Five most popular suburbs where SA is buying homes
Are you looking at buying a home? You might want to look at the top five suburbs where South Africans are buying homes.
It is no secret that buying houses has become increasingly difficult for South Africans.
This is due to high interest rates and the cost of living impacting property buyers, particularly younger, first-time buyers.
According to BusinessTech, there has been a 25% decline in home purchases by individuals aged 26 to 35 from 2018 to 2023, driven by these high interest rates and the increased cost of living.
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Due to the increased difficulty of buying houses, it would come as no surprise that those looking to buy houses are predominantly focused on affordability.
Gauteng remains a hotspot for property purchases due to its affordability, especially when compared to the Western Cape.
According to the Remax National Housing Report, Q2 2024, home buyers are flocking to five specific suburbs in South Africa in search of affordable housing.
Here are the top five suburbs based on total units sold, as outlined by the Deeds Office:
- Randfontein, Gauteng
- Heidelberg, Gauteng
- Vereeniging, Gauteng
- Alberton, Gauteng
- Delft, Western Cape
As revealed in the above list, Gauteng remains the most affordable region for homebuyers, accounting for four out of the top five suburbs with the most units sold.
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However, there is good news for property buyers, as BusinessTech reports that interest rate cuts are expected to boost the property market activity and affordability, especially in inland metros like Gauteng.
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