Property Newsletter | May 2024
Uncovering the buying habits of South
Africa’s under 35s
How South African youth are spending 30 years into democracy
As South Africa celebrates Youth Month in its 30th year of democracy, we take a look at the buying habits of the country’s consumers under the age of 35 and across the property and automotive sectors. As we zoom the spotlight onto a segment of consumers who were aged at a maximum of 5 years old when South Africa became a democracy in 1994, some interesting trends and insights emerge from Lightstone’s data.
In this edition of the newsletter, we also look at negative sales in the local property market, the importance of reliable data, the latest House Price Index, as well as all the reasons why every leading Estate Agent makes use of our Property Toolkit.
The state of the property market for young South Africans in 2024
Our latest data reveals that South Africans, aged 35 and younger, are buying fewer, more expensive houses. Purchases by those between 26-35 fell 25% in 2018, the lowest figure recorded in the six-year period. Yet, a deeper look into data shows that this age-group is increasingly paying more for their homes.
The latest residential property index
National year-on-year house price inflation currently stands at 2,98%, showing a slight decrease from the previous month. On a provincial level, annual property inflation has remained steady in some provinces while decreasing in others, compared to the fourth quarter of 2023.
Foreclosures are down, but what’s new?
Sales in Execution (SIEs) or foreclosures are no longer as rampant as they were during the global economic crisis. However, negative sales (where houses are sold for less than they were bought for) are rising. What does this mean for the property market?
The key to helping customers make sound property decisions
Lightstone’s Suburb Report is one of the most powerful tools Estate Agents have to help buyers and sellers make informed decisions: from information about neighbourhood density to insights about risk management and more invaluable insights.
Credible data is critical to customer segmentation
Lightstone’s recently updated demographic profiling database, DemProKey, provides the most up-to-date and granular demographics on offer, so that Estate Agents can enrich their customer knowledge, plan their value chains, and optimise marketing spend.
WATCH: Top reasons leading Estate Agents subscribe to our Property Toolkit
At Lightstone, we have been pioneering data insights and building solutions that equip Estate Agents, for more than 15 years. If you’re wondering why leading Estate Agents confidently rely on us to get ahead of the competition, attract buyers and secure sellers, we have compiled all the reasons for you.
Happy reading!
“Lightstone’s Toolkit is an extremely important tool in securing mandates and being able to supply accurate information on market conditions.”
Rob Scrooby, Acutts Estate Agents
"The reports are easy to understand and very helpful in discussing the market related value of our clients’ properties.”
Mark Brand (Pam Golding Properties)
"All opportunities start with a visit to Lightstone!”
Johan Snyman (Snyman Associates)
.png)
.png)
.png)
.png)