The prices in real estate in Nigel, 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 Nigel has increased strongly during the last 6 months. In March, the average price per m² was R 2 579. In the following month the price per m² decreased to R 2 263. In the following two months the price per m² has barely changed, going from R 2 421 to R 2 341,5 per m². The price per m² has had a considerable increase of 226 % 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 2 381,25 to R 5 386,5 during July, and August.
Based upon to the price in Nigel (cities & towns), this has fallen considerably in the last 6 months. In our first sample month during March, the average price is R 1 076 400. In April This price remains at R 1 043 151. During the following two months (May, June) the average price fell 88 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from R 995 254,5 to R 819 070,5, which means a 82 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 816 120 they are 54 % more affordable than the average price for Nigel. The properties with the highest average price have 4 bedrooms, Their price is 96 % more costly than the average. After that we have properties with 3 bedrooms priced at R 916 300.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 3 059 / m², with an average R 5 470 / m² price in Nigel. The properties with the highest average prices have 2 bedrooms. They are 127 % more expensive than the average followed by properties with 3 bedrooms with a price at R 7 065 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 816 120 it is 50 % cheaper than the average price in Nigel. "Apartment" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Farm". At a price of R 1 218 805 it is 458 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Farm" at an average cost of R 4 938 / m² followed by "Apartment" priced at R 6 699 / m². "Commercial" is the most costly type of property with a R 3 651 854 / m² cost followed by "Land" with an average price of R 298 202 / m².