Silverfields consists of Silverfields Main and Silverfields Park, with the two parts making up the relatively small suburb. Unlike Mindalore and Witpoortjie, Silverfields is buffered from informal settlement creep by Main Reef and Ontdekkers, and the difference in prices illustrates this point as such informal settlements tend to bring down the value of formal residential holdings.
Predominantly free hold, Silverfields experienced 11 more transactions for this market than its 35 sectional title transactions over the past two years. The average number of transactions over the past year for free hold was equal to 2,5 per month, and the highest number of transactions taking place in the freehold market was five per month, which was achieved in July 2007.
Furthermore, the month of July recorded a total sales high of R3,647,500, according to deeds office records, which was bolstered by a greater number of higher priced properties toward the R800k mark – this happened in light of the fact that the average free hold price over the past two years was R715,656, and the average sectional title price over the same period amounted to R458,962.
Trend lines based on deeds office data shows that the minimum prices paid for freehold properties has decreased toward its two year low, and minimum prices paid for sectional title units has gradually dipped and risen around the R400k mark.
Nearby Factoria lies immediately to the west of Silverfields, and is characterised by its largely commercial and industrial warehouses. Silverfields is a well-established area and the older houses sit on well-sized plots of land.
Cornelia de Lange, sales associate for Re/Max 2000 (Ontdekkers), says Silverfields is very much an area comprising of older and larger homes. De Lange further says that based on the current "market conditions, pricing is of the essence".
"You will find families with young children wanting to upgrade into a suburb that offers value for money," she says.
De Lange says Silverfields is currently in the throes of a "full buyer's market", and as a result, she believes that agents need to spend a lot of time with their clients to "educating sellers on pricing", and especially considering the impending interest rate hikes and the already-in-place National Credit Act (NCA). – James Monteiro
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