You can always get a friend to go and bid on your behalf. Just organise it with the selling agent before hand.
adelaide update
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You can always get a friend to go and bid on your behalf. Just organise it with the selling agent before hand.
Sam
Don't give up as there plenty of opportunities in SA! You may also find some areas in Adelaide are not hot yet! But you need to be on the ground!
Last July 07 went down to Elizabeth to buy a property of two...I found the competition for properties were intense. So I thought outside of the square and looked at suburbs close to Elizabeth and noticed that some of the Salisbury suburbs were only 20K-30K less...I picked up two houses...one in Paralowie and Parafield Gardens. Whilst the competition was there....but it was no where near the level in Elizabeth....I already own one there bought in 2004 for 112K.
Be prepared to be flexible in terms of areas, everything within 40 klms is going to grow!
Good luck!!
Don't give up as there plenty of opportunities in SA! You may also find some areas in Adelaide are not hot yet! But you need to be on the ground!
Last July 07 went down to Elizabeth to buy a property of two...I found the competition for properties were intense. So I thought outside of the square and looked at suburbs close to Elizabeth and noticed that some of the Salisbury suburbs were only 20K-30K less...I picked up two houses...one in Paralowie and Parafield Gardens. Whilst the competition was there....but it was no where near the level in Elizabeth....I already own one there bought in 2004 for 112K.
Be prepared to be flexible in terms of areas, everything within 40 klms is going to grow!
Good luck!!
Sash,
Good thinking mate, Salisbury suburbs will do well in the coming years too. Don't think they'll be sub $300k for too much longer - especially blocks of decent size for future development.
I think that's why Elizabeth needs to level off now - why buy for $230k up there when you can buy in Salisbury suburbs for that level or slightly more.
I'm currently throwing in a cheeky low offer on a Salisbury property, but doubt I'll get it. Doesn't bother me though as it wasn't planned on.
Good thinking mate, Salisbury suburbs will do well in the coming years too. Don't think they'll be sub $300k for too much longer - especially blocks of decent size for future development.
I think that's why Elizabeth needs to level off now - why buy for $230k up there when you can buy in Salisbury suburbs for that level or slightly more.
I'm currently throwing in a cheeky low offer on a Salisbury property, but doubt I'll get it. Doesn't bother me though as it wasn't planned on.
.....as you know Steve, I've thrown my hat into the ring with our purchase at Royal Park.
Have done very little research on all of the usual macro-economic stuff, so it's a pure WAG. Liked the look of the block but, so here's to rampant speculation and crossing the fingers in vain hope.
It better double in the next 2 years or I'll flog it off.....you can never trust those damn crow-eaters.
Have done very little research on all of the usual macro-economic stuff, so it's a pure WAG. Liked the look of the block but, so here's to rampant speculation and crossing the fingers in vain hope.
It better double in the next 2 years or I'll flog it off.....you can never trust those damn crow-eaters.
Steve,
I guess there was an element of luck....I was so fed-up of looking at over 50 houses over 3 days....I put in offers with 24 hour turn around
I think a 185K 3brm 465 sqm block house in Parafield Gardens and 190K 3 bedroom house in Paralowie on 580 sqm block (still has good depreciation) was good buying in hindsight.
Talked to RE and the internet very few below 225 now!
I think I am pretty much done in SA so that I can minimise land tax...as I suspect land values in Adelaide are growing at exponential rates. Land in Smithfield and Davoren park is now over the 100K mark for 500sqm blocks.
In any case I am now looking at greener pastures....in other states. But I a very found of Adelaide....it has been good to me from a property investment perspective.
I guess there was an element of luck....I was so fed-up of looking at over 50 houses over 3 days....I put in offers with 24 hour turn around
I think a 185K 3brm 465 sqm block house in Parafield Gardens and 190K 3 bedroom house in Paralowie on 580 sqm block (still has good depreciation) was good buying in hindsight.
Talked to RE and the internet very few below 225 now!
I think I am pretty much done in SA so that I can minimise land tax...as I suspect land values in Adelaide are growing at exponential rates. Land in Smithfield and Davoren park is now over the 100K mark for 500sqm blocks.
In any case I am now looking at greener pastures....in other states. But I a very found of Adelaide....it has been good to me from a property investment perspective.
And what a purchase Daz
I'm not as familiar with commercial, but I reckon you'll do very well out of that one. That much land, on a decent yield - you can't go wrong!
