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<\/a>\n“While all regions are experiencing a longer term rise in the average age of home buyers, which is also in part related to longer run demographic change, the Western Cape has seen its average age rise the fastest over the past decade and-a-half or so,” Loos said.<\/p>\n
In 2001, the province had the fourth youngest average buyer age, but has since moved to having the oldest average age of home buyer.<\/p>\n
The average age of a property buyer in SA between 2000 – 2016:<\/strong><\/p>\n Loos stressed that aging buyers in the Western Cape could also in part be due to a major net inward migration of repeat home buyers in the region, as many of these are older home buyers looking to retire, or otherwise quite established in their careers already.<\/p>\n The bank’s first time buying estimates by major city appear to reflect a more significant affordability deterioration for local residents of Cape Town, compared to other major cities.<\/p>\n Loos said that stronger rates of foreign\/semi-grant buying in Western Cape also partly explain the region\u2019s affordability deterioration.<\/p>\n “It is this semi-grant repeat buyer group from other SA regions, and to a lesser degree a greater estimated rate of home buying by foreigners in the Western Cape, that is believed to have caused the more rapid house price increase\/affordability deterioration in recent years, compared to the other major South African regions,” the property expert said.<\/p>\n<\/a><\/p>\n<\/a><\/p>\n