The prices in real estate in Newlands, in the Kwazulu-natal region have remained the same in the last couple of months. The real estate prices for second hand homes have remained in this city.
The price per m² in Newlands has remained the same in the last 6 months. In November, the average price per m² was R 4 007. In the following month the price per m² increased to R 4 595. In the following two months the price per m² has barely changed, going from R 4 301 to R 4 243 per m². The price per m² has had a considerable deflation of 76 % 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 4 272 to R 3 242,5 during March, and April.
Based upon to the price in Newlands (cities & towns), this has gone downing the last 6 months. In our first sample month during November, the average price is R 1 077 000. In December This price remains at R 1 032 143. During the following two months (January, February) the average price fell 86 % 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 95 %, going from R 978 988,25 to R 926 471 in March and April.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 933 639 they are 25 % more affordable than the average price for Newlands. The properties with the highest average price have 4 bedrooms, Their price is 50 % more costly than the average. After that we have properties with 1 bedroom priced at R 1 279 514.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 2 779 / m², with an average R 3 258 / m² price in Newlands. The properties with the highest average prices have 1 bedroom. They are 39173 % more expensive than the average followed by properties with 2 bedrooms with a price at R 9 865 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 933 639 it is 2 % cheaper than the average price in Newlands. "Commercial Property" is seen as the second most affordable property type. The dearest property type is "Flat" followed by "House". At a price of R 1 175 889 it is 45 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Commercial Property" at an average cost of R 2 987 / m² followed by "Apartment" priced at R 11 035 / m². "Flat" is the most costly type of property with a R 1 243 811 / m² cost followed by "House" with an average price of R 58 312 / m².