According to property data company, Lightstone, 2016’s numbers were a far way off from 2015’s 105,712 buyers entering the market for the first time, with the bulk aged 26 to 40 years old.
Interestingly, last year also saw a notable percentage (0.85%) of first-time buyers aged younger than 20 years old, representing 624 buyers.
Lightstone reports that many of the suburbs where first-time owners buy are not only mid-value, but split between mid- and high-value.
The top 10 suburbs where first time buyers are purchasing homes fall within Gauteng and the Western Cape. Five of these suburbs in Gauteng offer a selection of low- to mid-value properties and are mostly newly built suburbs (Protea Glen, Soshanguve KK, Soshanguve NN, Delft and Pelikan Park). Three of the top 10 suburbs (Equestria, Greenstone Hill and Paulshof) consist primarily of high-value sectional schemes and estates type of properties.
On a national level, most first-time buyers are aged between 25 and 35, which is somewhat younger than the average buyer. A graph of six of the top 10 suburbs below shows that the age distribution in suburbs preferred by first time buyers varies significantly from suburb to suburb.
Suburbs with a lower average value such as Soshanguve and Pelikan Park have a significantly higher proportion of first-time home buyers aged between ages 40 and 60 years old. In Weltevreden Park, Protea Glen and Parklands, the age of first-time buyers mostly ranges between ages 26 to 35.