IT'S MY HOUSE: DECLINE IN YOUTH BUYING HOMES, CARS OVER LAST DECADE IN SA
Loading player...
GUEST: HAYLEY IVINS-DOWNES, HEAD OF DIGITAL AT LIGHTSTONE PROPERTY
Data from Lightstone shows that fewer South African youth are buying houses and cars compared to ten years ago. In 2012, those under 35 accounted for 39% of new car purchases and 45% of property purchases above R20,000, but by 2022, these numbers had dropped to 31% and 38% respectively. “Property sales suggest, in addition to declining property transfers, those under 35 are switching to the lifestyle benefits offered by sectional title properties, they are buying later - with the average age of first-time buyers being higher than it was ten years ago - and they are increasingly buying solo.
Data from Lightstone shows that fewer South African youth are buying houses and cars compared to ten years ago. In 2012, those under 35 accounted for 39% of new car purchases and 45% of property purchases above R20,000, but by 2022, these numbers had dropped to 31% and 38% respectively. “Property sales suggest, in addition to declining property transfers, those under 35 are switching to the lifestyle benefits offered by sectional title properties, they are buying later - with the average age of first-time buyers being higher than it was ten years ago - and they are increasingly buying solo.
