select
|

Fochville’s up and coming property buyers

While consumers between the ages of 31 and 45 years old, also known as Generation X, have been the predominant property buying force in Fochville, younger generation buyers are also making their presence felt, says Willie Roeland, Broker/Owner of RE/MAX Style Properties, whose office operates in the Fochville area.

He notes that while the Generation X consumers represent around 38.71% of recent property buyers in Fochville, buyers aged between 18 and 35 years old account for 31.18% of recent buyers in the area. “The more established family buyers are leading the market in Fochville, but many younger buyers are eager to get into the market as soon as they can. They understand the fact that the market is changing to favour sellers and they need to take advantage of the market environment while they can,” says Roeland. “While the Generation X buyers tend to purchase freestanding family homes, the younger generation buyers are looking for homes that are less maintenance intensive, so opt for the lock-up-and-go type properties available on the market. One of the biggest challenges we are seeing at the moment is a shortage of property available to buyers, especially sectional title units because the large majority of homes in Fochville are freestanding properties.”

Roeland says that property in Fochville offers buyers good value for money, which may be why so many of the younger generation consumers are purchasing property in the area. He adds that of the properties sold between October 2013 and September 2014, around 44.6% were bought for under R400 000, while around 37.6% were sold for between R400 000 and R800 000. According to Roeland the average price of a freestanding home in the area is R586 000, while the average price of a sectional title unit is in the region of R504 000. “The area offers buyers the opportunity to purchase an affordable family home that will appreciate in value over the long term. While prices have performed rather erratically in Fochville over the past 10 years, they have seen a gradual upward trend,” adds Roeland.

As a mining and farming town, Fochville also has a large number of businesses that have bought property in the area over the last year. “Over the last 12 months the sales in our area have been fairly equally split between business buyers and those who are buying a primary residence. Many of the mines and businesses in Fochville purchase homes to house employees, while also gaining from the capital appreciation of the property as an asset to the business,” says Roeland.

Speaking about finance, Roeland notes that deposit requirements are still very much a reality in the current market. “On average buyers are expected to have a deposit of around 20% of the purchase price of the property in order to obtain a bond. Buyers are also required to have money saved up for other expenses such as transfer costs, legal fees and registration costs,” says Roeland.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that deposit requirements are not unique to Fochville. “Consumers across the country who have plans to purchase a property in the future will need to put money aside and prepare for the deposit and other costs associated with a property purchase,” advises Goslett.

Roeland concludes by saying that buyers who have access to finance will be able to find good value for money homes and take advantage of the current market conditions.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK