The prices in real estate in Richmond, in the Kwazulu-natal 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 Richmond has increased strongly during the last 6 months. In November, the average price per m² was R 376. In the following month the price per m² increased considerably to R 1 633. The price for the following two months in (January, February) had a considerable increment of 255 %. The price per m² has decreased 92 % 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 1 782,25 to R 1 632,5 during March, and April.
Based upon to the price in Richmond (cities & towns), these have remained the same in the last 6 months. The average price during our first sample month during November, is R 924 000. During December the price went through a considerable rise reaching R 1 079 167. During the following two months (January, February) the average price had a considerable increase of 118 % 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 1 091 625 to R 586 666,5, which means a 54 % fall.