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Millennial buyers show preference for Gauteng

millennial buyers

Gauteng remains the top choice among millennial buyers, with affordable properties in the R450,000 to R1.2m range seeing the bulk of activity

Gauteng remains the top choice among millennial buyers, with affordable properties in the R450,000 to R1.2m range seeing the bulk of activity. According to Seeff Property Group chairman Samuel Seeff, millennials buyers are buying property despite the popular belief that they would rather rent. He says it’s no surprise, because “we are in the ‘perfect storm’ for young homebuyers who are using the many benefits of buying now”. These benefits include the transfer duty saving on properties below R1m, favourable mortgage lending conditions, with some banks still granting full loans, and the low interest rate. All these factors can get millennial buyers into a property or suburb that they might not have been able to afford a year ago, Seeff says. Most areas offer access to good transport networks and a host of amenities including shops, banks and schools.

According to Khosi Sibiya and Phindile Mphahlele, MDs for Seeff Soweto, up to 40% of buyers in the Protea Glen area are millennial buyers. Property prices here start from R400,000. Other popular suburbs include Weltevreden Park, Allen’s Nek and Olivedale in Randburg from R500,000; Glen Austin and Noordwyk in Midrand from R400,000; Paulshof, Douglasdale and Lonehill in Sandton from R600,000 to R800,000; and Sunnyside, Equestria and Moreleta Park in Pretoria East from R500,000. Tiaan Pretorius of Seeff Centurion says first-time buyers have increased and are active in the R700,000 to R1m range if they are buying on their own and up to R1.8m if buying jointly. Seeff Pretoria East MD Gerhard van der Linde recommends young millennial buyers to get pre-approval. “This saves a lot of time,” he says, “especially in this market where you want to take advantage of the favourable conditions as quickly as possible.”

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