The prices in real estate in Phoenix, in the Kwazulu-natal 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 Phoenix has had a strong decrease during the last 6 months. In October, the average price per m² was R 8 200. In the following month the price per m² decreased to R 7 613. The price for the following two months in (December, January) had a considerable decrease of 69 with regard to the prior two months. The price per m² has had a considerable deflation of 70 % 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 6 682,75 to R 4 657 during February, and March.
Based upon to the price in Phoenix (cities & towns), this has gone downing the last 6 months. In our first sample month during October, the average price is R 1 204 472. In November This price remains at R 1 146 900. During the following two months (December, January) the average price fell 94 % 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 94 %, going from R 1 139 971,5 to R 1 073 614,5 in February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 048 896 they are 61 % more affordable than the average price for Phoenix. The properties with the highest average price have 4 bedrooms, Their price is 70 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 094 444.
With regard to the average price per m² , those properties with 4 bedrooms are the most costly ones at a cost of R 4 797 / m², with an average R 4 326 / m² price in Phoenix. The properties with the highest average prices have 1 bedroom. They are 139 % more expensive than the average followed by properties with 2 bedrooms with a price at R 7 503 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 048 896 it is 58 % cheaper than the average price in Phoenix. "Apartment" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Land". At a price of R 2 687 429 it is 3396 % 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 5 678 / m² followed by "Flat" priced at R 6 395 / m². "Commercial" is the most costly type of property with a R 36 667 292 / m² cost followed by "Land" with an average price of R 570 544 / m².