The rent prices in real estate in Wellington, in the Western Cape region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per m² in Wellington has risen strongly during the last 6 months. In November, the average price per m² was R 72,39. In the following month the price per m² rose considerably to R 87,48. In the following two months the price per m² has risen 108 %, going from R 79,93 to R 86,28 per m². The price per m² has risen 111 % 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 83,11 to R 92,5 during March, and April.
When referring to the price in Wellington (cities & towns), this has fallen in the last 6 months. The average price during our first sample month during November, is R 29 886. During December the price went through a considerable rise reaching R 51 000. During the following two months (January, February) the average price had a considerable fall of 77 % 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 35 811 to R 8 632,5, which means a 24 % 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 8 780 they are 11 % more affordable than the average price for Wellington . The properties with the highest average price have 3 bedrooms, Their price is 22 % more expensive than the average. After that we have properties with 4 bedrooms priced at R 10 551.
With regard to the average price per m², those properties with 3 bedrooms are the most affordable ones at a cost of R 57 / m², with an average R 98 / m² price in Wellington. The properties with the most affordable average prices have 1 bedroom. They are 4 % more affordable than the average followed by properties with 2 bedrooms with a price at R 93 / m².
The graph displaying the average rent prices displays the property type "Land" as the most affordable one. At an cost of R 8 780 it is 22 % more affordable than the average price in Wellington. "Flat" is seen as the second most affordable property type. The most expensive property type is "Townhouse" followed by "House". At a price of R 10 551 it is 219 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Land" at an average price of R 58 / m² followed by "Flat" priced at R 68 / m². "Townhouse" is the most expensive type of property with a R 28 003 / m² value followed by "House" with an average price of R 79 / m².