It looks pretty neat and tidy as it is. Maybe White Knight, shower screen and new vanity in bathroom.
Vacancy rates have been 1% or lower the past ten years in Christie Downs, $270-290 per week would be realistic.
Adelaide Investment Suburbs
- Thread starter Scarlett09
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It looks pretty neat and tidy as it is. Maybe White Knight, shower screen and new vanity in bathroom.
Vacancy rates have been 1% or lower the past ten years in Christie Downs, $270-290 per week would be realistic.
This property at 28 Adrian St, Christie Downs has a narrow frontage. Would this limit the ability to subdivide?
Agreed that development isn't profitable yet. I bought a house near the station 3 years ago for $255k on 650sqm which has dropped in value slightly since then. I'm sure it will increase once the local infrastructure is finished and the natural population increase over time. I will be looking to subdivide into duplex or triplex (if possible) once the values rise into profitablity.
The big tree would be putting me off more - councils love their significant trees.
Alot of blocks are 6-900sqm metres meaning you can get 3 or 4 dwellings on each block. While alot of investors will be doing this I personally will only be splitting mine in half down the middle. Christies downs, Huntfield heights and hack west are all family areas. Small, crammed trying to fit as many dwellings as possible is all fine and good for young professionals closer to the city. It just doesn't work aswell down here. Properties are harder to sell and harder to let. I can just see the over supply now with greedy investors trying to put as many dwelling on their block as possible.
I too was thinking it would be too cramped to fit a triplex on a 600sqm block in this neighbourhood. I will be interested to see how it turns out once developers start doing this. It's good to hear others opinions on developing in this part of Adelaide.
Cheers
I have been looking around Adelaide this weekend. Very nice city! We luckily had fantastic weather.
I came across Paralowie which seems to be very affordable. Any thoughts from locals?? Yields look good.
I came across Paralowie which seems to be very affordable. Any thoughts from locals?? Yields look good.
I grew up there.
Reasonable area. Good yields for quality stock, there are properties still being built in the area, and infill. Larger blocks in comparison to new builds, but too small to develop for most - these properties suit buy and hold, with a renovation chucked in if possible.
Recently put one through for a client in Paralowie, 4 bed, 600sqm block built in 1995, 275k. Rents $340/wk. A nice position with substantial depreciation, got to love it.
Were you looking at the lower end of the market (220-270k)? Or the newer 4x2x2 stock?
I grew up there.
Reasonable area. Good yields for quality stock, there are properties still being built in the area, and infill. Larger blocks in comparison to new builds, but too small to develop for most - these properties suit buy and hold, with a renovation chucked in if possible.
Recently put one through for a client in Paralowie, 4 bed, 600sqm block built in 1995, 275k. Rents $340/wk. A nice position with substantial depreciation, got to love it.
Were you looking at the lower end of the market (220-270k)? Or the newer 4x2x2 stock?
Hi CJay,
Good to chat with a local! We are looking at the lower end of the market for sure. We went for a drive around, looks like an ok area. We would use the buy and hold strategy, so the yield looks good for us. Do you think we would have any trouble renting a property out in this area?
Strong demand in the area. 70%+ of the area is owner occupied, so there aren't many properties available for rent. Going off anecdotal evidence, clients who have bought in the area have found their properties tenanted very quickly (most have tenants signed up before settlement).
Hi Everyone,
Can anyone explain to me the stigma around Affordable homes?
Thanks,
AndyM
Dont know about "Stigma".The average investor will never get a look in on these properties,as they are sold under value.Your taxes at work.
I would agree with Simo. These are simply extra options to consider if you qualify for this kind of purchase but you should not assume they are under priced. Some are and others would not be worth your time to look at considering their asking price.
remember as well these prices are fixed and not nonnegotiable. It may be a deal your happy with but your numbers still need to add up regardless where the purchase comes from.
That's essentially it. The program is in place to assist First Home Buyers get into the market with structurally sound homes at slightly cheaper than market prices. If the property doesn't sell to a FHB'er in the designated time, it then enters the rest of the market. By this time the investors all pounce and the property generally is under contract to the highest offer at the end of the day.
If I remember correctly, I believe I've had a conversation with a buyer in the past who purchased one, negotiating it slightly lower than asking price.
I believe that you also have to live in it as your PPOR. I'm not sure if there is a set time limit (like there is with FHOG's).
The agent must love them - the property sells itself after 30 days!
Confirmed, you have to be OO, and you mustn't own any other properties. Plus earn less than 75k.
AndyM
