“Of the total of 1700 stands in the estate, only 112 are still vacant,” says Linda Bodenstein, owner of the RealNet Silver Lakes franchise, “and more than 50 new homes are currently awaiting plan approval or already under construction.
“There has also been strong demand for resales this year, especially in the R3,5m to R4,5m price range, where buyers are taking the opportunity to acquire outstanding value-for-money in luxury homes with at least four bedrooms, three reception areas and three garages on stands of between 800sqm and 1000sqm.”
At the same time, she notes, about a quarter of all the homes in Silver Lakes are rented – mostly by corporates seeking accommodation for senior employees who are in SA on contract, but also by wealthy South Africans, some of whom are waiting for their own new homes on the estate to be built.
“Rentals range from around R15 000 a month to R35 000, proving the value of these properties as investments for those who bought stands and built here in the early days of the estate.”
The prices and rentals that are consistently being achieved at Silver Lakes, Bodenstein says, are also a good indicator of what is happening at the top end of the real estate market, and what it is that homebuyers and tenants in this sector want.
“Security at Silver Lakes is of course excellent, but the estate also has many other attractions, including the fact that it is no longer out on the margin of the city, but right at the centre of a very well-developed mixed-use node, surrounded by many other residential, retail and commercial developments.
“There are shopping centres at both entrances, a Virgin Active gym and private clinic close by, as well as new office parks and several excellent schools, including Curro Hazeldean, Tierpoort Laerskool, Abbotts College and Tygervalley College. In short, everything residents might need is close at hand, and they appreciate not having to commute long distances for daily necessities.”
But probably the greatest attraction, she says, is that the estate is extremely well-run by a very strong Home Owners’ Association. “Our roads are maintained, streetlights work and the communal gardens and parks are immaculate, and upmarket buyers and tenants value the opportunity to live in this type of environment.
“The HOA has recently also taken ownership of the clubhouse and the Silver Lakes golf course, which was designed by Peter Matkovich and is rated one of the best in Gauteng.”