The online, fixed-fee real estate model is attracting young buyers, many of whom are first-time owners, says Richard Day, chief executive of Eazi Real Estate.
“At present we are finding the median age of our buyers is young, at 33 years, and 60% are couples. It’s not surprising that younger buyers have taken to the online, fixed-fee model of selling and buying.
“Naturally a significant number in this age category are first-time buyers. We are also seeing a good number of investors in areas such as the Cape Town CBD and Bellville in the northern suburbs due to the strong demand for rental property.”
He says Bellville is a good investment location due to the high number of students and hospital staff, while the Mother City’s CBD enjoys ongoing demand from tenants across all ages.
“The market below R2.5 million is selling well, not only in sought-after areas such as Harfield Village in Cape Town’s southern suburbs, but also older stock in other areas that have experienced lower levels of buyer demand.