Latest news with #R1.3m
The Citizen
a day ago
- Business
- The Citizen
Young buyers enter property market smarter, later, and on their own terms
Young buyers enter property market smarter, later, and on their own terms YOUNGER property buyers are becoming more strategic in how they approach property ownership, including those in the Upper Highway area and the eThekwini region, in general. This is the perspective of property consultants at Harcourts Upper Highway, director Harwieg du Rand and Michelle Carrie Seaton, who were commenting on Lightstone data which shows that South Africa's younger property buyers may be entering the property market later, but they are doing so on their own terms. Based on Du Rand and Seaton's experience, the trends highlighted in the Lightstone data definitely resonate with what they have observed on the ground. 'Younger buyers, especially in the 25–35 age bracket, are becoming more strategic in how they approach property ownership. While affordability and interest rates remain a concern, we're seeing a rise in creative solutions such as joint bonds between friends or siblings, the popularity of lock-up-and-go apartments with minimal maintenance, and a strong desire for lifestyle-aligned locations, even if it means compromising on space,' said Du Rand. Seaton said digital platforms have also played a massive role in giving this cohort more confidence and autonomy during the home buying journey. Seaton said the average age of first-time buyers, nationally, has moved upward in the past decade, with 36 years being the average age of a first time buyer. She added that a lot of property buying activity was observed among those aged 33-43. 'BetterBond and ooba data suggest it may be as high as 37 years in 2025. Some of MyProperty Home Loans findings quote an average of 39 years, reflecting increasing older-age entries into the market,' said Seaton. Seaton added that first‑time buyers in the 20-35 age bracket accounted for around 30% of last year's transactions, of which 69% were first‑time buyers. On the average spending by young buyers aged between 20-35, Du Rand said Lightstone data showed that this age bracket paid an average of about R999 000 for a property in 2024, whilst first-time retirees averaged R730 000. 'Those under 35 showed a trend of paying more. In 2023, 36 % paid between R1m and R3m, up from 29 % in 2018. Buyers aged between 31 and 40 had average home prices around R1.3m. 'For first-time buyers generally, of all age groups, in early 2025 the average purchase price nationally was approximately R1.264m, with deposits averaging 10.4 %, between R120 000 and R150 000. MyProperty numbers show R1.215m with bonds around R1.55m and deposits averaging R352 000 in early 2025,' said Du Rand. Also read: Tools for property investors According to Du Rand and Seaton, the Upper Highway area, which includes Hillcrest, Kloof and Gillitts, has seen a growing number of gated-estate residential communities, with higher-end retail infrastructure. 'Market pricing here is generally above national averages, given the estate-based developments, higher-value homes, and affluent demographic, so it's reasonable that young buyers in Hillcrest, Kloof likely pay at or above the R1m to R1.3m range if purchasing there. 'The average first‑time buyer age in this region is likely aligned with or possibly slightly above the national average, that is mid-to-late 30s, given typical income and property values,' said Seaton. Du Rand said Hillcrest and Kloof are known for premium residential estates with properties that often exceed national averages. 'Young buyers entering these areas often must budget for significantly larger deposits, and for higher bonds,' said Du Rand. Here is a table provided by Du Rand and Seaton: Metric National Trend (2024–2025) Likely in Hillcrest/Kloof Avg age, first-time buyers ~36–37 yrs (range mostly 33–43) Mid‑30s to ~40 (due to higher affordability requirement) Spend by 20–35‑year‑olds ~R999 000 avg (with many between R1m–3m) Likely ≥ R1 m–1.3 m or higher General first‑time purchase ~R1.2 m–1.3 m avg Likely on higher side of that spectrum Meanwhile, according to the data sourced from Lightstone, buyers aged 20-35 accounted for almost a third of all residential property transactions in 2024. It was also found that while affordability and high interest rates have caused some delays, this cohort is still a major force in the market, driving nearly 70% of bond approvals in recent months. For more from Northglen News, follow us on Facebook , X or Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Click to subscribe to our newsletter – here
The Citizen
3 days ago
- The Citizen
Polokwane car scam: Man drives off in R1.3m Ford Raptor
