adelaide update

D

dreaming

hi, just started on this site. it looks really good. I have been reading all I could find out about Adelaide and was hoping to get the latest info on the area with the view of buying an IP there. I have about 250k to spend, where might be best to look and what I could expect for it. Potential to sub-divide would be great but not necessary but future growth is what I'm looking for, the same as everyone else I'm sure. Even some agents names who you may have found to be reliable and trust worthy could be a help. I currently have investments in Brisbane and find the agent I have there, to be a big relief to my mind. I would hope to set up a similar relationship with an agent in Adelaide if I were to go ahead with a purchase there.
thanks to all
 
At 250K you would need to be looking in the outer areas - not too sure where you could pick up anything that is subdividable for that price though. Maybe outer Salisbury, Pooraka kind of area.
 
As Pushka mentioned, you may want to think about the general Salisbury area. Industrial land is earmarked to be released in the area and when the northern expressway is complete areas such as Salisbury may not seem as far away from the city any more. Particularly if people are commuting to the city from Gawler.

All the best:)
 
You may like to consider/research O'Sullivans Beach:
http://www.somersoft.com/forums/showthread.php?t=37629

Went to look at a place last weekend on 1000+ square metres and asking price was $240k.

Personally I feel the area has more going for it than Salisbury, but I must admit it was a very similar feeling area to salisbury (ie housing trust, bit trashy looking).

Around the same distance from the city.
 
Prices in Windsor Gardens

In Windsor Gardens, a timber frame house on a block of 720 sq mtr., was advertised for 240K+ and was sold for 301K yesterday. The house is not in a good condition and the site is only good for development.

A bit surprising to see someone paying 301K only for a block of land.

Cheers
 
I'd agree with Angelo and Pushka - Salisbury area you'd be able to find something, probably even big enough to subdivide even though you said this wasn't a priority.

You could also look closer in at areas such as Para Hills, Ingle Farm, Para Vista, Hope Valley, Modbury etc. The bigger blocks will be pushing past your price mark, but properties on smaller blocks, or ones that have already been subdivided (and they're just selling off the old house without the land) you can get for this price.

As Hobo mentioned, you could also look at the far southern suburbs - again the bigger land parcels will be out of reach, but you should be able to find small blocks without development potential in suburbs like Christies Beach/Downs, Pt Noarlunga, Reynella etc.

You could also look at units, but personally I prefer houses for the land.

It depends on individual areas of course, but a lot of the Adelaide market is still pumping hard at the moment.
 
At $250k and looking for subdivision potential, you would have to be looking quite some distance from the CBD.
You could consider units that are within, say, 10km of the CBD. As affordability becomes more of an issue, units will look more and more attractive to people not able to buy or rent a house close to the city. Remember, Gen Y don't like to commute! They would rather pay top dollar rent to live close to the city, entertainment, cafes ect, than live cheaper in the outer suburbs.
I bought a very small 1960's 2BR, upstairs unit in the prestige suburb of Leabrook in 2000 for $79k (that's not a misprint!). Currently worth at least $240k. That's tripling in value in 7 years. I did nothing. Haven't even painted the place. I'd take a return like that any day, as compared to buying in the outer areas in the hope of subdividing and making a profit.
I've focussed on buying units in the inner city suburbs and have some terrific gains to support my decision. Of course, I only buy units where there is a good ratio of land to unit, so I know the underlying value will always be there.
So far, so good. I'm sticking to the plan. It worls for me :)

Rob
 
Skye

I've just purchased a 2 bed. unreno. unit in Henley Beach South..large complex of units but virtually at the beach. Been waiting for a few months as the vendor needed time to escape the cap. gain tax by waiting a full year before contract stage. It's been a long wait..I thought I had paid too much at 240K but reckon I'll at least break even, factoring in 15k setup fees, etc., by actual settlement end Jan. '08.
I am an interstate buyer and have found an excellent agent, willing to barter, who will definitely get my business..not the vendor's agent...and a building inspector who goes the extra mile. They've made all the difference and I'm happy to recommend them if you like. Not that I've personally met them! Just that they've really been helpful and generous.
 
Personally I'd be looking down south in that price range.
As Hobo said, O'Sullivans Beach is the go or even Christies Beach if you can...

IMO the prob up north is that there isn't the coastal charm of the southern areas....furthermore if the Holden plant ends up shutting shop the long term growth will suffer badly...

My opinion FWIW
R:)
 
I read this on another forum for those interested in Whyally, SA.

http://www.propertytalk.com/forum/showthread.php?p=96605#post96605

8x2 Flats - ADELAIDE - Est 117% return in 3 years

This is an opportunity to be a 30% shareholder in a Unit Trust in Australia with an awesome return anticipated over 3 years with several successful property traders in Adelaide.

Initial investment $250000

- Block of 8 two bedroom units in Whyally in SA, total purchase price $950K.
- Whyalla is booming at the moment, and with the the rapidly evolving mining activity in the area (including what will be the biggest mine in the world, Roxby Downs), will continue to boom for some years.
- Expect to hold for about 3 years, while the market is rising most
strongly.
- We have bought 15-20% under market.
- We can increase rent yield from the current 6% to 8% through bringing
rents up to market level + a basic renovation.
- For the 30% of profits we take, (investor gets 70%) we take responsibility
for EVERYTHING, (manage the property, reno, and optimize the timing of exit to maximize profitability) ie investor does not need to do anything other
than provide finance.
- The investor could be anyone with ability to take out a loan for at least
one unit (950/8 = $118.75K) but preferably 4 or even all 8.
- If someone is genuinely interested, would like to meet with them quickly.
Click to expand...
 
thanks heaps

thanks heaps for all the info. I don't like flats but by the look of it Henly would be a great place if I can hunt something good down in that area, hopfully this weekend I'll be able to go through some of the listings that you have all been suggesting and see what's


Once again I can't say thanks enough
 
Skye said:
I've just purchased a 2 bed. unreno. unit in Henley Beach South..large complex of units but virtually at the beach. Been waiting for a few months as the vendor needed time to escape the cap. gain tax by waiting a full year before contract stage. It's been a long wait..I thought I had paid too much at 240K but reckon I'll at least break even, factoring in 15k setup fees, etc., by actual settlement end Jan. '08.
I am an interstate buyer and have found an excellent agent, willing to barter, who will definitely get my business..not the vendor's agent...and a building inspector who goes the extra mile. They've made all the difference and I'm happy to recommend them if you like. Not that I've personally met them! Just that they've really been helpful and generous.
Click to expand...

this sound good. how would I find this agent if I wanted to have a chat with them?
 
Having looked at Adelaide a lot your info would be very useful in my research.
Do you have a projected growth for henely beach in your plans?
 
Well done, Skye. Henley Beach , imho, is the best beach in Adelaide. Henley South is not too bad either. Close to the city, 10 mins from the airport and not on the flight path, great cafe's etc, safe swimming except for the occasional white pointer, and you can still catch crabs and fish off the jetty!

Cheers
 
Yeah I can second that, Henley is defintiely the nicest beach in Adelaide (besides the south coast, but that's not in the city). Glenelg still very popular, but it's a crappy beach.
 
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