The first-time homebuyers in South Africa are largely driven by those under the age of 35 years. With some banks offering a full home loan, it’s now easier than for people to purchase their first home.
As a property investor, it’s important to understand what millennials want. People often misunderstand their wants and dismiss them as frivolous spenders. However, this generation is looking for career growth and
According to Seeff Soweto, 40% of buyers in this area are millennials. It’s no secret why it’s so popular: if you work in and around Johannesburg South or Soweto, Protea Glen is near this area and has access to plenty of amenities. Property in this area range from small apartments to four-bedroom homes that are affordable.
The latest stats show that there were 678 houses on the market – with 412 of these being three-bedroom homes. What is the average asking price for a home of this size in the area? R797 000. A great price, especially for first-time homeowners. The demographic of homeowners in this area are between 36-49 years. If you are selling to millennials, highlight the family-friendly environment.
With easy access to main routes and freeways, Weltevreden Park has become a sought after neighbourhood for millennials – especially those who want great homes at affordable prices. In September 2020, there were around 314 houses on the market – 129 of these houses were two-bedrooms. The average asking price for this type of property is R789 000 – a lot less than what you would pay for an apartment in the city centre.
Like Protea Glen, the demographic in Weltevreden Park is 36 to 49-years-old. Recent buyers in this area were aged between 18-35 years. Marketing is fairly simple: highlight the access to major freeways, amenities, affordability, and the family-friendly neighbourhood.
Situated between Centurion and Sandton, you’ll find Halfway Gardens. Due to this convenient location, millennials have found an affordable area that provides them with a laidback lifestyle with proximity to a variety of amenities. In fact, those aged between 18-35 year made up 51% of the buyers demographic in the area.
In September 2020, there were 286 houses on the market – 136 of these properties were two-bedroom homes. The average asking price of a two-bedroom in Halfway Gardens is around R875 000. If you’re selling to a potential buyer, focus on the convenience of the location.
Located between Fourways and Bryanston, Douglasdale is a great area for upcoming professionals and young families. Those aged between 18-35 years made up 51% of the recent buyer demographic.
Out of the 375 properties on the market during September this year, 169 of these were two-bedroom homes – the average asking price for this is around R1.1 million. Those who live in the area are mainly entrepreneurs, newlyweds and cooperate employees.
Whether you are using the buy-to-let strategy or the property flips, there is always a market – more specifically the millennial market. If you’re ready to start your property journey, we’re here to help. Register for our free webinar and discover how you can purchase your first investment property.