Both Silver Lakes and Willow Acres have benefited from the growth of Pretoria’s new east, but which estate comes out tops in value?
It was always going to difficult to compete with the biggest estate in Pretoria. Silver Lakes Golf Estate has been one the main catalysts for residential and, in turn, commercial development in the new east of Pretoria.
But Willow Acres estate, adjacent to Silver Lakes and a sixth of its size, is holding its own in terms of property pricing and value.
While property data bank Lightstone lists average freehold prices of R3,9m in Silver Lakes and only R1,7m in Willow Acres, Otto Pagel, sales manager: Seeff Pretoria East, has a different take. “Silver Lakes has bigger stands, allowing for bigger houses to be built, and therefore prices increase,” Pagel says. “In my opinion, however, and from statistics we drew up ourselves in 2014, the average pricing for Silver Lakes is closer to R3,1m and for Willow Acres it’s about R2m, so the difference isn’t that large.”
Silver Lakes vs Willow Acres
Pieter van der Merwe, property consultant: Harcourts Premier, adds that Silver Lakes carries another very important title, one that is vital in the South African market.
“Silver Lakes is rated as the most secure estate in Pretoria, due to the influx of ambassador purchases and rentals in the estate,” he says.
At the deeds office, 37 freehold registrations have been recorded in Silver Lakes in 2015 alone, compared with just 14 in Willow Acres. What is driving this demand, when each estate offers access to similar amenities?
“Silver Lakes offers more than 1,700 stands or houses for sale,” Van der Merwe says, “while Willow Acres has fewer than 500. On average, this pretty much pars them off in terms of sales.”
And the golf course? Does it really add as much value and translated demand as the sales figures and property values suggest? Van der Merwe thinks so. “There is a prestige factor involved when a golf course is added to an estate, and there are now very few golf estates being approved nationally,” he says.
Pagel says, “On average, Silver Lakes will offer you around R9,000/m2. Willow Acres offers far better value of about R7,300/m2; however, Willow Acres does not have the golf course and amenities.”
The estates in brief
Silver Lakes Golf Estate
- Number of properties: 1,695
- Estate national ranking: 772 out of 5,839
- Average valuation: R3,643,031
Willow Acres
- Number of properties: 500
- Estate national ranking: 1,548 out of 5,839
- Average valuation: R2,372,399
Words: David A Steynberg
Images: iStock
