The prices in real estate in Midrand, in the Gauteng 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 Midrand has increased strongly during the last 6 months. In December, the average price per m² was R 70 632. In the following month the price per m² decreased considerably to R 28 363. The price for the following two months in (February, March) had a considerable increment of 261 %. The price per m² has had a considerable increase of 146 % 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 89 363,25 to R 130 826,5 during April, and May.
Based upon to the price in Midrand (cities & towns), this has gone up in the last 6 months. The average price during our first sample month during December, is R 1 645 794. During January the price went through a considerable rise reaching R 2 345 187. During the following two months (February, March) the average price fell 88 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 94 %, going from R 1 871 908,75 to R 1 764 671 in April and May.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 1 725 875 they are 48 % more affordable than the average price for Midrand. The properties with the highest average price have 4 bedrooms, Their price is 201 % more costly than the average. After that we have properties with 1 bedroom priced at R 2 233 004.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 9 972 / m², with an average R 120 343 / m² price in Midrand. The properties with the highest average prices have 1 bedroom. They are 1630 % more expensive than the average followed by properties with 2 bedrooms with a price at R 11 569 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 725 875 it is 43 % cheaper than the average price in Midrand. "Flat" is seen as the second most affordable property type. The dearest property type is "Land" followed by "Commercial". At a price of R 5 529 285 it is 253 % 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 11 074 / m² followed by "Apartment" priced at R 11 710 / m². "Land" is the most costly type of property with a R 6 065 099 / m² cost followed by "Commercial" with an average price of R 5 081 310 / m².