The prices in real estate in Lephalale, in the Limpopo region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per m² in Lephalale has increased strongly during the last 6 months. In October, the average price per m² was R 5 514. In the following month the price per m² decreased considerably to R 4 368. The price for the following two months in (December, January) had a considerable increment of 1317 %. The price per m² has had a considerable deflation of 5 % 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 34 996,5 to R 1 864,5 during February, and March.
Based upon to the price in Lephalale (cities & towns), this has gone up considerably in the last 6 months. In our first sample month during October, the average price is R 1 164 050. In November This price remains at R 1 214 938. During the following two months (December, January) the average price had a considerable increase of 153 % 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 1 bedroom are the cheapest ones. At a price of R 1 731 720 they are 79 % more affordable than the average price for Lephalale. The properties with the lowest average price have 4 bedrooms, Their price is 12 % cheaper than the average. After that we have properties with 3 bedrooms priced at R 1 383 792.
With regard to the average price per m² , those properties with 4 bedrooms are the most costly ones at a cost of R 2 654 / m², with an average R 2 130 / m² price in Lephalale. The properties with the highest average prices have 1 bedroom. They are 932 % more expensive than the average followed by properties with 2 bedrooms with a price at R 6 179 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 731 720 it is 73 % cheaper than the average price in Lephalale. "Flat" is seen as the second most affordable property type. The dearest property type is "Land" followed by "House". At a price of R 1 613 718 it is 148 % more expensive than the average price.
According to the average cost per m², the most expensive property type would be "House" at an average cost of R 3 233 / m² followed by "Townhouse" priced at R 6 178 / m². "Land" is the most costly type of property with a R 4 286 578 / m² cost followed by "Flat" with an average price of R 7 992 / m².