Steve,
I guess there was an element of luck....I was so fed-up of looking at over 50 houses over 3 days....I put in offers with 24 hour turn around
I think a 185K 3brm 465 sqm block house in Parafield Gardens and 190K 3 bedroom house in Paralowie on 580 sqm block (still has good depreciation) was good buying in hindsight.
Talked to RE and the internet very few below 225 now!
I think I am pretty much done in SA so that I can minimise land tax...as I suspect land values in Adelaide are growing at exponential rates. Land in Smithfield and Davoren park is now over the 100K mark for 500sqm blocks.
In any case I am now looking at greener pastures....in other states. But I a very found of Adelaide....it has been good to me from a property investment perspective.
That's right, I remember you telling us about those 2 a while back. Yeah the area has definitely done well the last few years, especially the last year or two. They should continue to do well over the next few years as well.
Family friends of ours are selling this one in Paralowie as we speak:
http://www.realestate.com.au/cgi-bi...er=&cc=&c=86579602&s=sa&snf=rbs&tm=1201748063
They paid $88k in '99 (although granted, they over capitalised on the interior in my opinion), so have done quite well out of it.
Nice home Steve........the price is unbelievable....if they get that I will be dancing in the streets.
So reckon 300K ....huh.....amazing...I am gob smacked......things are really happening fast!
Thanks for the info!
Well off to the street with you - they've already had an offer for $280k, the buyer is doing some 'searches' I'm told before the contract is signed.
Bare in mind it is a pretty damn nice interior ie. new kitchen and bathroom with spa, new pergola outside etc. - so perhaps a bit higher than the average. If it was still older inside, it would probably be around the $260k level.
Hi guys
Thanks once again for the advice. I have been sitting on my laptop every night for hours researching Adelaide and suburbs within 8km's from the CBD. I have been speaking to various agents over the past week which some seem to be helpful. I will definitely look at the Salisbury area this week. Please let me know if there are any particular areas within Salisbury I need to stay clear of.
It seems Richmond and Kurralta Park are good areas to buy in. I might just try and get my hands on two properties over the next month...onwards and upwards.
Thanks Sam
Thanks once again for the advice. I have been sitting on my laptop every night for hours researching Adelaide and suburbs within 8km's from the CBD. I have been speaking to various agents over the past week which some seem to be helpful. I will definitely look at the Salisbury area this week. Please let me know if there are any particular areas within Salisbury I need to stay clear of.
It seems Richmond and Kurralta Park are good areas to buy in. I might just try and get my hands on two properties over the next month...onwards and upwards.
Thanks Sam
I know it's not Adelaide but if you are looking for a place that is currently experiencing incredible CG, try and get an agent to return your calls for a place in Whyalla. The place has gone nuts in the last 12 months. We bought a place for $70k and it's now worth $150k, another one was $104k and my mate bought one nearly exactly the same in the same street for $180k 6 mnths later (ours actually looks more modern on the inside).
Check it out !
Check it out !
Sam
You can pretty much assume most of the Salisbury suburbs are goers. I don't think there are any bad areas as such as this area is going through alot of changes for the better.
With all the Defence and other industry moving to the area there is not going to much land land after 5 years. Additionally, there was talk of the Northern expressway going in 2012.
SteveAdl, is this in track?
You can pretty much assume most of the Salisbury suburbs are goers. I don't think there are any bad areas as such as this area is going through alot of changes for the better.
With all the Defence and other industry moving to the area there is not going to much land land after 5 years. Additionally, there was talk of the Northern expressway going in 2012.
SteveAdl, is this in track?
Yeah apparently the Northern Expressway is a goer still (although with Govt's - I would never quite fully believe time frames). You can get more info on it here:
http://www.dtei.sa.gov.au/infrastructure/northern_expressway.html
Sam, I also agree with what Sash said about Salisbury suburbs. I think you'll be safe buying in pretty much any of them.
I guess Salsibury North would probably have the worst name of the bunch, but I think it actually poses a good opportunity as the prices are still relatively lower than the others - so good opportunity to take advantage. Salisbury North also has the Haweksbury Park redevelopment project going through it which looked quite nice a few weeks back when I drove through it.
In your search amongst Salisbury, check out Parafield Gardens which I like also. In my opinion - it has slightly easier access to the CBD via Pt Wakefield Rd. Salisbury Highway is a bugger of a road to travel on, takes quite a while (relative to Main Nth Rd & Pt Wakefield Rd's).
http://www.dtei.sa.gov.au/infrastructure/northern_expressway.html
Sam, I also agree with what Sash said about Salisbury suburbs. I think you'll be safe buying in pretty much any of them.
