The prices in real estate in Parow, in the Western Cape 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 Parow has had a strong decrease during the last 6 months. In November, the average price per m² was R 12 583. In the following month the price per m² decreased to R 11 318. The price for the following two months in (January, February) had a considerable decrease of 78 with regard to the prior two months. The price per m² has decreased 91 % 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 10 647,75 to R 9 696,5 during March, and April.
Based upon to the price in Parow (cities & towns), this has gone downing the last 6 months. The average price for November is R 2 159 713. During December the price had a slight fall till R 1 970 650. In the following two months the average price has remained the same with regard to the previous two months from R 2 065 181,5 to R 1 999 969. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 89 %, going from R 2 032 575,25 to R 1 807 751,5 in March and April.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 825 740 they are 61 % more affordable than the average price for Parow. The properties with the highest average price have 4 bedrooms, Their price is 35 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 914 833.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of R 7 976 / m², with an average R 10 405 / m² price in Parow. The properties with the highest average prices have 1 bedroom. They are 28 % more expensive than the average followed by properties with 2 bedrooms with a price at R 12 826 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 825 740 it is 69 % cheaper than the average price in Parow. "Apartment" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of R 2 369 175 it is 249 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "House" at an average cost of R 7 599 / m² followed by "Flat" priced at R 10 315 / m². "Commercial" is the most costly type of property with a R 5 713 936 / m² cost followed by "Townhouse" with an average price of R 12 797 / m².