According to a DataFintech analysis of online real estate listings, apartments have seen a slight increase in the total asking price, while houses and townhouses have seen a huge decline in the total ask prices for 3-bedroom listings across the market for the 2 months since December 2017. Quantitatively, the asking price for apartments increased by 3% while houses suffered the largest decline of -27%. Townhouses saw a decline of -18%
On a rental level, apartments and town houses have also seen an increase in the average rental revenue for 3-bedroom listings across the market for the same period.
Apartments featured the highest increase with 19% more while townhouses saw a 14% increase in rental revenue. Houses however, suffered a rental revenue decline of -4%. In general, apartment units remained higher than townhouses and houses over the past 2 months even though property types showed an increase in the first month of 2018.
The sales data for 2018 shows that the total value by asking price of all property types decreased, for the month of January 2018 compared to the month of January the previous year; except for townhouses which had a marginal increase. This was shown by the drop in listings over the past 2 months. Houses suffered the highest drop of -48% while town houses saw a slight increase of 4%.
For investors rents have had a good show so far this year. The average rental price for apartments in the year 2018 had a 31% increase compared to 2017. On the contrary, average rental price for both townhouses and houses each featured a decline in the year 2018 as compared to 2017. Houses suffered the largest decline of -49% with townhouses suffering a -11% decline.
The calculations featured a simple listing index for all the months within this period and then a 3-month moving average for each category (townhouses, houses and apartments) in the market.
Related;Westlands apartment prices could drop by July 2018
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