By Roxanne James | From Property Showrooms

The young professional demographic in South Africa has expanded to the degree that more young people are in a position to buy their first home much earlier than their peers a couple of decades ago.

The increase in first time buyer activity in South Africa, particularly within commuting distance of cities is having a positive effect on the country’s property markets.

Recent research shows that in 2012, 23% of buyers in South Africa were from the younger age group, comparing with 15% in 2008. First time buyers are looking for small houses, townhouses or a sectional title unit close to work and other amenities and with low maintenance a priority.

South Africa’s property market has achieved stability in recent months after almost overheating, as prices rose in response to increasing demand. Experts believe that the slight slowdown of price growth seen recently is due in large part to an underperforming economy.

The latest House Price Index released by South Africa’s First National Bank (FNB) also implies slowing growth with average house prices for April recording an increase of 5% year-on-year which is marginally lower than 5.2% seen in March. The FNB commented that this is in line with the continued slowing year-on-year price inflation trend of recent months.

One area that is proving particularly popular among young professionals is Kempton Park in the province of Gauteng, a suburb to the north of Johannesburg. Estate agents say Gauteng has some of the most luxurious homes, found in both the City of Johannesburg and Ekurhuleni Metropolitan Municipality. First-time buyers are attracted by the area’s close proximity to Johannesburg, South Africa’s largest city and Pretoria, the administrative capital.

Read more at Property Showrooms