Tranquil lifestyle attracts buyers to Silver Lakes

Posted On Wednesday, 20 February 2019 18:41 Published by
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Established 26 years ago, Silver Lakes Golf and Wildlife Estate, emerged as one of the top performing suburbs in Pretoria, according to Lightstone data.

 SILVER-LAKES-HOME-1

Not only was Silver Lakes the first development of its kind, it was also the first golf and residential estate in the new Pretoria East. Today, there are nine estates in the area, says Inge de Klerk, Pam Golding Properties Pretoria area specialist.

“Silver Lakes offers an unrivalled, tranquil and secure lifestyle, cosmopolitan community living, and a sense of being in the bush with its unique game reserve,” says De Klerk.

Lifestyle

The estate has one of the most pristine golf courses, with catch and release on the dams allowed. There is a game reserve/bushveld, a clubhouse, tennis courts, squash courts, swimming pool and beach volley ball. The estate boasts three on-site restaurants - Café41, a member’s bar and Fairways restaurant that also does take away deliveries within the estate, as well as the Halfway House. In addition, there is a small convenience shop and a wine shop at the club house.

Silver Lakes derives its name from the numerous lakes around which the signature 18-hole Peter Matkowich golf course was built. It is well located close to major main roads, with good schools, and other amenities including shopping and a number of restaurants nearby.

The estate consists of approximately 1700 homes – a big component of this number consists of locals, with the rest being expats and diplomats. On average, 35% of the properties are rented out to expats and diplomats. Investment returns on these rented properties average 8%.

Many of the residents are families who have lived here since the estate was built, and if they sell, they will be downscaling to buy into the retirement village, or buy smaller sectional title units within the estate. Others sell due to work transfers and changes in family structures.

Furthermore, Silver Lakes has two sectional title complexes – Silver Lakes Retirement Village which consists of 24 units offering two bedrooms, one bathroom, and measuring 103sqm. The other is Silver Fountains with 31 units ranging from 147sqm to 193sqm with prices ranging from around R2 million.

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Property prices

De Klerk explains that the estate attracts buyers from all walks of life, with many young families and investors eyeing the estate for its secure lifestyle, and also because they are able to buy older homes, duet homes or smaller homes on subdivided stands for between R2 million and R3 million. These homes on small stands offer three bedrooms, two bathrooms and two garages.

Properties priced from R3 million sometimes offer smaller homes that have been renovated, or older big homes on bigger stands. These homes offer four bedrooms, three bathrooms and three garages. Those priced from around R4 million have good sized homes and stands, with golf course facing properties selling on average from R5 million.

According to Lightstone data, 98% of sales are for full title homes, and 39% of buyers in 2018 were young adults. The average sale price of property in the estate in 2018 was R3.375 millionAverage stand sizes on the estate are 1 000sqm, with some properties in Phase 2, and in the game reserve measuring up to 3 000sqm. 

De Klerk says sectional title properties offer good value for money for those buyers looking to buy into the estate on a budget. For example, in 2018, R1.38 million was paid for one of the sectional title retirement units, making this the lowest price achieved for property in 2018. The highest price paid for property during the same period was R8.2 million for a property with five bedrooms located on a popular street.

De Klerk’s highest price achieved on the estate in 2018 was R7.5 million for a home with four bedrooms, on a popular street, and golf course facing.

“There are great opportunities in Phase 1 where some of the properties are as old as the estate and buyers can renovate to suit their needs and styles,” she adds.

Last modified on Wednesday, 20 February 2019 18:58

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