Average first-time home buyer age rises to 37

THE average age of first-time home buyers in South Africa now sits at 37, when only a few years ago it was 33, says Bradd Bendall, BetterBond's national head of sales.

- GIVEN MAJOLA

The rapid increase in the age of first-time home buyers shows that potential buyers are now waiting longer to buy a home as they work on consolidating their finances before committing to bond repayments.

“Affordability is one of the reasons why many South Africans are taking longer to buy their first home, with many opting to rent until they are in a position to afford the hefty transfer duties associated with a bond,” Bendall said.

He says the shift in the average age of home buyers is the result of several interlinked factors, primarily centred around affordability and economic pressure.

Over the past few years, sustained high interest rates, increased living costs and rising property prices have made it harder for younger buyers to enter the market. As a result, Bendall said, many prospective buyers have delayed their first-home purchase to grow their savings and improve their creditworthiness.