Sunset Estate - Langebaan - Property Market Report 2018/9

Sunset Estate in Langebaan is an access controlled estate adjacent to the northern border of Langebaan Country Estate and has Blue Lagoon across the road on its northern border with The 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 The 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 estates 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 R35 000 to R45 000 which average places the owners in the LSM 9 low group.

The period or tenure of ownership, which is a measure of ownership stability, shows that the existing owners who have owned for 11 or more years are 23%. This figure is obviously affected by the fact that Sunset Estate is a relatively new and popular development, which is highlighted by the high level of new owners, 65% who have owned property for less than 5 years.

The age profile of the stable owners in Sunset Estate shows that the majority of owners, 57%, fall in the mature age group, (50 - 64 years old), followed at 27% by the middle aged group (36 - 49 years old).

The recent buyers' age profile shows that the average age of a property owner in Blue Lagoon is moving towards the younger age groups with the breakdown being as follows:                          

• Youth/Adult: (18-35 years) -  45%
• Middle Aged: (36-49 years) -  18%
• Mature: (50-64 years) - 27%
• Pensioner: (65 and older) - 9%

The above clearly shows that Sunset Estate is very popular for first time buyers and young families.

The recent seller's age profile in Sunset Estate supports the recent buyer's shifting age profile by confirming that ownership is moving towards the younger age groups with the breakdown being as follows:                          

• Youth/Adult: (18-35 years) -  10%
• Middle Aged: (36-49 years) -  20%
• Mature: (50-64 years) - 60%
• Pensioner: (65 and older) - 10%

2. Sunset Estate Real Estate Market - Property Types

Sunset Estate consists solely of own title or freehold houses.

Sunset Estate consists of 78 full title erven (plots) of which approximately 65% have been built on and it is expected that the estate will be almost completely built up in seven years..

3. Property Sales In Sunset Estate

During 2016 a total of 8 houses were sold (registered), compared to the 6 sold in 2017 with the 2018 sales also totalling 6. It is unlikely that there will any major growth in sales as most of the vacant plots owners intend to use the plots for building their own houses.

During 2016 a total of 19 vacant plots were sold (registered), compared to the 4 sold in 2017 with the 2018 sales totalling 5. The decrease in the number of vacant plots sold can be attributed to the scarcity of supply as Sunset Estate becomes more developed with the majority of vacant plots being held on to by the owners with the intention to build in the future.

During the last 12 months, namely from February 2018 until January 2019 a total of 6 houses were sold at an average selling price of R1 881 000. Of these 5 house were sold in the following price brackets, 1 was sold below R1 700 000, 2 were sold between R1 700 000 and R1 900.000 and only 2 were sold for R2 000 000 or more, with the highest price being R2 100 000.

During the last 12 months, namely from February 2018 until January 2019 a total of 5 vacant plots were sold at an average selling price of R412 000. These 5 vacant plots were in the following price brackets, 2 were sold below R400 000 at an average price of R355 000, 2 were sold at R415 000 and 1 was sold for R520.000.

4. Capital Growth

Median prices and capital growth for homes achieved:

• Sunset Estate's median prices for homes has during the last 8 years grown from R1 150 000 (2011) to R1 865 000 (2018) - i.e. a growth of about 62.2% or about 7.8% 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 R360 000 (2008) to R415 000 (2018) - i.e. a growth of about 15.2% or about 1.5% per year;

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