Gauteng: Where is Generation Y Buying?
Category Market News
Generation Y is a generational demographic cohort referring to individuals born between 1980 and 2000. And while many consider millennials to consist mostly of students, this group actually possess a lot of buying power in the property industry. As such, more and more members of Generation Y are buying their first homes in centrally located areas in proximity to employment opportunities.
With the demand for property consistently rising amongst millennial home buyers, on a national level, the Gauteng province is also experiencing a similar growth in this market. But where exactly is Generation Y buying their homes?
Recent statistics indicate that the following areas have experienced the highest volumes of millennial buyers, after Midrand, over the last year.
- Centurion: Recent Buyers (18 - 35) - 40.6%
- Johannesburg: Recent Buyers (18 - 35) - 33.8%
- Krugersdorp: Recent Buyers (18 - 35) - 21%
- Randburg: Recent Buyers (18 - 35) - 42.2%
- Roodepoort: Recent Buyers (18 - 35) - 43.1%
- Sandton: Recent Buyers (18 - 35) - 39.4%
Although, the highest number of millennials seem to be purchasing property in Midrand.
Why Midrand is a Millennial Hotspot
Midrand is rapidly developing into a key residential node, popular among a younger buyer demographic. With over half of all recent buyers in the area falling into the Gen-Y classification (50.9%), it is easy to see why so many people are snapping up Midrand properties.
One of the leading reasons why people decide to settle in Midrand is due to this area’s prime location. Named for being the midpoint between Sandton and Johannesburg, living in Midrand literally means living close to everything.
- 26.7 km from Johannesburg
- 16.5km from Sandton
- 32.8 km from Pretoria
- 35.2 km from Roodepoort
- 22.1 km from Centurion
- 25.9 km from Randburg
- 26.3 km from OR Tambo International Airport
Serviced by the N1, Pretoria Main Road (R101) and the M39, Midrand provides its residents with a multitude of convenient transport options including; air travel, car rentals, airport transfers, taxis, minibus taxis, trains and buses. This simplifies commutes to and from work.
In Midrand, there are many affordable neighbourhoods that make it easier for younger buyers to enter the property market. At present time the average asking price for a one bedroom home is roughly R872 534, while three bedroom properties are listed at approximately R1.9m.
Currently Available in Midrand is a lovely two bedroom apartment listed at a very competitive R850 000. Situated in a very sought-after estate, this ground floor unit is generously sized and perfect for a first-time property purchase. In close proximity to the N1 and surrounding office parks - this is the ideal home for someone who works in the area.
Midrand is home to a variety of exciting lifestyle activities and attractions that are enjoyed by residents over weekends and holidays. These attractions include shopping destinations such as the Mall of Africa and nature activities like Lory Park Zoo.
Midrand is a great place for your first property purchase for a variety of different reasons. If you are looking for property in the generation Y hotspot of Midrand or any of the other areas like Centurion, Johannesburg, Krugersdorp, Randburg, Roodepoort or Sandton contact RE/MAX Masters today and we will help you secure the home of your dreams.
Author: RE/MAX Masters