Baby boomers lead the Sedgefield property market

While Generation X buyers (adults between the ages of 31 and 45 years old) are the predominant property purchasing force in most parts of South Africa, the Sedgefield market has taken a slightly different turn, says Chris van der Merwe, Broker/Owner of RE/MAX Lakes, which services Sedgefield and the surrounding areas.

3 Bedroom House for sale in Sedgefield

“In Sedgefield it is the older generation baby boomers who are leading the market. As more and more consumers are reaching retirement age, we are seeing further resurgence in the local market as boomers between the ages of 47 and 65 years old make their presence felt. Most buyers over the last year have been above the age of 60 years old. Around 70% of the buyers in our area are pensioners, 20% are family buyers and the remaining 10% consists of young couples,” says Van der Merwe.

He notes that approximately 70% of buyers who have purchased property in Sedgefield recently have been cash buyers. “Many of the baby boomer buyers have built up equity in their homes over the years and have other investments, so are able to buy property with cash. While most other age groups are struggling to meet the bank’s lending criteria, many baby boomers are able to take advantage of the current favourable market conditions without waiting for a loan approval,” says Van der Merwe.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that many real estate agents in other regions of South Africa have baby boomer clients who already own property, but are looking to purchase an additional property for investment or retirement purposes. “Baby boomers are a very diverse group and cannot be described in generalities, but those boomers who are financially secure are actively seeking to buy property and they are taking advantage of the opportunities and value available in today´s market. Many of these buyers want to supplement their income with a property they can rent out or they are looking for the ideal retirement property in an area that provides lifestyle benefits,” adds Goslett.
Located along the picturesque Garden Route between George and Knysna, Sedgefield caters to the lifestyle requirements as well as the security needs of the buyers to area. According to Van der Merwe, approximately 20% of properties in Sedgefield are security villages. “Buyers in Sedgefield are eager to purchase property in estates and these kinds of properties are always in strong demand. For this reason they are generally excellent investment options and homeowners often see good returns over the long term,” says Van der Merwe.
He notes that the coastal town is ideally positioned with all amenities for medical and shopping purposes easily accessible. “The area’s well-priced properties and laid-back, rustic feel have made it a sought-after residential hub. There are no industries and the area is very safe. There are also a number of activities and features for residents to enjoy such as unspoiled beaches, lakes and recreational sports.  It is the perfect escape for people who want to get out of the fast-paced metropolitan city life and enjoy a more sedate lifestyle where quality overshadows quantity,” Van der Merwe concludes.

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