Today’s buyers are increasingly older, more affluent and more diverse, while first-time buyers face growing affordability constraints.
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Sentinel Homes says structural shortcomings have left the market unable to deliver sufficient housing stock, creating a backlog of demand and limiting buyer choice. Yet, despite rising interest rates, properties are spending less time on the market than usual, with limited stock driving brisk sales and defying typical market expectations.
Kriek says this is primarily a result of low stock: “Insufficient stock driving up prices means owners cannot sell their property for enough to buy a new home, so they are holding,” he says. “Current buyers, on average, are also likely to be older and more affluent than usual, meaning that economic shock such as inflation and rising interest rates will have a smaller impact on them and their decision to buy.”
If a property does list, those that do list are immediately snapped up by waiting buyers, creating the illusion of a thriving market.
The 2026 South African homeowner
A recent report from Lightstone on the under-35 segment, headlined Profile of young buyers change but numbers fall, also reveals how conditions have evolved across the market.
While the number of young buyers has declined compared to 20 years ago, age distribution data shows increased buying activity in the over-35 segment. This suggests that homeownership is being deferred until purchasers are better established financially and can afford current prices. It may also reflect the beginning of a cultural shift, with renting for longer becoming increasingly accepted.
Also, young black buyers have more than doubled in the last 20 years, says the report, while the number of young white buyers has dropped by a third.
“We’re seeing transformation at work as more black homeowners take their rightful place in the market,” says Kriek. “There is no reason why the demographics of property buyers should not reflect the general demograhpics of the country, whether relating to race, gender or age. To the extent that it may not, at a given time, we need to diagnose the impediment and clear it.”
Likewise, for the first time in 2026, the number of female-only buyers (34%) ranked higher than both male-female buyers (31%) and male-only buyers (33%). “This reflects the ‘houses before spouses’ ideology touted on social media, as young women—who traditionally take responsibility earlier than young men—are forging ahead with their lives and careers, no longer waiting for a male partner to catch up,” says Kriek.
What buyers are looking for
What type of properties buyers are currently considering depends very much on their financial status and lifestyle aspirations. However, Kriek says the trend towards sectional-title ownership shows no sign of abating. “This is especially true of first-time buyers who now almost overwhelmingly favour sectional-title properties,” he says.
This is understandable, as such properties offer amenities that would otherwise be unaffordable to own or maintain. They are not only more affordable than freestanding homes, but their benefits are also perceived to outweigh any drawbacks of communal living. They also provide an excellent stepping stone to freestanding homeownership.
That said, living spaces are becoming smaller every year, and Kriek says this trend is set to continue. As in countries such as the UK, buyers will increasingly seek properties that offer access to “third spaces”—such as bars, gyms, restaurants and other places to socialise outside the home.
Semigration?
Gauteng remains the largest net recipient of internal migration in South Africa, and it has held that title all along, even when semigration filled the headlines. The question is: who is moving there?
Property prices in Gauteng are not outpacing inflation, largely due to poor service delivery. This could change as promised structural reforms begin to bear fruit. Nevertheless, many people continue to migrate to the province in search of affordability, particularly as semigration has priced them out of their previous areas through higher property and living costs.
Generally, buyers remain cautious of KwaZulu-Natal and many homeowners have chosen to leave the province. “However, as far as the property market is concerned, it continues to putter along,” says Kriek.
The Eastern Cape is likely heading into some headwinds with the loss of automobile sector jobs, which is likely to impact its economy in the near term. This will have a downstream effect on its property markets as well.
Finally, the Western Cape property market remains strong. “Unfortunately, prices remain unaffordable, housing supply is not growing fast enough, there are simply not enough homes, and the situation is unlikely to change anytime soon,” says Kriek. “In such circumstances, buying as soon as possible should be the priority; otherwise, prices will continue to run away from buyers.”
In a nutshell
South African property buyers have changed significantly over the past two decades. They are older, more diverse, and face unprecedented challenges stemming not only from conflict in the Middle East but also from local economic uncertainty.
They face the dilemma of buying now before conditions worsen or waiting in the hope that they improve, with no clear answer in sight. At the same time, they are burdened by unaffordable home prices and a shortage of quality housing stock.
“The current South African buyer has more to consider and contend with than their counterpart 20 years ago,” says Kriek.