The prices in real estate in Soshanguve, in the Gauteng 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 Soshanguve has had a strong decrease during the last 6 months. In October, the average price per m² was R 8 155. In the following month the price per m² decreased to R 6 941. The price for the following two months in (December, January) had a considerable decrease of 60 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 6 036,25 to R 5 346,5 during February, and March.
Based upon to the price in Soshanguve (cities & towns), this has gone downing the last 6 months. In our first sample month during October, the average price is R 632 836. In November This price remains at R 612 621. During the following two months (December, January) the average price fell 89 % 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 589 246,5 to R 555 774 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 575 087 they are 63 % more affordable than the average price for Soshanguve. The properties with the highest average price have 4 bedrooms, Their price is 42 % more costly than the average. After that we have properties with 3 bedrooms priced at R 732 816.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 3 118 / m², with an average R 5 442 / m² price in Soshanguve. The properties with the highest average prices have 3 bedrooms. They are 26 % more expensive than the average followed by properties with 2 bedrooms with a price at R 5 123 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 575 087 it is 61 % cheaper than the average price in Soshanguve. "Land" is seen as the second most affordable property type. The cheapest type property is "House" followed by "Land". At a price of R 284 645 it is 1 % more affordable than the average price.
According to the average cost per m², the cheapest property type is "Land" at an average cost of R 932 / m² followed by "House" priced at R 5 396 / m². "Apartment" is the most costly type of property with a R 226 340 / m² cost followed by "House" with an average price of R 5 396 / m².