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South Africa’s property market struggled in 2023, mainly due to high borrowing costs, but those who managed to buy a property this year chose Gauteng – home to four out of the top five suburbs based on transaction volumes.
This is according to Lightstone’s latest data, wrapping up the property market statistics for 2023. The report highlighted the challenging year home buyers, owners, and Estate Agents had over the past 11 months.
The data showed approximately 240,888 property transfers were valued at R257 billion in 2023 – a 29% decline from the 340,682 transfers recorded in 2022 at R345 billion.
It further noted that this decline had been across the board in terms of repeat and first-time buyers. First-time buyers purchased an estimated value of R75.5 billion, while repeat buyers purchased R182.3 billion worth of property – a 28% and 24% decrease, respectively, compared to 2022.
FNB’s latest property barometer also noted the strain on first-time buyers, highlighting that younger buyers have become more despondent, reflecting the disproportionate impact of subdued economic activity and high interest rates on younger individuals.
Its market strength indices also showed both demand and supply in negative territory after a tough 2023.
Despite the decline in buying activity, Lightstone asked Estate Agents what buyers in 2023 look for when purchasing a home.
According to the data, 33% of homebuyers rated security more than anything else, followed by lifestyle benefits and access to amenities (25%) and space to work from home (19%) – with alternative energy sources only ranking 4th (15%).
Most popular suburbs for home buyers in 2023
Lightstone also highlighted the suburbs, which saw the highest volume of transactions over the past year.
The top four – Impumelelo, Bryanston, Sky City, and Waterkloof Ridge – are in Gauteng and ranked at the top of the list, while another three Gauteng suburbs ranked in the top 10.
Sitari and Sea Point in the Western Cape ranked 5th and 8th, respectively, while Bendor in Limpopo ranked 7th.
The suburbs which sold the most houses in South Africa in 2023 are listed in the table below.
| # | Suburb | Province | Volume of transactions |
|---|---|---|---|
| 1 | Impumelelo | Gauteng | 2 121 |
| 2 | Bryanston | Gauteng | 907 |
| 3 | Sky City | Gauteng | 822 |
| 4 | Waterkloof Ridge | Gauteng | 724 |
| 5 | Sitari | Western Cape | 694 |
| 6 | Lotus Gardens | Gauteng | 678 |
| 7 | Bendor | Limpopo | 670 |
| 8 | Sea Point | Western Cape | 666 |
| 9 | Erand Gardens | Gauteng | 658 |
| 10 | Jabulani | Gauteng | 634 |
Read: The top holiday home hotspots in South Africa
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