{"id":607684,"date":"2022-07-18T16:57:08","date_gmt":"2022-07-18T14:57:08","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=607684"},"modified":"2022-07-18T16:57:08","modified_gmt":"2022-07-18T14:57:08","slug":"these-are-the-cars-and-homes-people-under-35-are-buying-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/607684\/these-are-the-cars-and-homes-people-under-35-are-buying-in-south-africa\/","title":{"rendered":"These are the cars and homes people under 35 are buying in South Africa"},"content":{"rendered":"

South Africans under 35 are increasingly opting to buy sectional title properties and crossover vehicles, new data from analytics firm Lightstone shows.<\/p>\n

While freehold properties still account for the most sold to this age group, its market share has fallen from 59% in 2010 to 48% in 2021, while sectional title market share has grown from 27% in 2010 to 36% in 2021.<\/p>\n

Hayley Ivins-Downes, head of digital at Lightstone, said young buyers\u2019 share of the estate market has increased from 15% to 16%, and the combined growth of estates and the sectional title market suggests younger people want the ‘lock-up-and-go’ safety and freedom features which both offer.<\/p>\n

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While tastes are changing in both the vehicle and property markets, the number of under-35s buying property has fallen from 38% of all buyers in 2010 to 34% in 2021, while the 36-49 age group has risen from 36% to 39% over the same period. The 50-64 age group and the 65+ age group have ended the period where they began \u2013 on 20% and 7% respectively.<\/p>\n

While accounting for 34% of buyers, the under-35s spent R89 billion on properties in 2021 – 32% of the total.<\/p>\n

Ivins-Downes said the mid-value band accounted for 41% of the R89 billion in 2021, with the high-value band making up 39% and Luxury buyers accounting for 13%. “Interestingly, as the graph below shows, the Affordable market made up just 6% of buyers under 35 \u2013 the same number recorded in 2010,”\u00a0she said.<\/p>\n

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Vehicles<\/strong><\/p>\n

When it comes to motor vehicles, younger buyers are switching to crossover vehicles in significant numbers. While ranked fourth most popular choice for under-35s, their market share has risen significantly in a decade, from 3% in 2011\/2012 to 12% in 2021\/2022.<\/p>\n

They are now just 1% behind small vehicles which have been the biggest losers in the period \u2013 they have seen their share of the market plunge from 21% in 2011\/2012 to 13% in 2021\/2022.\"\"<\/a><\/p>\n

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Pieter Wessels, managing director of Lightstone Auto, said that Volkswagen had recorded the largest increase, from 21% to 26%, and is the dominant vehicle brand for under 35s, while Ford and Suzuki have both increased their share of the market by 3pp \u2013 Ford from 11% to 14%, and Suzuki from 1% to 4%.<\/p>\n

Toyota has been the big loser in this category, while BMW, Nissan and Audi have held steady.<\/p>\n

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Read: Workers pushing for big wage hikes in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africans under 35 are increasingly opting to buy sectional title properties and crossover vehicles, new data from analytics firm Lightstone shows.<\/p>\n","protected":false},"author":10,"featured_media":502575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,7421],"class_list":["post-607684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-lightstone"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/607684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=607684"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/607684\/revisions"}],"predecessor-version":[{"id":607702,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/607684\/revisions\/607702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/502575"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=607684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=607684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=607684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}