The prices in real estate in Modimolle, in the Limpopo 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 Modimolle has had a strong decrease during the last 6 months. In October, the average price per m² was R 6 244. In the following month the price per m² decreased to R 5 596. The price for the following two months in (December, January) had a considerable decrease of 77 with regard to the prior two months. The price per m² has had a considerable deflation of 58 % 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 5 233,5 to R 3 052 during February, and March.
Based upon to the price in Modimolle (cities & towns), these have remained the same in the last 6 months. The average price for October is R 1 905 188. During November the price had a slight fall till R 1 802 949. In the following two months the average price has remained the same with regard to the previous two months from R 1 854 068,5 to R 1 937 309,5. 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 1 895 689 and R 1 891 855 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 1 963 800 they are 32 % more affordable than the average price for Modimolle. The properties with the highest average price have 4 bedrooms, Their price is 15 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 672 645.
With regard to the average price per m² , those properties with 3 bedrooms are the most costly ones at a cost of R 5 220 / m², with an average R 2 698 / m² price in Modimolle. The properties with the highest average prices have 1 bedroom. They are 475 % more expensive than the average followed by properties with 2 bedrooms with a price at R 7 794 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 1 963 800 it is 56 % cheaper than the average price in Modimolle. "Apartment" is seen as the second most affordable property type. The dearest property type is "Townhouse" followed by "House". At a price of R 1 895 539 it is 41 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Land" at an average cost of R 1 011 / m² followed by "Apartment" priced at R 4 469 / m². "Townhouse" is the most costly type of property with a R 7 319 / m² cost followed by "House" with an average price of R 6 269 / m².