The prices in real estate in Rustenburg, in the North West region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per m² in Rustenburg has fallen in the last 6 months. In October, the average price per m² was R 9 352. In November this price pretty much remained the same at a value of R 8 946 per m². In the following two months the price per m² has barely changed, going from R 9 149 to R 8 851 per m². The price per m² has had a considerable deflation of 78 % 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 9 000 to R 6 977 during February, and March.
Based upon to the price in Rustenburg (cities & towns), these have remained the same in the last 6 months. In our first sample month during October, the average price is R 1 469 331. In November This price remains at R 1 440 177. In the following two months the average price has remained the same with regard to the previous two months from R 1 454 754 to R 1 464 277. Based on an analysis of the first four prices and the last two months the average price has gone up 107 % 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 1 543 181 they are 70 % more affordable than the average price for Rustenburg. The properties with the highest average price have 4 bedrooms, Their price is 54 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 314 531.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 3 455 / m², with an average R 5 682 / m² price in Rustenburg. The properties with the highest average prices have 1 bedroom. They are 57 % more expensive than the average followed by properties with 2 bedrooms with a price at R 6 349 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 543 181 it is 64 % cheaper than the average price in Rustenburg. "Apartment" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Farm". At a price of R 2 597 912 it is 216 % 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 3 629 / m² followed by "Townhouse" priced at R 7 164 / m². "Commercial" is the most costly type of property with a R 4 875 234 / m² cost followed by "Farm" with an average price of R 22 929 / m².