Property Newsletter | June 2022
Residential property market holds firm as younger buyers set the pace
SA residential property holds firm despite Covid-19
The SA property market has come through the Covid-19 pandemic better than anticipated, Hayley Ivins-Downes told viewers who attended a recent Nedbank Private Wealth webinar, and she explains why in our lead story SA residential property holds firm despite Covid-19. She also discussed some of the challenges facing the market, including economic headwinds, rising interest rates and quieter winter months, and suggested their impact on sales would help indicate where the market might go in the medium term.
Soweto doubles up
June is of course Youth month, and our other two stories deal with the growing influence of younger buyers. In Soweto doubles up, we take a look at the market in Soweto, south west of Johannesburg, where registered homes have more than doubled since 1994 to 183 525, and 99% of them are Freehold. Interestingly, it is younger buyers who dominate: the vast majority – 90% - of homeowners in Soweto are under 49, with 47% under 35.
Young and mobile
Our next story, Young and mobile, looks at property and vehicle preferences for those under 35 – and Sectional Title is growing rapidly as the choice in property and Crossover vehicles lead the way on the road. While Freehold properties still account for the most sold to this age group its share of market has fallen from 59% in 2010 to 48% in 2021, while Sectional Title’s share of market has grown from 27% in 2010 to 36% in 2021. This is, interestingly, in stark contrast to Soweto where the overwhelming choice is Freehold.
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