The prices in real estate in Velddrift, in the Western Cape 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 Velddrift has had a strong decrease during the last 6 months. In October, the average price per m² was R 11 162. In the following month the price per m² decreased to R 10 161. 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 79 % 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 9 227,25 to R 7 275,5 during February, and March.
Based upon to the price in Velddrift (cities & towns), this has gone up in the last 6 months. In our first sample month during October, the average price is R 2 320 797. In November This price remains at R 2 434 084. During the following two months (December, January) the price has had an average incrementation from R 2 377 440,5 to R 2 560 231,5. Based on an analysis of the first four prices and the last two months the average price has gone up 108 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of R 2 574 163 they are 38 % more affordable than the average price for Velddrift. The properties with the highest average price have 4 bedrooms, Their price is 36 % more costly than the average. After that we have properties with 3 bedrooms priced at R 2 452 508.
With regard to the average price per m² , those properties with 4 bedrooms are the most costly ones at a cost of R 9 379 / m², with an average R 6 822 / m² price in Velddrift. The properties with the highest average prices have 1 bedroom. They are 154 % more expensive than the average followed by properties with 2 bedrooms with a price at R 11 403 / m².
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of R 2 574 163 it is 72 % cheaper than the average price in Velddrift. "Townhouse" is seen as the second most affordable property type. The cheapest type property is "House" followed by "Apartment". At a price of R 1 648 378 it is 5 % more affordable than the average price.
According to the average cost per m², the most expensive property type would be "Townhouse" at an average cost of R 8 721 / m² followed by "House" priced at R 10 371 / m². "Land" is the most costly type of property with a R 290 058 / m² cost followed by "Apartment" with an average price of R 15 072 / m².