Blue Lagoon Estate - Property Market Report 2020

1.         Blue Lagoon Estate - Introduction

Blue Lagoon Estate in Langebaan is a gated estate situated just 500 metres away from a public parking area which offers access to Calypso and Hobie beaches.

It is a fairly new estate, being only established in 2004, with the majority of plot sizes being around 400m², and is easily recognisable due to its neat, white houses with grey roofs. It is split in two by Cassos Road and both portions of the estate have access to a large green belt area with a footpath which offers a combined length of 1.7km. 

The estate is bordered on the south by Sunset Estate, to the west by Calypso Beach Estate, to the east by the by a new development under construction in the disused quarry while to the north there is undeveloped land. The estate is accessed controlled via permanently manned booms, and its proximity to the Laguna Mall and to Club Mykonos has led to its popularity.

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 Blue Lagoon Estate a sought after estate in Langebaan.      

2.         Blue Lagoon Estate Owner Profile / Demographics.

The average household income range in Blue Lagoon 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 24%. This figure is obviously affected by the fact that Blue Lagoon is a relatively new and popular development, which is highlighted by the high level of new owners, 43% who have owned property for less than 5 years.

It is intereting to note that in terms of ownership, the recent sellers with previous ownership of more than 11 years is quite high at 32%, while as to be expected there is a high turnover of properties which have been owned for less than 5 years. This is likely to be as a result of profit taking and the selling of vacant land as owners become aware and concerned of te cost of construction, causing them to cancel their building plans.

Period of Ownership	Existing Owners	Recent Sellers
11 Years and more	24%	32%
8 - 10 Years	11%	11%
5 - 7 Years	22%	11%
Less than 5 years	43%	46%

 

The age profile of the stable owners in Blue Lagoon Estate shows that the majority of owners, 48%, fall in the mature age group, (50 - 64 years old), followed at 28% by the middle-aged group (36 - 49 years old).

• Youth/Adult: (18-35 years) - 3%
• Middle Aged: (36-49 years) - 28%
• Mature: (50-64 years) - 48%
• Pensioner: (65 and older) - 21%

The recent buyers' and recent sellers' age profile shows that the average age of a property owner in Blue Lagoon Estate is moving towards the middle age group with the breakdown being as follows:      

Comparison of recent buyers and recent sellers:                          

Age Groups	Recent Buyers	Recent Sellers
Youth Adult 18-35	11%	13%
Middle Aged 36-49	33%	21%
Mature 50-64	33%	29%
Pensioner 65 or older	22%	38%

3.         Blue Lagoon Estate - Property Types

Blue Lagoon has been developed with solely own title or freehold properties.

Blue Lagoon estate consists of 327 full title erven (plots) of which approximately 86% have been built on and it is expected that the estate will be almost completely built up in four to five years.

4.            Property Sales In Blue Lagoon Estate

During the 12 months from January 2020 until December 2020 a total of 19 freehold houses were sold. These 19 houses were in the following price brackets, 1 was sold for less than R1 500 000 and the other 18 were sold for between R1 500 000 and R3 000 000.

During the same period a total of 8 vacant plots were sold, all of which sold for between R400 000 and R800 000.

Average & Top Freehold House Prices

• Average house price: The 19 Houses were sold for an average price of R2 160 158. The highest price being realised was R2 7000 000 with the lowest price being R1 350 000. The top three prices achieved were 8 Clam Road for R2 7000 000, 52 Blue Road for R2 690 000 and 7 Sky Close was sold for R2 500 000.

Average & Top Freehold Vacant Land Prices

• Average vacant land price: 8 vacant plots sold for an average price of R557 700. The highest price being realised was R700 000 with the lowest price being R430 000. The top 3 prices achieved were 2 Kelp Crescent for R700 000, 42 Coral Road for R640 000, and 8 Crab Road was sold for R601 600.

5.         Capital Growth in Blue Lagoon Estate

Median prices and capital growth for freehold homes achieved:

• Blue Lagoon Estate's median prices for freehold homes has during the last 10 years grown from R1 248 000 in 2011 to R2 150 000 in 2020 - i.e. a growth of 72.3% over the period or a compound growth rate of 5.6% per year

Median prices and capital growth for vacant land achieved:

• Blue Lagoon Estate's median prices for vacant land has during the last 10 years grown from R265 000 in 2011 to R520 000 in 2020 - i.e. a growth of 122.6% over the period or a compound growth rate of 8.3% per year

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
Blue Lagoon Estate	327	0	19	0	8
Greater Langebaan	6806	814	295	61

     

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
Blue Lagoon Estate	R2 160 158	0	R557 700	5.6%	0	8.3%
Greater Langebaan	R1 871 100	R1 186 100	R537 900	6.9%	4.3%	7.9%

 

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