The younger, upwardly mobile generation favour residential property in Durbanville
Category News
Talking to the Durbanville Business Forum recently, Rowan Alexander, Director of Alexander Swart Property, said the vast majority of Durbanville residents have not yet realized a paradigm shift is under way in the 'profile' of Durbanville: a precinct which had long been regarded as an upmarket residential area for older and retired people, is rapidly changing to become an 'in-spot' for younger, upwardly mobile people. This trend he added, will be enhanced when the new independent university beginsto take in students in 2022.
Alexander used a PowerPoint presentation to pose a series of questions to those present. Questions were related to recentstatistics revealed by Lightstone property analysts. In almost every case inaccurate answers were given, indicating that business leaders have not fully awoken to the growing prestige of the area and transformation taking place on their doorsteps.
The most revelatory statistic which Alexander quoted, referred to the age of recent buyers. Lightstone reports that 41% have been under the age of 35 - a huge influx considering that among the longer staying owners, only 9% are in this age group.Similarly, 23% of current owners are pensioners: 65 or more years old, but only 7% of recent buyers fell into that category. "The perception of the general public is that Durbanville is inhabited by old people - but this is no longer the case," said Alexander.
Alexander added that Lightstone calculate the average household income in Durbanville to be between R80,000 and R100,000 per month. As prices remain high, it can be assumed that the younger generation moving into the area are also in this income range.
The total value of Durbanville residential properties sold in the last 12 months, said Alexander, stands at R3,8 billion. Freehold properties still comprise the largest number (9,722 or 39,09%), but freehold properties in estates are a very fast growing section (8,831 or 35,51%). Sectional title units in estates comprise 8,54% of the total and other sectional title units 16,8%. 1,798 residential properties were sold in the last 12 months (some 12% of the total) indicating that the sales momentum in Durbanville remains high. This is an area in which people, especially the upwardly mobile younger generation, feel confident, said Alexander.
Author: Independent Author
