The prices in real estate in Grahamstown, in the Eastern 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 Grahamstown has had a strong decrease during the last 6 months. In October, the average price per m² was R 9 729. In November this price pretty much remained the same at a value of R 10 093 per m². The price for the following two months in (December, January) had a considerable decrease of 82 with regard to the prior two months. The price per m² has had a considerable deflation of 24 % 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 9 033,5 to R 2 131 during February, and March.
Based upon to the price in Grahamstown (cities & towns), these have remained the same in the last 6 months. The average price for October is R 1 172 232. During November the price had a slight fall till R 1 001 553. During the following two months (December, January) the average price had a considerable increase of 119 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has gone up 108 % 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 1 370 000 they are 58 % more affordable than the average price for Grahamstown. The properties with the highest average price have 4 bedrooms, Their price is 46 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 341 326.
With regard to the average price per m² , those properties with 4 bedrooms are the most costly ones at a cost of R 7 915 / m², with an average R 1 424 / m² price in Grahamstown. The properties with the highest average prices have 1 bedroom. They are 1084 % more expensive than the average followed by properties with 2 bedrooms with a price at R 12 450 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 370 000 it is 46 % cheaper than the average price in Grahamstown. "House" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "Apartment". At a price of R 1 830 480 it is 23796 % more expensive than the average price.
According to the average cost per m², the most expensive property type would be "Townhouse" at an average cost of R 8 050 / m² followed by "Apartment" priced at R 8 403 / m². "Farm" is the most costly type of property with a R 327 372 268 / m² cost followed by "Flat" with an average price of R 15 207 / m².