Here’s what homes cost in Pretoria’s popular Silver Lakes
Established 26 years ago, Silver Lakes Golf and Wildlife Estate, emerged as one of the top performing suburbs in Pretoria, according to Lightstone data.
Not only was Silver Lakes the first development of its kind, it was also the first golf and residential estate in Pretoria’s New 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.
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 clubhouse.
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 1,700 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 103m². The other is Silver Fountains with 31 units ranging from 147m² to 193m² with prices ranging from around R2m.
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 R2m and R3m. These homes on small stands offer three bedrooms, two bathrooms and two garages.
Properties priced from R3m 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 R4m have good-sized homes and stands, with golf course-facing properties selling on average from R5m.
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 R3,375m.
Average stand sizes on the estate are 1,000m², with some properties in Phase 2, and in the game reserve measuring up to 3,000m².
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, R1,38m 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 R8,2m for a property with five bedrooms located on a popular street.
De Klerk’s highest price achieved in the estate in 2018 was R7,5m 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.