Myburgh Park Suburb - Langebaan - Property Market Report 2020

Myburgh Park Suburb - Langebaan - Property Market Report 2020

Myburgh Park suburb in Langebaan is a well-established and upmarket residential suburb with beautiful hillside views. It is located on the southern side of Langebaan and is bordered by the new development Shark Bay to the South, which is on the way to the entrance to the West Coast National Park, to the West by the lagoon, to the North by the suburb of Country Club and to the east by undeveloped land. The larger part of the lagoon is visible from Myburgh Park with properties with lagoon views being more sought after and in high demand by buyers looking for a holiday or retirement home.

1. Myburgh Park Owner Profile / Demographics.

The average household income range in Myburgh Park according to Lightstone is R30 000 to R40 000 with the predominate LSM being LSM9 Low.

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 is 51% with another 11% having owned property for between 8 and 10 years. The high combined figure of 62% of property owners having owned property for more than 8 years points to stability and owner satisfaction and is also indicative that Myburgh Park is one of the older, more established suburbs in Langebaan. The relatively high figure of 26% having owned their properties for less than 5 years is an indication that Langebaan is a growing town with new houses being built which attract a wide range of prospective Buyers.

 The age profile of the stable owners in Myburgh Park shows that the majority of owners, 47%, fall in the mature age group, (50 - 64 years old), followed at 31% by the pensioner group (65 or older).

• Youth/Adult: (18-35 years) - 2%
• Middle Aged: (36-49 years) - 20%
• Mature: (50-64 years) - 47%
• Pensioner: (65 and older) - 31%

The recent buyers' age profile is interesting in that it shows very similar interest from the Middle Aged and Mature groups with a total of 80% of purchases. The low number of buyers in the Pensioner Group in Myburgh Park mirrors the overall trend of a younger Langebaan population with the breakdown of recent buyers being as follows:                          

• Youth/Adult: (18-35 years) - 10%
• Middle Aged: (36-49 years) - 34%
• Mature: (50-64 years) - 46%
• Pensioner: (65 and older) - 10%

The recent sellers' age profile is interesting when compared to the recent buyer's profile, in that it shows that the only age group that has a higher percentage of sellers than buyers is the pensioner group. This supports and explains the data from the stable owners and recent buyers about the trend of a reducing average age of the population of Langebaan.                           

• Youth/Adult: (18-35 years) - 3%
• Middle Aged: (36-49 years) - 28%
• Mature: (50-64 years) - 38%
• Pensioner: (65 and older) - 31%

2. Myburgh Park Real Estate Market - Property Types

 Myburgh Park consists of 1 095 own title or freehold houses and 40 sectional title properties. Just 22 of the freehold properties are situated in estates.

3. Property Sales In Myburgh Park

During the 12 months from January 2020 until December 2020 a total of 37 freehold houses were sold. Of the 37 houses sold, 35 houses were in non-estate residential areas and 2 were in estates. These 37 houses were in the following price brackets, 4 were sold for between R800 000 and R1 500 000, 27 were sold between R1 500 000 and R3 000 000 and 6 were sold for more than R3 000 000.

During the same 12-month period 1 sectional title property was sold at a selling price of R910 000.

During the same 12-month period a total of 10 vacant plots were sold, which was significant down on the 31 sold over the same period the previous year. There was 1 freehold plot sold in an estate for R375 000 and 9 freehold plots out of estates were sold at an average selling price of R670 000. These 10 freehold plots were in the following price brackets, 1 was sold for less than R400 000, 7 were sold between R400 000 and R800 000 and 2 were sold between R800 000 and R1 500 000 at an average price of R925 000.

Average & Top House Prices achieved in the 12 months January 2020 to December 2020:

• Average house price: 37 Houses sold for an average price of R2 454 000. The highest price being realised was R11 000 000 with the lowest price being R1 300 000. The 3 top prices achieved were 43 Harpuisbos Street for R11 000 000, 20 Penguin Place for R6 000 000 and 122 Harpuisbos for R3 700 000.

Average & Top Vacant Land Prices achieved in the 12 months January 2020 to December 2020:

• Average vacant land price: 10 vacant plots sold for an average price of R641 000. The highest price being realised was R1 000 000 with the lowest price being R375 000. The 3 top prices achieved were 7 Sanderling Close for R1 000 000, 10 Sporrie Close for R900 000 and 34 Heuningbos Close for R850 000.

4. Capital Growth in Myburgh Park

Median prices and capital growth for freehold homes achieved:

• Myburgh Park's median prices for homes has during the last 10 years grown from R1 275 000 in 2011 to R2 000 000 in 2020 - i.e. a growth of about 56.9% or cumulative growth of 4.6% a year

Median prices and capital growth for sectional title units achieved:

• Myburgh Park's median prices for sectional title units has during the last 10 years grown from R732 000 in 2011 to R910 000 in 2020 - i.e. a growth of about 24.3% or cumulative growth of 2.2% a year

Median prices and capital growth for vacant land achieved:

• Myburgh Park's median prices for vacant land has during the last 10 years grown from R360 000 in 2011 to R662 000 in 2020 - i.e. a growth of about 83.9% or cumulative growth of 6.3% a year

5. Comparison of Myburgh Park with Greater Langebaan Area

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