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Langebaan Country Estate - Property Market Report

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Langebaan Country Estate - Property Market Report

  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.      

  1. Langebaan Country Estate - Owner Profile / Demographics.

The average household income range in Langebaan Country Estate according to Lightstone is R57 500 to R72 000 which average places the owners in the LSM 10 low group, up from the LSM 9 low group of 2020.

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 is 17%, with another 12% having owned property for between 8 and 10 years. This relatively low combined figure of 29% 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 45% of owners who have owned property for less than 5 years.  Another 26% of owners have owned their property for between 5 and 7 years.

The high figure of 71% 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 the statistics also show in the less than 5-year ownership group a high turnover for as yet an unknown reason.

Period of Ownership

Existing Owners

Recent Sellers

11 Years and more

17%

17%

8 - 10 Years

12%

11%

5 - 7 Years

26%

18%

Less than 5 years

45%

54%

The age profile of the stable owners in Langebaan Country Estate shows that the majority of owners, 46%, fall in the mature age group, (50 - 64 years old), followed at 26% by the pensioner group (65 or older).

  • Youth/Adult: (18-35 years) - 4%
  • Middle Aged: (36-49 years) - 24%
  • Mature: (50-64 years) - 46%
  • Pensioner: (65 and older) - 26%

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, with the combined percentages in the two older age groups equal at 51%, albeit with an increase in the mature group compensating for a reduction in the pensioner group.

Comparison of recent buyers and recent sellers:                          

Age Groups

Recent Buyers

Recent Sellers

Youth/Adult 18-35

14%

30%

Middle Aged 36-49

35%

19%

Mature 50-64

39%

29%

Pensioner 65 or older

12%

22%

  1. Langebaan Country Estate - Property Types

Langebaan Country Estate consists of 807 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 still being available for sale, there are still a number of vacant plots for sale in the northern side.

  1. Langebaan Country Estate - Property Sales

During the 12 months from January 2021 until December 2021 a total of 80 freehold houses were sold. These 80 houses were in the following price brackets, 44 were sold between R1 500 000 and R3 000 000, and 36 were sold for more than R3 000 000.

During the same period a total of 3 sectional title units were sold. These 3 sectional title units were all sold for between R1 500 000 and R3 000 00.

During the same period a total of 50 freehold vacant plots were sold. These 50 freehold plots were sold in the following price brackets, 4 were sold below R400 000, 41 were sold between R400 000 and R800 000 and 5 were sold for between R800 000 and R1 500 000.

Average & Top Freehold House Prices

  • Average house price: During the 12 months from January 2021 until end December 2021 the 80 freehold houses were sold for an average price of R2 963 512.
  • Top house prices: The top three prices achieved were 44 Vogelsanck Street which sold for R4 000 000, 8118 Flensborg Drive sold for R3 780 000 and 8013 Vogelsanck Street was sold for R3 500 000.

Average & Top Sectional Title Unit Prices

  • Average unit price: During the 12 months from January 2021 until December 2021 the 3 Units were sold for an average price of R1 622 000.
  • Top unit prices: The top three prices achieved were Unit 52, which sold for R1 695 000, and units 23 and 46 which both sold for R1 585 000, all situated in Perkijt Village.

Average & Top Freehold Vacant Land Prices

  • Average vacant land price: During the 12 months from January 2021 until end December 2021 the 50 vacant plots were sold for an average price of R603 620.
  • Top vacant land prices: The 3 top prices achieved were 7962 Flensborg Drive which sold for R870 000, 8190 Thunborg Close sold for R850 000, 8057 Morsvalla Way and 3 Termeye Close which both sold for R795 000.
  1. 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 9 years grown from R1 620 000 in 2012 to R2 950 000 in 2021 - i.e. a growth of  82.1% or cumulative growth of 6.9% 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 9 years grown from R710 000 in 2012 to R1 585 000 in 2021 - i.e. a growth of 123.2% or cumulative growth of 9.3% a year

Median prices and capital growth for vacant land achieved:

  • Langebaan Country Estate's median prices for vacant land has during the last 9 years grown from R155 000 in 2012 to R570 000 in 2021 - i.e. a growth of 267.7% or cumulative growth of 15.6% a year
  1. Comparison of Langebaan Country Estate with Greater Langebaan Area

Total number of registered properties as at 31 December 2021

Total Property Sales from 1 January 2021 to 31 December 2021

Suburb

Freehold Properties

Sectional Title Units

Freehold Houses sold

Sectional Title Units Sold

Vacant Land sold

Country Estate

807

83

80

3

50

Greater Langebaan

6898

818

492

110

207

           

Sales Comparison - 1 January 2021 to 31 December 2021

Suburb

Average House Price

Average Sectional Title unit price

Average Vacant Land Price

House Price Median Growth

Sectional Title Unit Median Growth

Vacant Land Median Growth

Country Estate

R2 963 512

R1 622 000

R603 620

6.9%

9.3%

15.6%

Greater Langebaan

R2 438 551

R1 244 411

R604 705

7.8%

6.8%

11.2%

Sources & Author: Lightstone / N van den Heuvel

Author Lightstone / N van den Heuvel
Published 01 Nov 2022 / Views -
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