The prices in real estate in Northam, 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 Northam has had a strong decrease during the last 6 months. In September, the average price per m² was R 6 029. In the following month the price per m² decreased to R 5 427. The price for the following two months in (November, December) had a considerable decrease of 44 with regard to the prior two months. The price per m² has had a considerable deflation of 73 % 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 4 113 to R 2 990,5 during January, and February.
Based upon to the price in Northam (cities & towns), this has fallen considerably in the last 6 months. The average price for September is R 3 762 841. During October the price had a considerable reduction till R 1 676 923. During the following two months (November, December) the average price fell 87 % 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 90 %, going from R 2 544 441 to R 2 284 111 in January and February.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 2 708 222 they are 75 % more affordable than the average price for Northam. The properties with the highest average price have 4 bedrooms, Their price is 69 % more costly than the average. After that we have properties with 1 bedroom priced at R 2 259 237.
With regard to the average price per m² , those properties with 3 bedrooms are the most costly ones at a cost of R 2 993 / m², with an average R 2 978 / m² price in Northam. The properties with the highest average prices have 1 bedroom. They are 75764 % more expensive than the average followed by properties with 4 bedrooms with a price at R 11 380 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 2 708 222 it is 81 % cheaper than the average price in Northam. "House" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "Commercial". At a price of R 3 427 738 it is 39 % 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 451 502 / m² followed by "Land" priced at R 521 346 / m². "Farm" is the most costly type of property with a R 3 710 102 / m² cost followed by "Commercial" with an average price of R 3 427 738 / m².