The prices in real estate in Potchefstroom, in the North West 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 Potchefstroom has had a strong decrease during the last 6 months. In October, the average price per m² was R 10 691. In November this price pretty much remained the same at a value of R 10 327 per m². The price for the following two months in (December, January) had a considerable decrease of 73 with regard to the prior two months. The price per m² has had a considerable deflation of 55 % 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 9 107,5 to R 5 045 during February, and March.
Based upon to the price in Potchefstroom (cities & towns), this has gone up considerably in the last 6 months. The price in October is R 941 830, rising in November till R 1 003 112. During the following two months (December, January) the average price had a considerable increase of 140 % 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 125 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of R 1 356 675 they are 64 % more affordable than the average price for Potchefstroom. The properties with the highest average price have 4 bedrooms, Their price is 60 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 563 630.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 2 249 / m², with an average R 4 019 / m² price in Potchefstroom. The properties with the highest average prices have 1 bedroom. They are 157 % more expensive than the average followed by properties with 2 bedrooms with a price at R 7 172 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 356 675 it is 58 % cheaper than the average price in Potchefstroom. "Commercial" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "House". At a price of R 1 752 680 it is 285 % 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 2 077 / m² followed by "Townhouse" priced at R 7 251 / m². "Farm" is the most costly type of property with a R 4 453 743 / m² cost followed by "Land" with an average price of R 683 804 / m².