Women are dominating the township property market, making up 55% of all buyers. Picture: Freepik
Women make up 55% of all buyers in townships such as Protea Glen in Soweto; Soshanguve which is north of Pretoria; and Mitchell’s Plain in Cape Town.
This is according to BetterBond’s data for January to May 2024.
More than half of these buyers were between the ages of 30 and 39. The 30 to 39 age cohort recorded the most transactions for homes of over R1 million.
Bradd Bendall, head of Sales, BetterBond said: “Many women buyers in townships are young professionals or single mothers investing in a family home. In line with this profile, these women also spend more on their township properties.”
According to Bendall, there has been renewed demand for home in townships as these areas offer a range of affordable property options as well as access to an array of formal and informal economic opportunities.
Registration data from BetterBond shows that women dominate the township market, however, there has been a general dip in buyer activity across the board.
Nationally, the number of women buyers decreased by more than 50%, according to data from BetterBond..
Factors that have had and impact on buyer activity for women include sustained high interest rates and other cost-of-living increases.
“After more than a year of high interest rates, women buyers are showing signs of financial strain and we are seeing a dip in bond registrations by women,” Bendall said.
“However, with indications pointing to an imminent drop in the prime lending rate, this activity may pick up again towards the end of the year.”
While women are currently buying comparatively fewer homes than in previous years, women still make up a large number of property owners in SA.
The value of women-owned property stock is higher than their male counterparts’ portfolios this is partly because, as Lightstone has reported, more women bought property on their own than men or married couples in recent years.
The latest Absa Homeowner Sentiment Index shows an increasing trend of single women applying to purchase homes than men. Many of these buyers are young, black females.
Bendall said that buyer feedback reported by the index shows that younger women wanted to buy property as an investment, for financial security or because there is more value in paying off their own bond than someone else’s rent.
“As the interest rates are expected to drop later this year, we can expect increased activity from this important segment of the housing market,” Bendall said.
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