The prices in real estate in Soweto, 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 Soweto has had a strong decrease during the last 6 months. In October, the average price per m² was R 9 017. In the following month the price per m² decreased considerably to R 7 600. The price for the following two months in (December, January) had a considerable decrease of 71 with regard to the prior two months. The price per m² has had a considerable deflation of 80 % 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 7 090,25 to R 5 645 during February, and March.
Based upon to the price in Soweto (cities & towns), these have remained the same in the last 6 months. The average price for October is R 844 653. During November the price had a slight fall till R 801 915. In the following two months the average price has remained the same with regard to the previous two months from R 823 284 to R 849 290,5. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of R 836 287,25 and R 836 164,5 between 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 837 303 they are 30 % more affordable than the average price for Soweto. The properties with the highest average price have 4 bedrooms, Their price is 28 % more costly than the average. After that we have properties with 3 bedrooms priced at R 897 071.
With regard to the average price per m² , those properties with 4 bedrooms are the cheapest ones at a cost of R 3 846 / m², with an average R 6 125 / m² price in Soweto. The properties with the highest average prices have 1 bedroom. They are 852 % more expensive than the average followed by properties with 2 bedrooms with a price at R 6 986 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 837 303 it is 80 % cheaper than the average price in Soweto. "Townhouse" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Land". At a price of R 1 320 388 it is 218 % more expensive than the average price.
According to the average cost per m², the cheapest property type is "Land" at an average cost of R 618 / m² followed by "Flat" priced at R 2 643 / m². "Commercial" is the most costly type of property with a R 1 240 655 / m² cost followed by "Apartment" with an average price of R 13 170 / m².