Langebaan Middedorp - Property Market Report 2020

Langebaan Middedorp - Property Market Report 2020

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.

1. Middedorp Owner Profile / Demographics.

The average household monthly income range in Middedorp, according to Lightstone, is between R20 000 to R30 000 which on 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 number of existing owners who have owned their property for 11 or more years is 64%, with another 7% having owned property for between 8 and 10 years. Compared to the other suburbs in Langebaan the combined figure of 71% of property owners having owned property for more than 8 years points 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, 60% were owners of the property for more than 11 years.

What is also different from the normal trend in Langebaan is that the number of recent sellers who have owned their property for less than 5 years is relatively high at 37%, which is unusual in that in Langebaan buyers tend to hold on to their purchases for a longer period of time.

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 9% higher than the average for Langebaan.

• Youth/Adult: (18-35 years) - 3%
• Middle Aged: (36-49 years) - 16%
• Mature: (50-64 years) - 38%
• Pensioner: (65 and older) - 43%

The recent buyers' age profile is interesting when compared to the stable owners in that it shows a quite dramatic change in the age pattern, where now the recent buyers in the middle two groupings total 82%, compared to the same groupings in the stable owners which total just 54%. The number of recent buyers versus the number recent sellers, in the pensioner group in particular, shows the overall trend of a younger Langebaan population.

Comparison of recent buyers and recent sellers:

2. Middedorp Real Estate Market - Property Types

Middedorp consists of 1 351 properties of which 1068 (79.1%) are own title or freehold properties, not in estates, 118 (8.7%) are freehold properties within estates and there are 141 (10.4%) sectional title properties not in estates and 24 (1.8%) sectional title properties in estates.

3. Property Sales In Middedorp

During the 12 months from January 2020 until December 2020 a total of 22 freehold houses, not situated in estates, were sold. These 22 houses were sold in the following price brackets, 5 were sold for between R800 000 and R1 500 000, 11 were sold for between R1 500 000 and R3 000 000 and 6 were sold for more than R3 000 000.

During the same period a total of 4 freehold houses, situated in estates, were sold. These 4 houses were sold in the following price brackets, 1 between R800 000 and R1 500 000, 2 between R1 500 000 and R3 000 000 and 1 for more than R3 000 000.

During the same period 18 sectional title units, not in estates, were sold. These 18 sectional title units were sold in the following price brackets, 2 were sold for less than R400 000, 3 were sold between R400 000 and R800 000, 10 were sold for between R800 000 and R1 500 000 and 3 were sold for between R1 500 000 and R3 000 000.

During the same period a total of 6 vacant plots, not situated in estates, were sold. These 6 vacant plots were sold in the following price brackets, 1 was sold for less than R400 000, 4 were sold between R400 000 and R800 000, and 1 was sold for between R800 000.

During the same period there were no sales of vacant plots situated in estates.

Freehold house prices not in Estates achieved in the 12 months January 2020 to December 2020:

• Average & top house price: 22 Houses sold for an average price of R2 859 000.The highest price being realised was R8 200 000 with the lowest price being R900 000. The 3 top prices achieved were 2 Noord Street for R8 200 000, 179 Lagoon Crescent for R8 017 000 and 9 Main Street was sold for R5 200 000.

Freehold house prices in Estates achieved in the 12 months January 2020 to December 2020:

• Average & top house price: 4 Houses sold for an average price of R2 214 000.The highest price being realised was R3 450 000 with the lowest price being R1 435 000. The 3 top prices achieved were a property in Schaapeneiland for R3 450 000, 30 Oude Post Crescent for R2 050 000 and 32 Oude Post Crescent was sold for R1 920 000.

Sectional title unit prices not in Estates achieved in the 12 months January 2020 to December 2020:

• Average & top unit price: 18 Units sold for an average price of R1 096 000.The highest price being realised was R3 000 000 with the lowest price being R280 000. The 3 top prices achieved were 5 Bay Centre for R3 000 000, 4 Seaview Lodge for R1 590 000 and 11 Seaview Lodge was sold for R1 565 000.

Vacant Land Prices achieved in the 12 months January 2020 to December 2020

• Average & top vacant land price: 6 vacant plots sold for an average price of R582 500. The highest price being realised was R840 000 with the lowest price being R340 000. The 3 top prices achieved were 4 Volendam Close for R840 000, 7 Roodevos Crescent for R800 000 and 5 Panorama Crescent for R650 000.

4. Capital Growth in Middedorp

Median prices and capital growth for houses achieved:

• Middedorp's median prices for houses has during the last 10 years grown from R1 272 000 in 2011 to R2 050 000 in 2020 - i.e. a growth of about 61.2% or cumulative growth of 4.9% a year.

Median prices and capital growth for sectional title units achieved:

• Middedorp's median prices for sectional title units has during the last 10 years grown from R610 000 in 2011 to R970 000 in 2020 - i.e. a growth of about 59.0% or cumulative growth of 4.7% a year.

Median prices and capital growth for vacant land achieved:

• Middedorp's median prices for vacant land has during the last 10 years grown from R245 000 in 2011 to R550 000 in 2020 - i.e. a growth of about 124.5% or cumulative growth of 8.4% a year.

5. Comparison of Middedorp with Greater Langebaan Area

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