The prices in real estate in Greenstone Hill, 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 Greenstone Hill has had a strong decrease during the last 6 months. In February, the average price per m² was R 1 752 569. In the following month the price per m² decreased considerably to R 1 301 601. The price for the following two months in (April, May) had a considerable decrease of 70 with regard to the prior two months. The price per m² has had a considerable deflation of 83 % 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 1 295 696,75 to R 1 072 364 during June, and July.
Based upon to the price in Greenstone Hill (cities & towns), this has gone up considerably in the last 6 months. The average price during our first sample month during February, is R 1 814 020. During March the price went through a considerable rise reaching R 29 324 056. During the following two months (April, May) the average price had a considerable increase of 341 % 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 risen strongly 161 % 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 72 757 317 they are 95 % more affordable than the average price for Greenstone Hill. The properties with the highest average price have 3 bedrooms, Their price is 79 % more costly than the average. After that we have properties with 4 bedrooms priced at R 97 035 635.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 364 758 / m², with an average R 1 045 744 / m² price in Greenstone Hill. The properties with the highest average prices have 1 bedroom. They are 126 % more expensive than the average followed by properties with 3 bedrooms with a price at R 1 094 976 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 72 757 317 it is 97 % cheaper than the average price in Greenstone Hill. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Apartment". At a price of R 113 586 915 it is 95 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Townhouse" at an average cost of R 78 010 / m² followed by "House" priced at R 1 046 536 / m². "Flat" is the most costly type of property with a R 1 979 890 / m² cost followed by "Apartment" with an average price of R 1 229 220 / m².