Langebaan Country Estate - Property Market Report 2019

Langebaan Country Estate - Introduction

Langebaan Country Estate is the largest gated estate in Langebaan and is a well-established and upmarket residential suburb centred on 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.      

Langebaan Country Estate Owner Profile / Demographics.

The average household income range in Langebaan Country Estate according to Lightstone is R30 000 to R40 000 which average places the owners in the LSM 8 high group.

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 are 22% with another 7% 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 51% of owners who have owned property for less than 5 years.  Another 19% of owners have owned their property for between 5 and 7 years.. The high figure of 70% 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 Estates, which attract a wide range of prospective Buyers.

The age profile of the stable owners in Langebaan Country Estate shows that the majority of owners, 44%, fall in the mature age group, (50 - 64 years old), followed at 27% by the middle aged group (36 - 49 years old).

• Youth/Adult: (18-35 years) -  4%
• Middle Aged: (36-49 years) -  27%
• Mature: (50-64 years) - 44%
• Pensioner: (65 and older) - 25%

The recent buyers' age profile is interesting in that it shows similar interest from the Middle Aged and Mature groups with a sharp increase in the number of buyers from the Youth/Adult group with a corresponding decrease in the Pensioner group when compared to current owners.

• Youth/Adult: (18-35 years) - 17%
• Middle Aged: (36-49 years) -  31%
• Mature: (50-64 years) - 38%
• Pensioner: (65 and older) - 14%

A comparison of the stable owners versus the recent buyer's data confirms the fact that the average age of Langebaan residents is reducing as the area becomes increasingly targeted by younger buyers.

1. Langebaan Country Estate Real Estate Market - Property Types

Langebaan Country Estate consists of 850 own title or freehold properties and 30 sectional title properties. Currently of the estate's 880 properties approximately 80% have already been developed.

2. Property Sales In Langebaan Country Estate Park

During the 12 months from August 2018 until July 2019 a total of 49 freehold houses were sold at an average selling price of R2 393 000. These 49 houses were in the following price brackets, 6 were sold for below R1 500 000, 35 were sold between R1 500 000 and R3 000 000, and 8 were sold for more than R3 000 000.

During the 12 months from August 2018 until July 2019 a total of 7 sectional title properties were sold at an average selling price of R1 250 000. These 7 sectional title houses were in the following price brackets, 2 were sold for below R800 000, 3 were sold between R800 000 and R1 500 000, and 2 were sold for more than R1 500 000.

During the last 12 months from August 2018 until July 2019 a total of 67 freehold vacant plots were sold at an average selling price of R412 000. These 67 freehold plots were in the following price brackets, 37 were sold below R400 000 at an average price of R312 500 and 30 were sold between R400 000 and R800 000 at an average price of R534 000.

The highest number of annual sales for freehold houses occurred in 2017 with 123 registrations, followed by 2016 with 106 registrations. In 2018 there was a sharp drop in registrations with just 84 houses changing hands.

The highest number of annual sales for freehold vacant land also occurred in 2017 with 51 registrations, but unlike houses the next highest year was 2018, not 2016, with 39 registrations.

For the year to date until the end of July 2019 the number of registrations for both freehold houses and freehold vacant land are both standing at 32 properties.  This move to equal sales of vacant land and homes is probably due to the fact that many buyers are looking to reduce transfer fees and house costs by building their own homes.  

Average & Top Freehold House Prices achieved in the 2 months June and July 2019:

• Average house price:. 8 Houses were sold for an average price of R3 012 500.The highest price being realised was R4 700 000 with the lowest price being R1 650 000. The 3 top prices achieved were 749 Martilda Drive for R4 700 000, 766 Martilda Drive for R4 350 000 and 1158 Vogelsanck Street was sold for R3 550 000.

Average & Top Sectional Title House Prices achieved in the 9 months November 2018 until July 2019:

• Average house price: 2 Houses were sold for an average price of R1 357 500.The highest price being realised was R1 365 000 with the lowest price being R1 350 000. These sales were Section 20 of 508/2007 sold for R1 365 000 and Section 25 of 508/2007 sold for R1 350 000.

Average & Top Freehold Vacant Land Prices achieved in the 2 months June and July 2019

• Average vacant land price: 9 vacant plots sold for an average price of R370 800. The highest price being realised was R750 000 with the lowest price being R250 000. The 3 top prices achieved were 652 Morsvalla for R750 000, 1203 Jag Close for R380 000, and 1228 Vogelsanck for R342 000.

3. Capital Growth in Langebaan Country Estate

Median prices and capital growth for freehold homes achieved:

• Langebaan Country Estate's median prices for freehold homes has during the last 10 years grown from R1 318 000 in 2009 to R2 400 000 in 2018 - i.e. a growth of about 82.1% or about 8.2% a year

Median prices and capital growth for sectional title homes achieved:

• Langebaan Country Estate's median prices for sectional title homes has during the last 10 years grown from R780 000 in 2009 to R1 350 000 in 2018 - i.e. a growth of about 73.11% or about 7.3% a year

Median prices and capital growth for vacant land achieved:

• Langebaan Country Estate's median prices for vacant land has during the last 10 years grown from R229 000 in 2009 to R340 000 in 2018 - i.e. a growth of about 48.5% or about 4.8% a year

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