The report highlighted that South African consumers are confident in the future of residential property, with sentiment climbing to 87% in the final quarter of 2024.<\/p>\n\n\n\n
Additionally, 77% of respondents said they were confident in buying rather than renting, up 4% from the previous quarter, driven by the belief that it is more beneficial to own a home than rent one.<\/p>\n\n\n\n
\u201cThese levels recorded are the highest in a decade with the dominance of first-time buyers in the market relative to other segments and an ongoing trend,\u201d the report said.<\/p>\n\n\n\n
Focusing on repeat buyers, the report flagged that there is still notable movement in homeowners selling and buying in another province, with the semigration trend still in full swing. <\/p>\n\n\n\n
“Homeowners who sell their current property and buy in another province continue to choose Western Cape,” it said. <\/p>\n\n\n\n
However, the report added that this subgroup of repeat buyers moving to the Western Cape is predominantly from Gauteng.<\/strong><\/p>\n\n\n\n Absa noted that the Western Cape’s net inward migration of homeowners increased year-on-year by 22.5% for the full year 2024.<\/p>\n\n\n\n Lightone’s data echoes this trend. Its 2024 property report shows that 1 in 4 homeowners selling and buying a new home move to another province.<\/p>\n\n\n\n “Gauteng and Western Cape dominate this trend, comprising 48% and 23% of the market, respectively,” it said. <\/p>\n\n\n\n Despite Gauteng participation in attracting some homeowners from other provinces, Lightstone’s data shows that this is tapering off. <\/p>\n\n\n\n “While Gauteng continues to attract repeat buyers, its retention rate has declined by 10% in recent years, whereas the Western Cape has seen a far more modest drop from 89% to 87%,” it said. <\/p>\n\n\n\n However, while some homeowners are moving away from Gauteng, others are leaving the Western Cape for different reasons. <\/p>\n\n\n\n Property experts have noted that those moving to the Western Cape are those looking for a better quality of life and services. These homeowners are high-income earners and affluent retirees.<\/p>\n\n\n\n Samuel Seeff, chairman of the Seeff Property Group, said<\/a><\/strong> that the Western Cape draws wealthier semigrants who are often prepared to invest substantial sums in high-end properties, particularly along Cape Town\u2019s Atlantic Seaboard.<\/p>\n\n\n\n He noted a massive demand for homes priced between R5 million and R20 million, especially among buyers seeking a combination of lifestyle, security, and prestige.<\/p>\n\n\n\n Cape Town, often seen as the jewel of the Western Cape, has been a focal point for semigration. However, affordability challenges are causing some residents to leave the city.<\/p>\n\n\n\n Gauteng, by contrast, continues to appeal to those seeking economic opportunities and value for money.<\/p>\n\n\n\n Johannesburg, in particular, is South Africa\u2019s most affordable major metro, with an average property transaction price of R1.2 million\u2014below the national average of R1.3 million.<\/p>\n\n\n\n According to property group Fine & Country<\/a><\/strong>, one of the main reasons behind the move away from the Western Cape is the reversal of the return-to-office culture. <\/p>\n\n\n\n \u201cWhile remote work surged during the pandemic, many companies are now moving towards hybrid or in-office work models,\u201d it said.<\/p>\n\n\n\n According to a survey by CareerJunction, nearly 60% of South African employers are adopting these changes, and many of the country\u2019s largest firms are headquartered in Johannesburg. <\/p>\n\n\n\n Additionally, the property group added that professionals realise that career progression and high-level networking are still centred in the city.\u00a0<\/p>\n\n\n\n \u201cFor many professionals, being close to head offices and leadership teams is essential for career growth. Johannesburg continues to be the hub for corporate decision-making,\u201d explained John Herbst, CEO of Fine & Country Sub-Saharan Africa.<\/p>\n\n\n\n Johannesburg\u2019s status as South Africa\u2019s economic powerhouse is another significant factor influencing the reverse semigration trend, with many searching for better opportunities. <\/p>\n\n\n\n This priority of affordability and job opportunity is particularly evident for young first-time buyers in the market.<\/p>\n\n\n\nTwo-way street <\/h2>\n\n\n
![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2025\/03\/Johannesburg-1024x576.jpg\")
<\/a>