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 October, the average price per m² was R 13 726. In the following month the price per m² decreased to R 12 583. The price for the following two months in (December, January) had a considerable decrease of 78 with regard to the prior two months. The price per m² has had a considerable deflation of 78 % 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 11 735 to R 9 182,5 during February, and March.
Based upon to the price in Parow (cities & towns), this has fallen considerably in the last 6 months. The average price for October is R 2 572 900. During November the price had a considerable reduction till R 2 159 713. During the following two months (December, January) the average price fell 86 % 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 2 203 078,25 to R 1 840 325,5, which means a 84 % 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 1 789 763 they are 68 % more affordable than the average price for Parow. The properties with the highest average price have 4 bedrooms, Their price is 36 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 846 067.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of R 7 168 / m², with an average R 8 988 / m² price in Parow. The properties with the highest average prices have 1 bedroom. They are 50 % more expensive than the average followed by properties with 2 bedrooms with a price at R 12 298 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 789 763 it is 68 % 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 2 270 280 it is 256 % 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 6 260 / m² followed by "Flat" priced at R 10 326 / m². "Commercial" is the most costly type of property with a R 5 719 656 / m² cost followed by "Townhouse" with an average price of R 12 810 / m².