The prices in real estate in Newlands, in the Kwazulu-natal 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 Newlands has increased strongly during the last 6 months. In October, the average price per m² was R 3 058. In the following month the price per m² increased considerably to R 4 007. The price for the following two months in (December, January) had a considerable increment of 126 %. The price per m² has decreased 93 % 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 3 983,5 to R 3 719,5 during February, and March.
Based upon to the price in Newlands (cities & towns), these have remained the same in the last 6 months. The price in October is R 1 010 727, rising in November till R 1 077 000. During the following two months (December, January) the average price fell 95 % 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 88 %, going from R 1 016 390,5 to R 890 210,5 in February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 919 303 they are 24 % more affordable than the average price for Newlands. The properties with the highest average price have 4 bedrooms, Their price is 53 % more costly than the average. After that we have properties with 1 bedroom priced at R 1 280 795.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 2 782 / m², with an average R 3 227 / m² price in Newlands. The properties with the highest average prices have 1 bedroom. They are 39590 % more expensive than the average followed by properties with 2 bedrooms with a price at R 9 875 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 919 303 it is 1 % 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 1 177 067 it is 48 % 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 2 990 / m² followed by "Apartment" priced at R 11 047 / m². "Flat" is the most costly type of property with a R 1 245 057 / m² cost followed by "House" with an average price of R 58 371 / m².