Young, first-time homebuyers are making waves in the property industry as they spend their hard-earned cash on apartments and townhouses that are “move-in” ready. According to the chief executive of Eazi Real Estate, Brynn Janeke, buyers are on the hunt for modern and open plan homes in the sub-R2.5 million price band.
While the average price tag for buyers has ballooned by almost 20%, this has not dissuaded eager first-time buyers. In fact, low-interest rates have “increased the buyer pool”, but they’re still on the lookout for good deals, says Janeke.
This “buyer pool” includes individuals within the 20-to-30 age range, with the average home purchase being around R1.1 million.
“While some areas in Cape Town are experiencing more downward pressure on price, our experience is that homes below R1.5 million in the South-Eastern Suburbs are moving quickly, and similarly, properties below R2.5 million in some areas in the Northern, Southern and Western Seaboard Suburbs are sought after with well-priced homes selling rapidly.”
But just where are the “youth” of Cape Town purchasing these homes? Well, according to Business Tech, areas like Plumstead, Blouberg, and Kuils River are just a few of the most popular suburbs. Here’s a look at a few others:
- Diep River
- Blue Downs
- Kuils River
- Surrey Estate
- Churchill Estate
- Grassy Park
- Parklands North
- Table View