The prices in real estate in Mitchells Plain, in the Western Cape 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 Mitchells Plain has had a strong decrease during the last 6 months. In October, the average price per m² was R 7 058. In the following month the price per m² decreased to R 6 055. The price for the following two months in (December, January) had a considerable decrease of 82 with regard to the prior two months. The price per m² has had a considerable deflation of 77 % 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 5 954,25 to R 4 576 during February, and March.
Based upon to the price in Mitchells Plain (cities & towns), these have remained the same in the last 6 months. In our first sample month during October, the average price is R 958 837. In November This price remains at R 937 637. In the following two months the average price has remained the same with regard to the previous two months from R 948 237 to R 982 182. 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 965 209,5 and R 929 660,5 between February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 920 429 they are 15 % more affordable than the average price for Mitchells Plain. The properties with the highest average price have 4 bedrooms, Their price is 25 % more costly than the average. After that we have properties with 3 bedrooms priced at R 995 043.
With regard to the average price per m² , those properties with 3 bedrooms are the most costly ones at a cost of R 4 544 / m², with an average R 4 375 / m² price in Mitchells Plain. The properties with the highest average prices have 1 bedroom. They are 17850 % more expensive than the average followed by properties with 2 bedrooms with a price at R 6 584 / m².
The graph displaying the average prices displays the property type "House" as the most costly one. At an cost of R 920 429 it is 4 % more expensive than the average price in Mitchells Plain. "Commercial" is seen as the second dearest property type. The dearest property type is "Commercial" followed by "House". At a price of R 959 560 it is 647 % 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 32 836 / m² followed by "Commercial" priced at R 6 432 236 / m². "Commercial" is the most costly type of property with a R 6 432 236 / m² cost followed by "House" with an average price of R 32 836 / m².