The prices in real estate in Howick, in the Kwazulu-natal region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Howick has had a strong decrease during the last 6 months. In October, the average price per m² was R 11 059. In November this price pretty much remained the same at a value of R 11 500 per m². The price for the following two months in (December, January) had a considerable decrease of 78 with regard to the prior two months. The price per m² has decreased 88 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of R 10 037,25 to R 8 866 during February, and March.
Based upon to the price in Howick (cities & towns), these have remained the same in the last 6 months. The price in October is R 2 475 038, rising in November till R 2 612 738. In the following two months the average price has remained the same with regard to the previous two months from R 2 543 888 to R 2 520 571. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 85 %, going from R 2 532 229,5 to R 2 161 535,5 in February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 2 113 732 they are 44 % more affordable than the average price for Howick. The properties with the highest average price have 4 bedrooms, Their price is 34 % more costly than the average. After that we have properties with 3 bedrooms priced at R 2 414 500.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 2 746 / m², with an average R 9 305 / m² price in Howick. The properties with the highest average prices have 1 bedroom. They are 84 % more expensive than the average followed by properties with 2 bedrooms with a price at R 13 200 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 2 113 732 it is 68 % cheaper than the average price in Howick. "Apartment" is seen as the second most affordable property type. The dearest property type is "House" followed by "Townhouse". At a price of R 1 927 500 it is 4 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House" at an average cost of R 6 461 / m² followed by "Townhouse" priced at R 13 058 / m². "Flat" is the most costly type of property with a R 1 480 442 / m² cost followed by "Land" with an average price of R 677 786 / m².