Starting from R875 000, these lifestyle apartments have been designed with millennial buyers in mind.
A new development in Linden boasting lifestyle apartments from an affordable R875 000 for a one bedroom apartment and R1 205 million for a two bedroom apartment, has been engineered specifically for millennial buyers.
Chris Hajec, Seeff’s MD in Randburg, says many developers these days have millennials in mind when they are bringing their products into the market.
“Age wise, many millennials (born 1980-2000) have just started to arrive at the age of the average first time home buyer in South Africa of 37 years old. They are reaching a time where finances are stable, job security is good and they are starting to recognise the good business sense and investment opportunity that resides in owning your own home.
First time home buyers, of which millennials are fast coming to dominate as a majority of the demographic, were about 26% of the total number of home buyers in Gauteng in 2017. We are in a market which currently offers a wide range of affordable options which millennials are rapidly purchasing”.
Hajec continues that FiftyFive Lifestyle Apartments, brought to market by Dawie Swart of Investicore, PTY Ltd., has from the onset focused on creating an environment appealing to the millennial thirty-something professional and investor. The apartments include the edginess of the soho loft style conversion, but with all the upmarket finishes homeowners’ today desire.
“Millennials crave the experience of suburbs that they have grown up in and love, but which as first time home buyers they can’t always afford. That’s why relatively affordable sectional title opportunities are so popular and why some of Randburg’s older suburbs are in the midst of a redevelopment boom.
That is also why a lot of marketing today is focused around millennial centric platforms, like bespoke landing pages on the web and social media campaigns with sophisticated demographic targeting.
In short, the age of the millennial in property has arrived and the options are so wide and varied that a little bit of financial prudence in saving for costs and deposits are all one needs to unlock the door to the exit from renting".
Hajec adds that the average first time home buyer property price is somewhere around R680 000 and that would explain the popularity of Randburg to millennials, as it is among the regions in Gauteng that could be characterised as the epicentre of an affordable entry level housing market boom.
Hajec concludes that FiftyFive on 55 Malibongwe drive boats 44 sectional title designer apartments which are scheduled for completion in mid-2018.
“All the apartments have modern open plan living spaces with upmarket finishes and fittings. A unique urban lifestyle with private gardens and spectacular views is also offered.
Other features include private walled gardens for ground floor apartments, covered balconies with views, DSTV and fibre ready points in all units, secure covered parking and state-of-the-art security with 24 hour manned security”.