Langebaan Country Estate - Property Market Report 2020

Langebaan Country Estate - Property Market Report 2020

1. Langebaan Country Estate - Introduction

Langebaan Country Estate is the largest gated estate in Langebaan and is a well-established and upmarket residential suburb centred around a Gary Player golf course. Other amenities offered are cycling and hiking paths, bowls, a swimming pool and a restaurant. The estate is laid out to emphasis space, with many green belts and only a single row of houses along each access road. These attributes, combined with the other attractions in and around Langebaan such as the West Coast National Park, an array of water sports and neighbouring towns such as Darling and Paternoster, have made Langebaan Country Estate one after the most sought-after attractions in the West Coast.

2. Langebaan Country Estate - Owner Profile / Demographics.

The average household income range in Langebaan Country Estate according to Lightstone is R30 000 to R40 000 which average places the owners in the LSM 9 low group.

The period or tenure of ownership, which is a measure of ownership stability, shows that the existing owners who have owned their property for 11 or more years are 21% with another 10% having owned property for between 8 and 10 years. This relatively low combined figure of 31% of property owners having owned property for more than 8 years is more of a factor of the newness of the estate, than to owner instability. The recent popularity of the estate is shown by the 47% of owners who have owned property for less than 5 years. Another 21% of owners have owned their property for between 5 and 7 years. The high figure of 68% having owned their properties for less than 7 years is an indication that Langebaan is a growing town with new houses being constantly built, especially in estates such as Langebaan Country Estate, which attract a wide range of prospective Buyers.

What is unusual for Langebaan is that in terms of ownership, the recent seller's profiles are not far removed from existing owner's profiles. The statistics also show a close correlation between the numbers of existing owners and recent sellers in the less than 5-year ownership group, indicating a high turnover for as yet an unknown reason.

The age profile of the stable owners in Langebaan Country Estate shows that the majority of owners, 44%, fall in the mature age group, (50 - 64 years old), followed at 27% by the pensioner group (65 or older).

• Youth/Adult: (18-35 years) - 4%
• Middle Aged: (36-49 years) - 25%
• Mature: (50-64 years) - 44%
• Pensioner: (65 and older) - 27%

A comparison of the recent buyers versus the recent sellers shows similar numbers, which indicates that the trend over the past few years of a reducing average age of residents in Langebaan might be slowing down, although there is still a 7% swing in numbers in the two older age groups.

Comparison of recent buyers and recent sellers:

3. Langebaan Country Estate - Property Types

Langebaan Country Estate consists of 806 own title or freehold properties and 83 sectional title properties. The estate is split in two by Oostewal Road and while the southern side of the estate in particular has been largely developed, with only a limited number of vacant stands being available for sale, there is still a choice of vacant land for sale in the northern side.

4. Langebaan Country Estate - Property Sales

During the 12 months from January 2020 until December 2020 a total of 49 freehold houses were sold. These 49 houses were in the following price brackets, 33 were sold between R1 500 000 and R3 000 000, and 16 were sold for more than R3 000 000.

During the same period a total of 5 sectional title units were sold. These 5 sectional title units were in the following price brackets, 3 were sold between R800 000 and R1 500 000, and 2 were sold for more than R1 500 000.

During the same period a total of 27 freehold vacant plots were sold. These 27 freehold plots were in the following price brackets, 12 were sold below R400 000 at an average price of R342 844 and 15 were sold between R400 000 and R800 000 at an average price of R576 333.

Average & Top Freehold House Prices achieved in the 12 months January to December 2020:

• Average house price: The 49 Houses were sold for an average price of R2 665 122. The highest price being realised was R4 860 000 with the lowest price being R1 600 000. The top three prices achieved were 733 Martilda Drive for R4 860 000, 1345 Vogelsanck Street for R4 500 000 and 1148 Vogelsanck Street was sold for R4 250 000.

Average & Top Sectional Title Unit Prices achieved in the 12 months January until December 2020:

• Average house price: 5 Units were sold for an average price of R1 525 000.The highest price being realised was R1 650 000 with the lowest price being R1 400 000. The top three prices achieved were Unit 10 of 446/2004 sold for R1 650 000, Unit 16 of 446/2004 sold for R1 625 000 and Unit 26 of 446/2004 sold for R1 500 000.

Average & Top Freehold Vacant Land Prices achieved in the 12 months January until December 2020.

• Average vacant land price: 27 vacant plots sold for an average price of R472 560. The highest price being realised was R795 000 with the lowest price being R250 000. The 3 top prices achieved were 1351 Vogelsanck Street for R795 000, 681 Morsvalla Way for R750 000, and 737 Thunborg Close for R700 000.

5. Langebaan Country Estate - Capital Growth

Median prices and capital growth for freehold homes achieved:

• Langebaan Country Estate's median prices for freehold homes has during the last 10 years grown from R1 227 000 in 2011 to R2 500 000 in 2020 - i.e. a growth of about 103.8% or cumulative growth of 7.4% a year

Median prices and capital growth for sectional title units achieved:

• Langebaan Country Estate's median prices for sectional title units has during the last 10 years grown from R760 000 in 2011 to R1 425 000 in 2020 - i.e. a growth of about 87.5% or cumulative growth of 6.5% a year

Median prices and capital growth for vacant land achieved:

• Langebaan Country Estate's median prices for vacant land has during the last 10 years grown from R150 000 in 2011 to R440 000 in 2020 - i.e. a growth of about 193.3% or cumulative growth of 11.4% a year

6. Comparison of Langebaan Country Estate with Greater Langebaan Area

For more information about the available properties within Langebaan Country Estate please follow the link to our website.