We’ve spoken at length about homebuying trends among South Africa’s newest homebuyers, Gen Z, but less attention has been paid to one of the most influential forces in today’s property market: millennials.
The Rising Influence of Millennial Homebuyers
Born between 1981 and 1996, this more established cohort accounts for roughly 30% to 42% of the market, according to Lightstone. Most millennial buyers are investing in urban areas, where access to employment opportunities and lifestyle amenities align with their preferences and priorities.
However, despite their growing presence, in a tough economic climate, many millennials are still grappling with affordability issues and have often been labelled the ‘renter generation’.
But this narrative is beginning to shift. According to Ooba Home Loans, both first-time and repeat homebuyers are getting older, with the average first-time buyer now aged 35, and repeat buyers closer to 40, indicating that a significant portion of millennials may now be entering the property market in greater numbers.
In addition, as interest rates continue to stabilise and more millennials enter their peak earning years, many are shifting from renting to buying in search of stability, wealth creation, personal freedom and family-friendly living.
Catering to Millennials’ Homebuying Preferences
For those selling and looking to appeal to this generation, here’s an easy checklist of general preferences:
Adapting to Millennial Priorities in the Property Market
As they enter their prime earning years and seek greater financial stability, millennials’ presence in the property market is growing and with it, their influence.
For sellers and developers, understanding what drives this generation’s decisions is key. Affordability, functionality, sustainability and lifestyle-oriented features are not just preferences – they’re major priorities.
What are your thoughts? Share your experiences as a millennial homebuyer in the comments below!
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