The prices in real estate in Midrand, in the Gauteng region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per m² in Midrand has fallen in the last 6 months. In October, the average price per m² was R 13 453. In the following month the price per m² decreased to R 12 241. In the following two months the price per m² has barely changed, going from R 12 847 to R 12 600,5 per m². 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 12 723,75 to R 10 533,5 during February, and March.
Based upon to the price in Midrand (cities & towns), this has fallen considerably in the last 6 months. The average price for October is R 3 791 873. During November the price had a slight fall till R 3 310 836. During the following two months (December, January) the average price had a considerable reduction of 64 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from R 2 905 145 to R 2 052 736, which means a 71 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 782 247 they are 61 % more affordable than the average price for Midrand. The properties with the highest average price have 4 bedrooms, Their price is 198 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 703 581.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 6 329 / m², with an average R 8 161 / m² price in Midrand. The properties with the highest average prices have 1 bedroom. They are 52 % more expensive than the average followed by properties with 2 bedrooms with a price at R 10 328 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 782 247 it is 47 % cheaper than the average price in Midrand. "Townhouse" is seen as the second most affordable property type. The dearest property type is "Land" followed by "Flat". At a price of R 6 664 453 it is 362 % 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 6 233 / m² followed by "Office" priced at R 10 255 / m². "Flat" is the most costly type of property with a R 6 164 132 / m² cost followed by "Land" with an average price of R 16 189 / m².