The prices in real estate in Vereeniging, 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 Vereeniging has had a strong decrease during the last 6 months. In October, the average price per m² was R 5 288. In the following month the price per m² decreased considerably to R 4 210. The price for the following two months in (December, January) had a considerable decrease of 58 with regard to the prior two months. The price per m² has had a considerable deflation of 59 % 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 3 760,75 to R 2 224 during February, and March.
Based upon to the price in Vereeniging (cities & towns), this has gone up in the last 6 months. In our first sample month during October, the average price is R 1 195 106. In November This price remains at R 1 246 475. In the following two months the average price has remained the same with regard to the previous two months from R 1 220 790,5 to R 1 261 579,5. Based on an analysis of the first four prices and the last two months the average price has gone up 109 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 347 350 they are 75 % more affordable than the average price for Vereeniging. The properties with the highest average price have 4 bedrooms, Their price is 47 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 094 041.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 1 492 / m², with an average R 2 178 / m² price in Vereeniging. The properties with the highest average prices have 2 bedrooms. They are 79 % more expensive than the average followed by properties with 1 bedroom with a price at R 3 328 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 347 350 it is 68 % cheaper than the average price in Vereeniging. "Apartment" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "House". At a price of R 1 370 582 it is 90 % 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 1 447 / m² followed by "Apartment" priced at R 2 420 / m². "Farm" is the most costly type of property with a R 2 555 615 / m² cost followed by "Land" with an average price of R 503 745 / m².