The prices in real estate in Witbank, in the Mpumalanga 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 Witbank has fallen in the last 6 months. In October, the average price per m² was R 7 162. In the following month the price per m² increased to R 7 668. The price for the following two months in (December, January) decreased 89 % with regard to the prior two months. The price per m² has had a considerable deflation of 70 % 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 7 011,25 to R 4 927 during February, and March.
Based upon to the price in Witbank (cities & towns), these have remained the same in the last 6 months. The price in October is R 1 677 549, rising in November till R 1 824 063. In the following two months the average price has remained the same with regard to the previous two months from R 1 750 806 to R 1 738 901. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 95 %, going from R 1 744 853,5 to R 1 649 330 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 1 427 334 they are 70 % more affordable than the average price for Witbank. The properties with the highest average price have 4 bedrooms, Their price is 65 % more costly than the average. After that we have properties with 3 bedrooms priced at R 1 142 241.
With regard to the average price per m² , those properties with 3 bedrooms are the cheapest ones at a cost of R 3 791 / m², with an average R 4 029 / m² price in Witbank. The properties with the highest average prices have 1 bedroom. They are 129 % more expensive than the average followed by properties with 2 bedrooms with a price at R 5 820 / m².
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of R 1 427 334 it is 61 % cheaper than the average price in Witbank. "Apartment" is seen as the second most affordable property type. The dearest property type is "Farm" followed by "House". At a price of R 1 480 713 it is 129 % 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 2 636 / m² followed by "Townhouse" priced at R 4 532 / m². "Commercial" is the most costly type of property with a R 928 605 / m² cost followed by "Apartment" with an average price of R 9 132 / m².