Many young already own property

LIGHTSTONE data indicates there are 18-year-olds to 23-year-olds who are already property owners. This year so far there is a total of 2 316 of them. Of this number, 1 774 bought full title homes and 542 sectional title.

From 2008 to 2018 to date, 65 197 members (excluding change of ownership) of the adult generation Z population bought properties, Lightstone says. More than 41 000 of them bought properties for less than R500 000 while about 18 000 paid from R500 000 up to R1 million. About 5 600 purchased for between R1m and R3m, and 335 for more than R3m. While some of these buyers are couples or bought property jointly, when it comes to single buyers, slightly more were female than male.

The most popular Cape Town areas for this generation of buyers over the past five years and the total number of buyers in these areas include:

● Mitchells Plain

● Blue Downs

● Gugulethu

● Strand

● Brackenfell

● Kraaifontein

● Kuils River

● Bellville

● Milnerton 586 620 257 285 307 142 121 179 441