Registered homes in Soweto, south of Johannesburg, have more than doubled to 183,525 since 1994, new data from Lightstone shows.
Hayley Ivins-Downes, head of Digital at Lightstone, said there were 83,119 registered properties in the year South Africa held its first democratic election, one of which was a section title and one classified as an estate. Since then, a further 98,605 property properties have been registered, along with 1,779 section properties and 22 estate properties.
Most houses are valued between R250,000 and R700,000. Out of a total of 183,525 homes, 153,769 (84%) were valued between R250,000-R700,000, with 22,098 (12%) in the range of R700,000-R1 million. Only 10 houses were registered for more than R3 million, the data and analytics firm noted.
Despite the number of homeowners more than doubling, Ivins-Downes said the market has been relatively quiet since a busy period from 2011 to 2015. It has been more modest with 2,141 in 2019, 2,093 in 2020 and 1,849 in 2021,” she said.
Braamfischcerville Phase 2 has been the most popular suburb since 1994, with 8,149 residences registered, more than double the 3,851 registered properties in Thulani. Sectional Title homes are registered in just two suburbs, Protea Glen Ext 11 and Jabulani, Lightstone said.
The vast majority – 90% – of homeowners in Soweto are under the age of 49, with 47% under the age of 35.
The pendulum has swung back and forth between new buyers and repeat buyers who dominate the market – in 2020 repeat buyers made up 59% and this fell to 38% in 2021.
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