of a property at the Deeds Office.
Price of last sale:
The Price of last sale is the price at which a property was most recently sold.
range:
A set of values that a number can have. A range is usually specified by its maximum and minimum value. Any number that is between these two values is said to be within the range. For example, the range 12-15 has a maximum value of 15 and a minimum value of 12. The numbers 12, 13, 14 and 15 are said to be within the range 12-15.
Real Return:
the real return is the percentage change in the average (median) price of property on a yearly basis over and above the inflation rate for that year. E.g. If your total return is 20% and inflation for that year is 5%, your real return after taking inflation into account is approximately 15%.
Registration date:
The Registration date is the date on which a property is registered at the Deeds Office.
Registration rate payer:
The Registration rate payer is the person or body responsible for paying the Municipal rates for a property.
Replacement Cost Analysis (RCA):
Replacement Cost Analysis is a property valuation method that determines the cost / value of a property by calculating the cost of building the property at current market rates.
Residential Property:
My Agent classifies Residential Properties as having the following usages types:
1 DWELLING RES
2 DWELLING RES
3 DWELLING RES
4 DWELLING RES
4+ DWELLING RES
RES DET-STRUCT ONLY
RES MIXED BUS >40%
Road network:
The term Road network refers to the manor in which the roads of a city are layed out.
Sale Date:
A Properties sale date is the date as signed on the sale agreement. This is different to the registered date, which is the day the property is registered at the Deeds Office.
Sale Price:
A Properties sale price is the price as regitered at the Deeds office. You may see a value of 0 for the sale price. This may be due to several different reasons. An example would be if the property was inherited or transfered from a trust. This would also explain sale prices that are low in comparison to surrounding properties.
Sectional Title:
The term Sectional Title refers to a situation whereby there are several properties all with different title deed numbers, registered with the Deeds office, on one Erf.
Sectional Title Blocks:
My Agent classifies Sectional Title Blocks as having the following usages types:
BLOCK OF FLATS
S/TILE MAISONETTES
S/TITLE BUS & FLATS
S/TITLE BUSINESS
S/TITLE DWELLINGS
S/TITLE FLATS
S/TITLE FLATS & BUS
S/TITLE INDUSTRIAL
Street address:
The Street address is the physical location of the property. The Address is broken down into Street number, Street name and Suburb name.
Suburbs:
My Agent uses suburbs based on Municipal suburbs.
Title Deed number:
The Title Deed number is the unique number that identifies a Title Deed. A Title Deed is a legal document proving a persons title to a property.
Usage Type:
The Property usage type is the current usage of the property. There are over 40 different usage types on the My Agent system and they have been grouped into the following categories:
"Residential (res)"
"Vacant Residential (vac/res)"
"Commercial (com)"
"Vacant Commercial (vac/com)"
"Sectional Title Blocks (st/blocks)"
"Other (other)"
"Farm (farm)"
It is important to note that the usage is not the same as the properties current zoning.
User:
A User is a person that has a My Agent subscription or partakes in the Property Library and Forum.
Vacant Residential Property:
My Agent classifies Vacant Residential Properties as having the following usages types:
RES VACANT LAND
VACANT GEN RES
VACANT OTHER ZONES
Zoning:
Zoning is the assigned Usage Types for a property.