Blacks buy more suburban homes

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PropertyTwo Independent Newspapers. Photo: Leon Nicholas.

Johannesburg - Black South Africans have bought more suburban homes in the past year than their white counterparts, an FNB Estate Agent survey stated on Monday.

“... 2013 was the first year in the history of this survey question, dating back to 2005, in which the so-called 'white' group was estimated to have made up less than 50 percent of the home buyer population,” FNB's household and property sector strategist John Loos said in a statement.

Loos said the number of white buyers were estimated at 48.5 percent.

They were previously at 57 percent in 2005.

Black South Africans made up 31 percent of property buyers in 2013, which had risen from 23 percent in 2005.

“Firstly, employment equity legislation has to be one key driver of more rapid growth in previously disadvantaged group numbers entering the labour market, and thus it has been well documented over the years that disposable income growth in these groups has been growing at a faster rate than in the white population group,” Loos said.

The ageing of the white population contributed to the pace of people exiting the market which was accelerating over time, he said.

The Asian percentage had risen mildly to 8.5 percent in 2013

from 8 percent in 2005, while the coloured group stayed unchanged at 12 percent in 2013 from 2005, Loos said. - Sapa

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