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 March, the average price per m² was R 43 332. In the following month the price per m² decreased considerably to R 9 856. The price for the following two months in (May, June) had a considerable decrease of 37 with regard to the prior two months. The price per m² has had a considerable deflation of 59 % 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 18 233 to R 10 696,5 during July, and August.
Based upon to the price in Johannesburg (cities & towns), this has gone up in the last 6 months. The price in March is R 1 596 865, rising in April till R 1 817 859. In the following two months the average price has remained the same with regard to the previous two months from R 1 707 362 to R 1 745 155. 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 1 726 258,5 and R 1 754 804 between July and August.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 1 680 037 they are 57 % more affordable than the average price for Johannesburg. The properties with the highest average price have 4 bedrooms, Their price is 96 % more costly than the average. After that we have properties with 1 bedroom priced at R 1 632 232.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 7 668 / m², with an average R 11 410 / m² price in Johannesburg. The properties with the highest average prices have 1 bedroom. They are 10759 % more expensive than the average followed by properties with 2 bedrooms with a price at R 10 390 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 680 037 it is 68 % cheaper than the average price in Johannesburg. "Apartment" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of R 2 043 265 it is 590 % 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 7 570 / m² followed by "Commercial" priced at R 7 697 / m². "Land" is the most costly type of property with a R 36 097 / m² cost followed by "Apartment" with an average price of R 10 740 / m².