The prices in real estate in Johannesburg, 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 Johannesburg has had a strong decrease during the last 6 months. In December, the average price per m² was R 166 904. In the following month the price per m² decreased considerably to R 36 356. The price for the following two months in (February, March) had a considerable decrease of 34 with regard to the prior two months. The price per m² has had a considerable deflation of 14 % 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 68 025,5 to R 9 854,5 during April, and May.
Based upon to the price in Johannesburg (cities & towns), these have remained the same in the last 6 months. In our first sample month during December, the average price is R 1 522 443. In January This price remains at R 1 454 858. During the following two months (February, March) the average price fell 94 % 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 119 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 1 612 018 they are 52 % more affordable than the average price for Johannesburg. The properties with the highest average price have 4 bedrooms, Their price is 93 % more costly than the average. After that we have properties with 1 bedroom priced at R 1 811 792.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 7 483 / m², with an average R 9 853 / m² price in Johannesburg. The properties with the highest average prices have 1 bedroom. They are 16128 % more expensive than the average followed by properties with 2 bedrooms with a price at R 10 370 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 612 018 it is 46 % cheaper than the average price in Johannesburg. "Townhouse" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of R 2 106 335 it is 651 % 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 6 245 / m² followed by "House" priced at R 7 504 / m². "Flat" is the most costly type of property with a R 98 908 / m² cost followed by "Land" with an average price of R 36 208 / m².