The group's office in the area, open only 10 months, has already had impressive sales as demand outstrips supply in what it calls Gauteng's "Riviera".

"We often hear references to property prices rising 20% in a year. Here 40% is commonplace and both residents and investors have been quick to recognise the potential," says Chas Everitt International agent Iris Venter.

The North West town started out as a weekend getaway venue for Pretoria and Johannesburg homeowners but has now become a full- blown "home from home" retreat spurred initially by the establishment of Pecanwood Estate and followed by several other upmarket developments.

Venter says among the most popular is the Westlake Country and Safari Estate, launched in 1998. She says buyers can obtain 100% bonds on land acquisition because banks are so confident.

"There is no building time limit in this development and vacant stands have changed hands up to four times already as investors take advantage of easy finance and escalating values."

Stands now vary from R450 000 to R1,5m for those on the waterfront, having been sold originally from the developer for between R65 000 and R250 000.

House prices in the estate have soared and now range from R1,8m to R10m, she says. Westlake covers more than 130ha .

Business Day