I guess Salsibury North would probably have the worst name of the bunch, but I think it actually poses a good opportunity as the prices are still relatively lower than the others - so good opportunity to take advantage. Salisbury North also has the Haweksbury Park redevelopment project going through it which looked quite nice a few weeks back when I drove through it.
In your search amongst Salisbury, check out Parafield Gardens which I like also. In my opinion - it has slightly easier access to the CBD via Pt Wakefield Rd. Salisbury Highway is a bugger of a road to travel on, takes quite a while (relative to Main Nth Rd & Pt Wakefield Rd's).
Hi folks
Davoren Park and Smithfield Plains are the only suburbs to steer clear of at present - if you are worried about damage etc. We were in Gawler one Sat night and I am not sure why but decided to drive through these 2 suburbs at 10pm on a Sat night - quite an interesting experience I must say and not something I will be repeating in a hurry !
Having said that, there are lots of nice people who live out there, they just live differently.......
Having said that, prices in Davoren Park and Smithfield Plains have sky rocketed and at one stage, they were going up at a reported $10k per month !
Cheers
Davoren Park and Smithfield Plains are the only suburbs to steer clear of at present - if you are worried about damage etc. We were in Gawler one Sat night and I am not sure why but decided to drive through these 2 suburbs at 10pm on a Sat night - quite an interesting experience I must say and not something I will be repeating in a hurry !
Having said that, there are lots of nice people who live out there, they just live differently.......
Having said that, prices in Davoren Park and Smithfield Plains have sky rocketed and at one stage, they were going up at a reported $10k per month !
Cheers
How badly will the closure Of the Mitsubishi plant affect the local rents of the southern suburbs and property prices ?
What will happen to the plant? If its turned into housing then that will most likely depress the market, I would have thought.
Are there other nearby projects commencing that can take up the slack created by 1000 unemployed not to mention the thousands of others who do not work directly for Mitsubishi
What will happen to the plant? If its turned into housing then that will most likely depress the market, I would have thought.
Are there other nearby projects commencing that can take up the slack created by 1000 unemployed not to mention the thousands of others who do not work directly for Mitsubishi
Have you guys visited these areas? These are some of Adelaide's rougher/est suburbs. To quote my Avatar
"I feel like I'm taking crazy pills"
I just can't see the growth potential...someone please prove me wrong.
After our little miniboom has fizzled you're stuck in a sub-par area that no SA native would buy/rent in if they had the choice. I'm not trying to stir the pot here just stating what I'm seeing which is purely my opinion and nothing else.
Historically Adelaide is like any other major city....cheap doesn't necessarily=value. Buying close to CBD or coastal areas makes sense. The growth there will continue after the market has peaked and you can still pick up very affordable (compared to other cap cities) properties.
Out north....there's just nothing there....sure there's some industry but do you want to speculate your long term growth on something so fickle?
Purely my opinion
Rory
This has been on the cards for years....most ancillary industry has been preparing for this for some time.
Mitsies has been giving employees "packages" for some years in preparation. Big news and sad in it's own right but not at all an announcement out of the blue...
Concerning projects...neighboring Westfield Marion is getting a $200MM plus upgrade and Castle Plaza down the road an $80MM upgrade as well.
As for the site....it's prime land fairly close to the city/beach however I'm dubious Marion council would change the zoning. That said, there's that much demand down here at the moment the market won't even skip a beat if they did.
Mitsi's closing was expected, it was just a matter of time.....The packages most workers have received up until now have been anything from 6 months to 2 years full pay, so there shouldn't be too much downside. The labour market might be flooded for a while but that should settle down - maybe they will all go North and take advantage of the biggest mining boom Australia will ever see - in regional SA !
You may also find that cashed up ex workers will take the opportunity to buy a house with their payouts, pushing up prices further.
As for the development of the site, it will probably be like everything in SA - no-one can make a decision - it will sit empty for years and people will get used to driving past that big old empty factory that used to be Mitsubishi......then a developer will buy it and make squillions !
Wonder how much they want........?
You may also find that cashed up ex workers will take the opportunity to buy a house with their payouts, pushing up prices further.
As for the development of the site, it will probably be like everything in SA - no-one can make a decision - it will sit empty for years and people will get used to driving past that big old empty factory that used to be Mitsubishi......then a developer will buy it and make squillions !
Wonder how much they want........?
