Racial Transformation of the highly-traded former “Suburban” areas continued through 2013, reflective of steady labour market racial transformation.
Racial transformation of all areas of the economy has been high on the policy agenda over the past 2 decades. In order to track how the residential property market is doing in this regard, a question is included in the FNB Estate Agent Survey regarding the racial composition of home buying in the highly traded suburban areas that were once classified as “White” areas back in the Apartheid era.
Once again, the 4 quarterly surveys done in 2013 showed further progress in this racial transformation, it would appear. Significantly, 2013 was the 1st 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% of the home buyer population, to be exact an estimated 48.5% of total buyers. This now starts to represent a significant cumulative shift from the 57% estimate of 2005 when this survey question started.
In contrast, the group classified as “Black” under former Apartheid Era classifications has seen its estimated percentage of total suburban buyers rise from 23% in 2005 to 31% in 2013 according to the respondents, further up from its 29.5% recorded in 2012.
The 2 previously-disadvantaged minority groups, namely the “Asian” and “Coloured” groups, by comparison, have seen their percentages remain relatively stable over the period recorded. The Asian percentage was 8% in 2005, and rose mildly to 8.5% by 2013, while