Blue Lagoon Estate - Langebaan - Property Market Report
Category Town & Suburb Reports - Langebaan
Blue Lagoon's proximity to Laguna Mall and Curro Independent School has made Blue Lagoon a popular estate for those buyers seeking convenience and a relaxed lifestyle.
It is a fairly new estate, being only established in 2004, with the majority of plot sizes being around 400m2, and is easily recognisable due to its neat, white houses with grey roofs. It is split in two by Cassos Road and both portions of the estate have access to a large green belt area with a footpath which offers a combined length of 1.7km.
- Blue Lagoon Owner Profile / Demographics.
The period or tenure of ownership, which is a measure of ownership stability, shows that the existing owners who have owned for 11 or more years are 25%. This figure is obviously affected by the fact that Blue Lagoon is a relatively new and popular development, which is highlighted by the high level of new owners, 46% who have owned property for less than 5 years.
The age profile of the stable owners in Blue Lagoon shows that the majority of owners, 50%, fall in the mature age group, (50 - 64 years old), followed at 30% by the middle aged group (36 - 49 years old).
The recent buyers' age profile shows that the average age of a property owner in Blue Lagoon is moving towards the younger age groups with the breakdown being as follows:
- Youth/Adult: (18-35 years) - 28%
- Middle Aged: (36-49 years) - 30%
- Mature: (50-64 years) - 35%
- Pensioner: (65 and older) - 7%
The above clearly shows that Blue Lagoon is very popular for first time buyers and young families.
- Blue Lagoon Real Estate Market - Property Types
Blue Lagoon consists solely of own title or freehold houses.
Blue Lagoon estate consists of 327 full title erven (plots) of which approximately 75% have been built on and it is expected that the estate will be almost completely built up in five years.
- Property Sales In Blue Lagoon
During 2016 a total of 21 houses were sold (registered), compared to the 22 sold in 2017 with the 2018 sales to date totalling 18. It is expected that the final 2018 sales figure will be similar to that of 2017. It is unlikely that there will any major growth in sales as most of the vacant plots owners intend to use the plots for building their own houses.
During 2016 a total of 48 vacant plots were sold (registered), compared to the 28 sold in 2017 with the 2018 sales to date totalling 19. The decrease in the number of vacant plots sold can be attributed to the scarcity of supply as Blue Lagoon becomes more developed with the majority of vacant plots being held on to by the owners with the intention to build in the future. This has resulted in a sharp increase in the price of vacant land over the last few months, with prices now starting at around R600 000.00
Average & Top House Prices achieved in the 5 months April 2018 to August 2018:
- Average house price:. 5 Houses sold for an average price of R2 243 000 and only 1 sold for more than R3 000 000. The 3 top prices achieved were 51 Royal Road for R3 150 000, 14 Indigo Road for R2 365 000 and 3 Crab Road for R2 300 000.
- Average vacant land price: 5 vacant plots sold for an average price of R426 800 and only 2 sold for R500 000 or above. The 3 top prices achieved were 6 Coral Road for R549 000, 41 Royal Road for R500 000 and 49 Coral Road for R400 000.
- Capital Growth
Median prices and capital growth for homes achieved:
- Blue Lagoon's median prices for homes has during the last 10 years grown from R1 370 000 (2008) to R2 038 000 (2018) - i.e. a growth of about 48,8% or about 4,9% per year;
Median prices and capital growth for vacant land achieved:
- Blue Lagoon's median prices for vacant land has during the last 10 years grown from R370 000 (2008) to R450 000 (2018) - i.e. a growth of about 21.6% or about 2,2% per year;
For more information about the available properties within Blue Lagoon Estate in Langebaan, please follow the link to our website. You can also contact our resident agents - Jenny & Noel van den Heuvel - at firstname.lastname@example.org / 072 777 4832 or email@example.com / 083 231 3895. They will be able to assist you with both property sales & rentals in the estate.
Author: Lightstone / N van den Heuvel