The prices in real estate in Welkom, in the Free State 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 Welkom has had a strong decrease during the last 6 months. In October, the average price per m² was R 4 788. In the following month the price per m² increased to R 5 348. 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 54 % 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 4 340,75 to R 2 332 during February, and March.
Based upon to the price in Welkom (cities & towns), this has gone up considerably in the last 6 months. The average price for October is R 1 024 360. During November the price had a slight fall till R 939 407. During the following two months (December, January) the average price had a considerable increase of 124 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 129 % 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 1 534 125 they are 73 % more affordable than the average price for Welkom. The properties with the lowest average price have 4 bedrooms, Their price is 13 % cheaper than the average. After that we have properties with 3 bedrooms priced at R 1 095 706.
With regard to the average price per m² , those properties with 3 bedrooms are the most costly ones at a cost of R 4 616 / m², with an average R 2 562 / m² price in Welkom. The properties with the highest average prices have 2 bedrooms. They are 375 % more expensive than the average followed by properties with 1 bedroom with a price at R 5 692 / m².
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of R 1 534 125 it is 68 % cheaper than the average price in Welkom. "Flat" is seen as the second most affordable property type. The cheapest type property is "Land" followed by "House". At a price of R 1 071 458 it is 5 % more affordable than the average price.
According to the average cost per m², the cheapest property type is "Townhouse" at an average cost of R 1 930 / m² followed by "House" priced at R 4 561 / m². "Flat" is the most costly type of property with a R 490 768 / m² cost followed by "Apartment" with an average price of R 8 102 / m².