Growing trends are emerging showing how the desire to avoid being stuck in traffic, or to avoid the growing cost of using private transports, are heavily influencing property purchasing decisions. In South Africa this is especially true for cities such as Johannesburg and Cape Town.
Young buyers for example are more and more looking for homes in suburbs close to their workplace that are also surrounded by shops, restaurants and entertainment venues in order to have everything they need in a relatively concentrated area. If the younger generation is opting for a townhouse or an apartment that allows them to get to work easily and run errands at the same time, it’s mostly because this group of buyers is shunning away from the costs of private transport. With fuel prices 20% higher than they were in 2016 and with the cost of maintaining and insuring a vehicle also increasing year after year, it’s no wonder they are choosing to spend their money in a more cost-effective way.
Also trying their best to buy property with the clear intention of steering clear from traffic congestions, are families with children in which parents are either trying to avoid sitting in traffic while taking their kids to school, or parents who don’t want their children to spend hours commuting by bus or taxi.
For the property market this means a rise in demand for central suburbs and estate developments which are well supplied with schools and amenities, but that are also well connected with offices and businesses.
With the number of people choosing alternative lifestyle solutions to avoid traffic and transport costs it’s therefore clear that this growing need has to be addressed by developers and builders when selecting locations for new housing projects. This new trend will also automatically contributing to a boom in property value for all the areas within easy reach of stations or bus stops.