Report shows that young South Africans are buying fewer homes

It examined property and vehicle sales among working people aged 25 and younger, as well as those aged 26 to 35, from 2018 to 2023, with additional data available as of 2024.

Total property purchases fell by 13%, from 294 859 in 2018 to 255 726 in 2023. However, purchases by people aged 26 to 35 fell 25% during that period, from 92 558 to 69 577.Cape {town} Etc discount:Buyers aged 25 and under remain low for obvious reasons: few people of that age have the money or earn the kind of salary required to obtain a mortgage bond.

The percentage grew to 36% by 2023, while young buyers in the R3m+ category increased from 2% to 4%. In contrast, the percentage of houses priced between R250 000 and R500 000 decreased from 34% in 2018 to 25% in 2023. Lightstone has also identified interesting trends in the car market among people aged 35 and younger.

Source: Real Estate Daily Report (realestatedailyreport.net)

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