The rent prices in real estate in Potchefstroom, in the North West 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 Potchefstroom has had a strong fall during the last 6 months. In October, the average price per m² was R 103,69. In the following month the price per m² fell to R 89,77. The price for the following two months in (December, January) had a considerable fall of 71 with regard to the previous two months. The price per m² has had a considerable rise of 116 % 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 82,7 to R 95,96 during February, and March.
When referring to the price in Potchefstroom (cities & towns), there have hardly been any changes in the last 6 months. The average price for October is R 6 341. During November the price had a slight fall till R 5 475. During the following two months (December, January) the price has had an average rise from R 5 908 to R 6 325,5. Based on an analysis of the first four prices and the last two months the average price has increased 107 % during the last two months.
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 6 043 they are 22 % more affordable than the average price for Potchefstroom . The properties with the highest average price have 4 bedrooms, Their price is 115 % more expensive than the average. After that we have properties with 3 bedrooms priced at R 9 307.
With regard to the average price per m², those properties with 4 bedrooms are the most affordable ones at a cost of R 17 / m², with an average R 104,82 / m² price in Potchefstroom. The properties with the most expensive average prices have 1 bedroom. They are 14 % more expensive than the average followed by properties with 2 bedrooms with a price at R 114 / m².
The graph displaying the average rent prices displays the property type "Apartment" as the most affordable one. At an cost of R 6 043 it is 16 % more affordable than the average price in Potchefstroom. "Farm" is seen as the second most affordable property type. The most expensive property type is "Commercial" followed by "House". At a price of R 8 677 it is 323 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Commercial" at an average price of R 35 / m² followed by "Land" priced at R 55 / m². "Townhouse" is the most expensive type of property with a R 3 095 / m² value followed by "House" with an average price of R 1 699 / m².