More women buying houses between R3 million and R5 million

The Citizen

a day ago

This shows that the luxury market is rebounding, even during uncertain times.
Despite the South African property market remaining resilient, the country's economic climate is shaping trends in how individuals buy and sell homes.
Historically, men were the leading gender in buying property, but this is changing, with research showing women are dominating the first-time buyer segment.
Yael Geffen, CEO of Lew Geffen Sotheby's International Realty, said they have noticed more women buying properties since the easing of interest rates.
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She highlighted that activity is strongest in the R3 million to R5 million bracket nationally, though the Western Cape's sweet spot sits between R4 million and R10 million. This shows that the luxury market is rebounding, even during uncertain times.
Right time to buy houses?
Geffen said the country's property market is navigating a complex interplay of economic strain, shifting buyer behaviour, and regional disparities.
However, it is always time to buy a house for those willing to adapt, research and invest wisely.
'Property remains one of the most secure investments, but success hinges on understanding the market's nuances. Whether buying, selling or renting, realism and strategic planning are key.'
Houses staying on the market longer
She made reference to FNB's research that houses are staying on the market for an average of 12 weeks and one day before finding a buyer. Geffen said this suggests cautious optimism rather than sustained momentum.
'According to FNB, the average time homes spent on the market improved slightly in Q4 [fourth quarter] 2024, dipping to 11 weeks from 11.2 weeks in Q3 [third quarter]. However, by Q1 [first quarter] 2025, this figure had edged up again to 12 weeks and one day.'
She said economic pressure is a key factor for many people selling their houses. 26% of their sellers have cited financial strain as their reason for selling, a 3% increase from the third quarter of 2024.
On the bright side, she said this has led to more realistic asking prices, though for many, these adjustments are less a choice and more a necessity.
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Own what you can afford
Geffen said most of their sellers are opting to downsize their properties, with owning what they can afford as a guiding principle.
However, despite economic pressure, there has been growth in first-time buyers.
'Lightstone's data reveals a promising trend nearly 50% of first-time buyers are aged between 30 and 45, while those under 30 account for 14%. Encouragingly, there are now more first-time buyers under 45 than repeat buyers,' she added.
Geffen said they have noticed a rise in sectional title ownership. This could be due to security and lifestyle benefits fuelling demand for these types of properties.
'Buyers are increasingly drawn to lock-up-and-go convenience, making this segment a standout performer.'
Women's participation in property
Lightstone noted that women outnumber men as property owners in the country.
According to their research, in 2024, women-only buyers accounted for 2 154 000 (38%) of properties owned and co-own another 1 883 000 (33%) properties. Men-only owners account for 1 694 000 (29%) of all properties.
'However, while more women are buying property, they are doing so at lower values than men and couples.'
More women buying cars
Lightstone's data also revealed that women are paying 74% more for their new and used vehicles, on average, than they did in 2014.
'Lightstone's analysis of data shows the average price for a used vehicle financed by a woman buyer climbed from R172 600 in 2014 to R297 800 in 2024, while the average price of a new vehicle financed by a woman buyer leapt from R252 000 in 2014 to R440 000 in 2024 so far.'
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