The rent prices in real estate in Newcastle, in the Kwazulu-natal region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per m² in Newcastle has had a strong fall during the last 6 months. In October, the average price per m² was R 67,45. In the following month the price per m² fell to R 59,58. The price for the following two months in (December, January) had a considerable fall of 61 with regard to the previous two months. The price per m² has risen 113 % 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 51,03 to R 57,42 during February, and March.
When referring to the price in Newcastle (cities & towns), this has fallen considerably in the last 6 months. The average price during our first sample month during October, is R 37 119. During November the price went through a considerable rise reaching R 57 400. During the following two months (December, January) the average price had a considerable fall of 71 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from R 40 370,75 to R 11 000,5, which means a 27 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of R 10 188 they are 51 % more affordable than the average price for Newcastle . The properties with the lowest average price have 3 bedrooms, Their price is 1 % more affordable than the average. After that we have properties with 2 bedrooms priced at R 6 794.
With regard to the average price per m², those properties with 4 bedrooms are the most affordable ones at a cost of R 48 / m², with an average R 53,01 / m² price in Newcastle. The properties with the most expensive average prices have 1 bedroom. They are 74 % more expensive than the average followed by properties with 2 bedrooms with a price at R 57 / m².
The graph displaying the average rent prices displays the property type "Land" as the most affordable one. At an cost of R 10 188 it is 40 % more affordable than the average price in Newcastle. "Flat" is seen as the second most affordable property type. The most affordable property is "Commercial" followed by "House". At a price of R 6 313 it is 33 % more affordable than the average price.
According to the average cost per m², the most affordable property is "Land" at an average price of R 18 / m² followed by "Flat" priced at R 33 / m². "Commercial" is the most expensive type of property with a R 2 055 / m² value followed by "House" with an average price of R 48 / m².