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Sunset Estate - Property Market Report 2020

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Sunset Estate - Property Market Report 2020

Sunset Estate in Langebaan is an access-controlled estate adjacent to the northern border of Langebaan Country Estate and has Blue Lagoon Estate across the road on its northern border with Waterfront Estate being across another road on its western border. Conveniently Sunset Estate has a pedestrian gate which offers access to the public parking area between Waterfront Estate and Calypso Beach Estate and from then on to the beach, which is less than 500 metres in total from Sunset Estate.

This coupled to its proximity to Laguna Mall, Curro School and the centre of Langebaan, plus its relatively small size and simple road layout has made Sunset Estate a popular estate for those buyers wishing to enjoy the West Coast lifestyle from a secure and conveniently situated base.

It is a fairly new estate, being only established in 2005, with the majority of plot sizes being around 400m2, and the estate's building rules have resulted in a pleasant blend of unique designs while still maintaining a central design theme. 

  1. Sunset Estate Owner Profile / Demographics.

The average household income range in Sunset Estate according to Lightstone is R40 000 to R50 000 which 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 existing owners who have owned property for 11 or more years are 15%. This figure has dropped considerably from 2018 when the corresponding figure was 23%. Interestingly the existing owners who have owned their property for less than 5 years has also decreased from 2018, from 65% down to 56%.

This reason for the above changes is highlighted in the 2020 statistics when the existing ownership figures are compared with the recent seller figures, as tabled below.

Period of Ownership

Existing Owners

Recent Sellers

11 Years and more

15%

17%

8 - 10 Years

6%

0%

5 - 7 Years

23%

17%

Less than 5 years

56%

66%

The age profile of the stable owners in Sunset Estate shows that the majority of owners, 54%, fall in the mature age group, (50 - 64 years old), followed at 20% by the middle-aged group (36 - 49 years old).

  • Youth/Adult: (18-35 years) - 11%
  • Middle Aged: (36-49 years) - 20%
  • Mature: (50-64 years) - 54%
  • Pensioner: (65 and older) - 15%

The recent buyers' and recent sellers' age profile shows that the average age of a property owner in Sunset Estate is moving towards the middle age group with the breakdown being tabled below. What however must be borne in mind when reviewing these statistics is the relatively few transactions, just 7, on which the data is based, which can present swings which can be perceived as significant, whereas the data set is too small to make meaningful assumptions.   

Comparison of recent buyers and recent sellers:                          

Age Groups

Recent Buyers

Recent Sellers

Youth Adult 18-35

0%

0%

Middle Aged 36-49

50%

0%

Mature 50-64

50%

60%

Pensioner 65 or older

0%

40%

  1. Sunset Estate Real Estate Market - Property Types

Sunset Estate consists solely of own title or freehold houses.

Sunset Estate consists of 77 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.

  1. Property Sales In Sunset Estate

During the 12 months from January 2020 until December 2020 a total of 3 freehold houses were sold. These 3 houses were all sold for between R1 500 000 and R3 000 000.

During the same period a total of 4 vacant plots were sold, all of which sold for between R400 000 and R800 000.

Average & Top Freehold House Prices

  • Average house price: The 3 Houses were sold for an average price of R2 167 000. The highest price being realised was R2 7000 000 with the lowest price being R1 600 000. The three prices achieved were 26 Anemone Road for R2 7000 000, 5 Sunset Drive for R2 200 000 and 6 Anemone Road was sold for R1 600 000.

Average & Top Freehold Vacant Land Prices

  • Average vacant land price: 4 vacant plots sold for an average price of R481 250. The highest price being realised was R535 000 with the lowest price being R370 000. The top 3 prices achieved were 3 Periwinkle Road for R535 000, 48 Anemone Road for R520 000, and 16 Anemone Road was sold for R370 000.
  1. Capital Growth Sunset Estate

Median prices and capital growth for freehold homes achieved:

  • Sunset Estate's median prices for freehold homes has during the last 10 years grown from R1 150 000 in 2011 to R2 200 000 in 2020 - i.e. a growth of 91.3% over the period or a compound growth rate of 6.7% per year

Median prices and capital growth for vacant land achieved:

  • Sunset Estate's median prices for vacant land has during the last 10 years grown from R215 000 in 2011 to R500 000 in 2020 - i.e. a growth of 132.6% over the period or a compound growth rate of 8.8% per year
  1.  

Total number of registered properties as at 31 December 2020

Total Property Sales from 1 January 2020 to 31 December 2020

Suburb

Freehold Properties

Sectional Title Units

Freehold Houses sold

Sectional Title Units Sold

Vacant Land sold

Sunset

Estate

77

0

3

0

4

Greater Langebaan

6806

814

295

61

77

           

Sales Comparison - 1 January 2020 to 31 December 2020

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

Sunset

Estate

R2 167 000

0

R481 250

6.7%

0

8.8%

Greater Langebaan

R1 871 100

R1 186 100

R537 900

6.9%

4.3%

7.9%

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

Author Lightstone / N van den Heuvel
Published 15 Sep 2021 / Views -

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