The prices in real estate in Pinetown, 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 Pinetown has had a strong decrease during the last 6 months. In October, the average price per m² was R 8 150. In the following month the price per m² decreased to R 7 615. 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 decreased 89 % 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 7 004,25 to R 6 205 during February, and March.
Based upon to the price in Pinetown (cities & towns), this has gone downing the last 6 months. In our first sample month during October, the average price is R 1 226 134. In November This price remains at R 1 236 987. During the following two months (December, January) the average price fell 92 % 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 1 179 230,25 to R 1 000 092,5, which means a 85 % 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 983 674 they are 45 % more affordable than the average price for Pinetown. The properties with the highest average price have 4 bedrooms, Their price is 163 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 325 681.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 1 272 / m², with an average R 5 263 / m² price in Pinetown. The properties with the highest average prices have 1 bedroom. They are 67 % more expensive than the average followed by properties with 2 bedrooms with a price at R 7 182 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 983 674 it is 34 % cheaper than the average price in Pinetown. "Apartment" is seen as the second most affordable property type. The dearest property type is "House" followed by "Land". At a price of R 1 120 205 it is 45 % 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 2 430 / m² followed by "Apartment" priced at R 6 440 / m². "Land" is the most costly type of property with a R 1 120 205 / m² cost followed by "Flat" with an average price of R 9 075 / m².