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.

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