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Langebaan - Middedorp Suburb - Property Market Report 2021

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Langebaan - Middedorp Suburb - Property Market Report 2021

  1. Middedorp - Introduction

Middedorp, or Midtown, is the oldest suburb in Langebaan, and certainly in terms of the property market, the most diverse. It is centrally located and bordered on the south by Myburgh Park, to the north by Langebaan Country Estate and Leentjiesklip Resort, on the eastern side by Country Club and most importantly on the western side by the lagoon. The southern portion of Middedorp houses the main business area of Langebaan, of which the most important thoroughfare is Bree Street, which hosts various shops, restaurants, the municipal offices and provides access directly to the main beach which is renowned for its kite surfing.

Interspersed among the more modest houses and quaint cottages along the shore side are a growing number of designer houses, which leads to a disparity in lagoon side prices. This disparity is also reflected in the variation of prices between southern and northern properties, with the southern properties, being in a perceived to be more affluent area, commanding higher prices when compared to the more modest, and older dwellings in the northern side.

The suburb is almost fully developed and vacant erven are few and far between which has led to an increase in prices, with lagoon side properties in particular commanding premium prices.

  1. Middedorp Owner Profile / Demographics.

The average household monthly income range in Middedorp, according to Lightstone, is between R44 000 to R57 000 which on average places the owners in the LSM 9 high group.

The period or tenure of ownership, which is a measure of ownership stability, shows that the number of existing owners who have owned their property for 11 or more years is 63%, with another 7% having owned property for between 8 and 10 years.

Compared to the other suburbs in Langebaan the combined figure of 70% of property owners having owned property for more than 8 years is significantly high than the average. However, as with the trend in the rest of Langebaan the ownership profile is starting to change, with many older residents tempted by the increase in prices to place their properties on the market with a view to downsizing. This is supported by the statistic that, of the recent sellers, 51% were owners of the property for more than 11 years.

Period of Ownership

Existing Owners

Recent Sellers

11 Years and more

63%

51%

8 - 10 Years

7%

10%

5 - 7 Years

14%

13%

Less than 5 years

16%

26%

The age profile of the stable owners in Middedorp shows that the majority of owners, 43%, fall in the pensioner group (65 or older), followed by the mature age group (50 - 64 years old), then the middle-aged group (36 - 49 years old). The combined figure of 81% for the older two age groups is 7% higher than the average for Langebaan.

  • Youth/Adult: (18-35 years) - 2%
  • Middle Aged: (36-49 years) - 17%
  • Mature: (50-64 years) - 38%
  • Pensioner: (65 and older) - 43%

The number of recent buyers versus the number recent sellers, reveals that the pensioner group is the only group with more sellers than buyers, showing the overall trend of a younger Langebaan population.

Comparison of recent buyers and recent sellers:                          

Age Groups

Recent Buyers

Recent Sellers

Youth/Adult 18-35

21%

17%

Middle Aged 36-49

31%

21%

Mature 50-64

24%

19%

Pensioner 65 or older

24%

43%

3. Middedorp Real Estate Market - Property Types

Middedorp consists of 1 352 properties of which 1067 (78.9%) are own title or freehold properties, not in estates, 118 (8.7%) are freehold properties within estates and there are 143 (10.6%) sectional title properties not in estates and 24 (1.8%) sectional title properties in estates.

4. Middedorp - Property Sales

During the last 12 months a total of 52 freehold houses were sold as opposed to 22 in 2020. This represents an impressive 136.4% increase in sales, and is 10.9% higher than the previous highest year, within a 10-year period, which was 2015 with 46 sales. 
 
During the last 12 months a total of 21 sectional title units were sold as opposed to 14 in 2020. This represents a 50.0% increase in sales, and is 5.0% higher than the previous highest year, within a 10-year period, which was 2015 with 20 sales. 
 
During the last 12 months a total of 3 retirement units were sold. Any previous year's sales were unavailable for comparison. 
 
During the last 12 months a total of 3 freehold vacant plots were sold. Due to Middedorp being largely developed for the previous 10 years the number of plots sold each year have been in single figures. 
 
The reason for the sharp increase in sales volumes can be attributed to the riots up country, which caused an influx of upcountry buyers to the perceived more safe Western Cape and the influence that Covid had on employers and employees discovering that employees could do a considerable amount of their daily work from home, supported by the fact that most of the estates in Langebaan have access to fibre connectivity and it is currently being implemented into the non-estate areas.
 
Average & Top Freehold House Prices:
 
- Average house price: During the 12 months from January 2021 until December 2021 a total of 52 freehold houses were sold at an average selling price of R2 360 567. These 52 houses were sold in the following price brackets, 8 were sold for less than R800 000, 13 were sold for between R800 000 and R1 500 000, 17 were sold for between R1 500 000 and R3 000 000 and 14 were sold for more than R3 000 000.
 
- Top House Prices: The 3 top prices achieved during this period were 50 Main Street (R7 850 000), 56 Main Street (R8 000 000) and 14 Lagoon Crescent (R11 000 000). 
 
Average & Top Retirement Unit Prices:
 
- Average unit price: During the same period a total of 3 retirement title units were sold at an average selling price of R1 806 667. These 3 units were sold in the following price brackets, 1 was sold for between R800 000 and R1 500 000 and 2 were sold for between R1 500 000 and R3 000 000.
 
- Top unit prices: The 3 top prices achieved during this period were 58 (R820 000), 47 (R2 050 000) and 60 (R2 550 000) all at Langebaan Aftree Oord.
 
Average & Top Vacant Land Prices:
 
- Average vacant land price: During the same period a total of 3 vacant plots were sold for an average price of R520 000.  These 3 vacant plots were sold in the following price brackets, 2 were sold for less than R400 000 and 1 was sold for between R800 000 and R1 500 000.
 
- Top Vacant Land Prices: The 3 top prices achieved during this period were 14 Trewwa street (R350 000), 16 Antonio Siena Street (R350 000) and 23 Dassen Street (R860 000).

5. Middedorp - Capital Growth

Median prices and capital growth for houses achieved:

  • Middedorp's median prices for houses has grown from R1 220 000 in 2012 to R1 845 000 in 2021 - i.e. a growth of 51.2% or cumulative growth of 4.7% a year.

Median prices and capital growth for sectional title units achieved:

  • Middedorp's median prices for sectional title units has years grown from R422 000 in 2012 to R1 068 000 in 2021 - i.e. a growth of 153.1% or cumulative growth of 10.9% a year.

Median prices and capital growth for vacant land achieved:

  • Middedorp's median prices for vacant land has grown from R75 000 in 2012 to R412 000 in 2020 - i.e. a growth of 449.3% or cumulative growth of 20.8% a year.

6. Comparison of Middedorp 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

Middedorp (Midtown)

1185

167

52

21

3

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

Middedorp (Midtown)

R2 360 567

R999 524

R520 000

4.7%

10.9%

20.8%

Greater Langebaan

R2 438 551

R1 244 411

R604 705

7.8%

6.8%

11.2%

 

For more information about the available properties within Middedorp in Langebaan, please follow the link to our website 

Author Lightstone / N van den Heuvel
Published 19 Oct 2022 / Views -
Disclaimer:  While every effort will be made to ensure that the information contained within the Cape Coastal Homes website is accurate and up to date, Cape Coastal Homes makes no warranty, representation or undertaking whether expressed or implied, nor do we assume any legal liability, whether direct or indirect, or responsibility for the accuracy, completeness, or usefulness of any information. Prospective purchasers and tenants should make their own enquiries to verify the information contained herein.