Big Bay, a popular suburb amongst the 50-64 age group, with an increase in the number of younger families moving into the area (36-49 years old). This is further backed by the latest buyer statistic which reflects that this trend continues. Discover the evolving property landscape of Big Bay with our latest property statistics:
- 2020: 43 properties sold with an average selling price of R4,300,000.
- 2021: 85 properties sold with an average selling price of R4,027,000.
- 2022: 94 properties sold with an average selling price of R4,350,000.
- 2023: 62 properties sold with an average selling price of R5,300,000.
- 2024 (YTD): 11 properties sold with an average selling price of R5,330,000.
What are the important pointers from the above data as "take-homes" for any prospective buyer looking to invest in this area? The data above reflects the following remarkable trends over the past 5 years:
- From 2020 to 2023, property values steadily increased, reaching a peak in 2023
- Despite a slight decrease in the number of properties sold in 2023, the average selling price surged significantly reflecting that this is becoming a more sought-after area and sound property investment with impressive returns
- In 2024, we continue to see growth, with both the number of properties sold and the average selling price experiencing an uptick - important to note is this data is only based on the 1st quarter of 2024 and is set to trend in a similar line to that experienced in 2023, proving this area is a stable market
Remarkable Insight: The average selling price in 2024 reflects a staggering 24% increase compared to 2020, underlining the robust appreciation in property values within Big Bay.
How old are property owners in Big Bay? The majority of property owners in Big Bay fall within the age range of 50 to 64 years old, with the second-largest demographic being between 36 and 49 years old.
Based on available data, the age distribution of property owners in Big Bay indicates a significant portion between 50 and 64 years old, followed closely by individuals aged 36 to 49 years old. This demographic insight provides valuable information about the age profile of property owners in the area.
Stay tuned for further updates on Big Bay's thriving real estate market!
Jacqui and Jen