The prices in real estate in Goodwood, in the Western Cape 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 Goodwood has had a strong decrease during the last 6 months. In October, the average price per m² was R 13 550. In the following month the price per m² decreased to R 12 580. The price for the following two months in (December, January) decreased 85 % with regard to the prior two months. The price per m² has had a considerable deflation of 84 % 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 12 088 to R 10 199 during February, and March.
Based upon to the price in Goodwood (cities & towns), this has gone up in the last 6 months. In our first sample month during October, the average price is R 1 679 150. In November This price remains at R 1 687 912. During the following two months (December, January) the price has had an average incrementation from R 1 683 531 to R 1 777 727,5. Based on an analysis of the first four prices and the last two months the average price has gone up 111 % 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 1 882 662 they are 66 % more affordable than the average price for Goodwood. The properties with the highest average price have 4 bedrooms, Their price is 19 % more costly than the average. After that we have properties with 3 bedrooms priced at R 2 214 286.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 7 967 / m², with an average R 10 383 / m² price in Goodwood. The properties with the highest average prices have 2 bedrooms. They are 50 % more expensive than the average followed by properties with 1 bedroom with a price at R 15 077 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 882 662 it is 55 % cheaper than the average price in Goodwood. "Apartment" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Land". At a price of R 5 223 397 it is 486 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Commercial" at an average cost of R 4 142 / m² followed by "House" priced at R 6 441 / m². "Land" is the most costly type of property with a R 17 553 / m² cost followed by "Apartment" with an average price of R 15 974 / m².