POLOKWANE – The Limpopo Hawks have arrested a 27-year-old man in Groblersdal in connection with a multi-million rand vehicle fraud case dating back to April 2023. According to the Hawks' provincial spokesperson Warrant Officer Lethunya Mmuroa , the arrest was made on Saturday (July 26) by members of the Hawks' Serious Commercial Crime Investigation Unit (SCCI), the Hawks' Serious Corruption Investigation Unit and the Sekhukhune Tracing Team. Mmuroa said the suspect allegedly applied for vehicle finance through WesBank using forged documents, including a bank statement and a payslip, as requested. The application was approved and the suspect, accompanied by two men, collected a Ford Ranger Raptor valued at over R1.3m from a dealership in Polokwane. 'The accused failed to make payments and the bank tried to contact him without success. WesBank conducted a forensic audit and noticed that the accused used fraudulent documents during his application. The matter was reported to the SCCI in Polokwane for assistance,' his statement read. Mmuroa said an investigation led to the arrest of the first accused on January 2, 2024, while further investigations revealed the 27-year-old suspect assisted in orchestrating the fraud and helped collect the vehicle from the dealership. 'The suspect appeared before the Specialised Commercial Crimes Court in Polokwane today.' The provincial Hawks head Major General (Adv) Gopz Govender welcomed the arrest of the suspect and is confident that the SCCI team will crack the case.
The Citizen
15-05-2025
- General
- The Citizen
Durban North babies and carers need temporary shelter
THIS winter the sounds of construction will replace the usual lullabies at The Domino Foundation's Babies' Home in Durban North. The facility at 127 Adelaide Tambo Avenue is set to undergo extensive renovations starting in May, including a full roof replacement, prompting a temporary relocation for its young residents and caregivers. Also read: Briardene organisation opens the doors to education House mother Precious Thabethe, who oversees the home, said the renovations mean the house won't be safe for the children or staff for the next three months. 'We're incredibly grateful to the community – thanks to their generosity the R1.3m needed for the project has been raised. Now we just need to find a temporary home for our family,' she said. The home houses eight babies and toddlers, along with two staff members on duty at all times. The team is urgently seeking a temporary, child-friendly residence in or near Durban North to minimise disruption to the children's schooling and routine. 'We're looking for a large, unfurnished home, ideally with four bedrooms, or three bedrooms and a separate cottage. It's important that we remain close to our current location. The children attend a local pre-primary, and Precious' own children go to school nearby. Being within reach of our network of volunteers and supporters is essential,' said Natalie Ogden, justice co-ordinator at The Domino Foundation. Community members who can assist or know of a suitable property are encouraged to contact Ogden via email on justice@ or call The Domino Foundation office on 031 110 0730. For more from Northglen News, follow us on Facebook , X or Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Click to subscribe to our newsletter – here At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
04-05-2025
- The Citizen
Dagga worth millions seized in Mpumalanga
Two consignments of dagga worth R2.1m were recovered in two separate incidents in Mpumalanga on April 30. In Chrissiesmeer, dagga weighing 381kg estimated to be worth R800k was found in a suspicious Toyota Hilux with Gauteng registration plates. The bakkie was travelling on the R33 at about 03:45 that day. A provincial police spokesperson, Brigadier Donald Mdhluli, said the driver refused to stop, which resulted in a police chase. Once the driver pulled over, 64 small packets and 24 bigger packets of dagga were found in the back of the bakkie. Mdhluli said the driver is a 33-year-old eSwatinian man and he was charged with dealing dagga. In Hazyview, the police were tipped off about another Toyota Hilux with Mpumalanga registration plates transporting dagga on the R40 between White River and Hazyview at approximately 09:30 on April 30. Mdhluli said the vehicle was stopped and searched. Sixteen bags of dagga weighing about 320kg and with an estimated street value of R1.3m were found inside the bakkie. ALSO READ: Mozambican national sentenced to 20 years for poaching in Kruger National Park The driver and the passenger were arrested immediately. Both consignments were confiscated for investigation. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
