The prices in real estate in City Of Johannesburg Metro, 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 City Of Johannesburg Metro has had a strong decrease during the last 6 months. In December, the average price per m² was R 11 425. In January this price pretty much remained the same at a value of R 11 925 per m². The price for the following two months in (February, March) had a considerable decrease of 61 with regard to the prior two months. The price per m² has had a considerable deflation of 76 % 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 9 372,25 to R 7 116 during April, and May.
Based upon to the price in City Of Johannesburg Metro (cities & towns), this has gone downing the last 6 months. In our first sample month during December, the average price is R 1 799 486. In January This price remains at R 1 787 391. During the following two months (February, March) the average price fell 91 % with regard to the previous two months. 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 1 708 709,25 and R 1 669 182,5 between April and May.
The graph displaying the average price for bedrooms illustrates that those properties with 3 bedrooms are the cheapest ones. At a price of R 1 737 827 they are 19 % more affordable than the average price for City Of Johannesburg Metro. The properties with the highest average price have 4 bedrooms, Their price is 22 % more costly than the average. After that we have properties with 2 bedrooms priced at R 1 887 050.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 3 163 / m², with an average R 8 424 / m² price in City Of Johannesburg Metro. The properties with the highest average prices have 1 bedroom. They are 279 % more expensive than the average followed by properties with 2 bedrooms with a price at R 18 422 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 737 827 it is 55 % cheaper than the average price in City Of Johannesburg Metro. "House" is seen as the second most affordable property type. The dearest property type is "Apartment" followed by "House". At a price of R 1 482 787 it is 49 % 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 3 196 / m² followed by "Flat" priced at R 12 816 / m². "Apartment" is the most costly type of property with a R 22 143 / m² cost followed by "Flat" with an average price of R 12 816 / m².