Langebaan - Middedorp Suburb - Property Market Report 2021
- 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.
- 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
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