Property Newsletter | June 2022

Soweto doubles up

Registered homes more than double as younger buyers lead the way

Registered homes in Soweto, south of Johannesburg, have more than doubled since 1994 to 183 525, and 99% of them are Freehold.

There were 83 119 registered properties in the year South Africa held its first democratic election, one of which was Sectional Title and one classified as an Estate. Since then another 98 605 Freehold properties have been registered, along with 1 779 Sectional Title properties and 22 Estate properties.

Property stock in Soweto

Most homes are valued at between R250k to R700k. Of a total of 183 525 homes, 153 769 (84%) were valued at between R250k-R700k, with 22 098 (12%) in the R700k-R1m band. There were just 10 homes registered at more than R3m.

Current value of stock in Soweto

Despite the more than doubling of homeowners, the market has been relatively quiet since a busy period lasting from 2011 to 2015. The best year since 1994 was 1998, when 6 964 homes were registered, but the numbers in recent years have been more modest at 2 141 in 2019, 2 093 in 2020 and 1 849 in 2021.

Transactions: 1994 - 2022

The vast majority (90%) of homeowners in Soweto are under 49, with 47% under 35.

Age of buyers

The pendulum has swung between first time buyers or repeat buyers dominating the market – in 2020 repeat buyers made up 59% and this dropped to 38% in 2021.

% First time vs repeat buyers: volume of transfers

Braamfischerville Phase 2 has been the most popular suburb since 1994, with 8 149 homes being registered, more than double the 3 851 registered in Thulani. Sectional Title homes have been registered in just two suburbs, Protea Glen Ext 11 and Jabulani.

Suburb Stock post 1994 (top 20)