The prices in real estate in Randfontein, in the Gauteng 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 Randfontein has had a strong decrease during the last 6 months. In October, the average price per m² was R 5 293. In the following month the price per m² decreased to R 4 970. The price for the following two months in (December, January) had a considerable decrease of 62 with regard to the prior two months. The price per m² has had a considerable deflation of 58 % 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 4 159,25 to R 2 432,5 during February, and March.
Based upon to the price in Randfontein (cities & towns), this has gone up in the last 6 months. In our first sample month during October, the average price is R 1 079 520. In November This price remains at R 1 123 063. During the following two months (December, January) the price has had an average incrementation from R 1 101 291,5 to R 1 183 406. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of R 1 142 348,75 and R 1 126 886,5 between 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 1 113 948 they are 71 % more affordable than the average price for Randfontein. The properties with the highest average price have 4 bedrooms, Their price is 31 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 161 831.
With regard to the average price per m² , those properties with 4 bedrooms are the most costly ones at a cost of R 2 725 / m², with an average R 2 393 / m² price in Randfontein. The properties with the highest average prices have 2 bedrooms. They are 193 % more expensive than the average followed by properties with 1 bedroom with a price at R 6 717 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 113 948 it is 57 % cheaper than the average price in Randfontein. "Apartment" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "House". At a price of R 1 262 565 it is 447 % more expensive than the average price.
According to the average cost per m², the most expensive property type would be "House" at an average cost of R 3 014 / m² followed by "Flat" priced at R 5 725 / m². "Farm" is the most costly type of property with a R 6 096 390 / m² cost followed by "Apartment" with an average price of R 8 247 / m².