The prices in real estate in Phalaborwa, in the Limpopo 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 Phalaborwa has increased strongly during the last 6 months. In October, the average price per m² was R 1 332. In the following month the price per m² decreased considerably to R 1 058. The price for the following two months in (December, January) had a considerable decrease of 62 with regard to the prior two months. The price per m² has had a considerable increase of 439 % 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 967,25 to R 4 241,5 during February, and March.
Based upon to the price in Phalaborwa (cities & towns), this has gone downing the last 6 months. The average price during our first sample month during October, is R 1 561 750. During November the price went through a considerable rise reaching R 2 045 000. During the following two months (December, January) the average price had a considerable reduction of 47 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 121 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the most costly ones. At a price of R 1 363 333 they are 3 % more expensive than the average price for Phalaborwa. Following this ranking we find those properties with 3 at an average price of R 1 662 946. The properties with the highest average price have 4 bedrooms, Their price is 447 % more costly than the average. After that we have properties with 1 bedroom priced at R 2 084 935.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of R 3 855 / m², with an average R 7 105 / m² price in Phalaborwa. The properties with the highest average prices have 1 bedroom. They are 29245 % more expensive than the average followed by properties with 4 bedrooms with a price at R 59 344 / m².
The graph displaying the average prices displays the property type "Townhouse" as the most costly one. At an cost of R 1 363 333 it is 30 % more expensive than the average price in Phalaborwa. "Land" is seen as the second dearest property type. The dearest property type is "House" followed by "Land". At a price of R 1 909 416 it is 151 % more expensive than the average price.
According to the average cost per m², the most expensive property type would be "Land" at an average cost of R 583 825 / m² followed by "Townhouse" priced at R 735 218 / m². "House" is the most costly type of property with a R 1 232 810 / m² cost followed by "Townhouse" with an average price of R 735 218 / m².