What SA residential property buyers are looking for and why sellers are selling - 2023 vs 2024

1. Residential buyers’ wish list - what buyers are looking for

According to Lightstone, lifestyle and amenities, and security, top the wish list of home buyers – but the categories have traded places, with 33% (25% in 2023) saying lifestyle and amenities were most important with security next at 19% (33% in 2023). Working from home remained constant at 19% while buy-to-rent has nearly doubled from 6% to 11%.

Green features (solar, alternative energy and water supplies etc.) have during 2024 increased slightly to 16% - up from 15% in 2023.

2. Why are sellers selling? Sellers’ reasons for moving on.

Downscaling property size because of lifestyle changes, was the main reason for sellers wanting to move on during 2023 (21%) and during 2024 (22%).

The 2 other biggest reasons for people selling their residential properties in South Africa, was by downscaling due to financial difficulties (16% - down from 20% in 2023) and relocating to another province (16% - down from 19% in 2023).

Relocating to another city or town (11%) or moving closer to certain amenities (e.g. closer to work, school or universities etc.) formed 10% of all sellers – both remained on exactly the same levels between 2023 and 2024.

Sellers emigrating dropped from 16% (2023) to 9% (2024).

Sellers upscaling – that is buying a larger property due to lifestyle changes, increased from 5% (2023) to 8% (2024).

For more information about the reasons residential property sellers have traditionally been selling in South Africa, please follow the link to the article: 5 Questions Property Sellers Need To Ask Themselves Before Calling An Estate Agent . The article delves into triggers which forces sellers into a property sale by one of their lifecycle stages or lifechanging events - the so-called "9 D's".