adelaide update

seaford has a few cheapies left in it. This one needs a bit of work.

CALLING ALL TRADESMEN, FIRST HOME BUYERS & INVESTORS!
$250,000
48 BEACON CRESCENT SEAFORD

Just a 7 minute walk to the beautiful beaches of Seaford and even closer to all shopping facilities this cosy home, built in 1984, is set on over 760m2 of land & comprises 3 very large bedrooms,.....


I like buying by the ocean, nature isn't going to create anymore coastline.

cheers
quoll
 
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Robwilliams590 said:
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
Click to expand...


Rob I have a similar mentallity and would be very interested in suburbs like Leabrook for aprtment investing. I'm wondering if you have any other suburbs that you would look at at around the 250k mark?

Cheers
 
BenG said:
Rob I have a similar mentallity and would be very interested in suburbs like Leabrook for aprtment investing. I'm wondering if you have any other suburbs that you would look at at around the 250k mark?

Cheers
Click to expand...

BenG, I like the Payneham and Marden area, although they have moved quite a lot recently. Klemzig is worth a look. Not as salubrious as Leabrook, but close to the city and showing signs of moving up in price as the Ripple moves outward.
I also like Broadview. I've bought a 2BR and a 3BR there recently and I'm hoping they will do well for me. The 2BR was rented out at a yield of 5% before settlement and I'm hoping the 3BR will rent quickly as well. Broadview is a short drive to the city and a nice suburb.
I like Dulwich, too, but it's getting very expensive as it's adjecent to Rose Park, which seems to be mentioned in all the magazones as a "hot spot".
Hope that helps.

Rob
 
Robwilliams590 said:
BenG, I like the Payneham and Marden area, although they have moved quite a lot recently. Klemzig is worth a look. Not as salubrious as Leabrook, but close to the city and showing signs of moving up in price as the Ripple moves outward.
I also like Broadview. I've bought a 2BR and a 3BR there recently and I'm hoping they will do well for me. The 2BR was rented out at a yield of 5% before settlement and I'm hoping the 3BR will rent quickly as well. Broadview is a short drive to the city and a nice suburb.
I like Dulwich, too, but it's getting very expensive as it's adjecent to Rose Park, which seems to be mentioned in all the magazones as a "hot spot".
Hope that helps.

Rob
Click to expand...

Rob, I'd agree with you on Klemzig - still seems fairly reasonably priced considering location and surrounding suburbs.

Definitely agree with you on Broadview - I reckon that's going to do very well over the next few years. Fair bit of development already happening there, and has really taken off over the last 9-12 months. Very close to the city, and so many quality old homes throughout the area. I reckon Galway Ave. will definitely become a very prestige address in the future - beautiful street!
 
Hi, went to Salisbury North last Saturday. A year ago, my builder suggested I looked at Salisbury or Pt Augusta & I laughed. Now they're laughing.

I called the agent & found out a pair of semis was expecting $300+000

The whole suburb as I walked through it, had been rebuilt. Good news.

Bad news : even if you could rebuild 3 [can't fit 4 on that block], the profit margin is too low.

Ergo, still -ve gearing cos the rent is around $160 pw

Better to buy house & land [maybe around $250000?] Maybe even $235000? The asking price on one house [not a bad looking one] is $225-235000

If you can get a 1000m2 house @ O'Sullivans beach for $220000, that's a good idea.

Happy hunting,
KY
 
kum yin lau said:
Hi, went to Salisbury North last Saturday. A year ago, my builder suggested I looked at Salisbury or Pt Augusta & I laughed. Now they're laughing.

I called the agent & found out a pair of semis was expecting $300+000

The whole suburb as I walked through it, had been rebuilt. Good news.

Bad news : even if you could rebuild 3 [can't fit 4 on that block], the profit margin is too low.

Ergo, still -ve gearing cos the rent is around $160 pw

Better to buy house & land [maybe around $250000?] Maybe even $235000? The asking price on one house [not a bad looking one] is $225-235000

If you can get a 1000m2 house @ O'Sullivans beach for $220000, that's a good idea.

Happy hunting,
KY
Click to expand...

Your rental estimate is a tad low, rents have been increasing so even older places now are around $180-190pw and semi's should be $170+. Semi pair within Hawkesbury Park would go for closer to $310-320k now, so you are right about the yields decreasing. Rent for new houses would be anywhere between $230-$270pw depending on the house.

$235k for H&L would be very conservative. Don't believe the prices of those listed on REA.com - personally any prices of those I saw I would add at least $20k for floor coverings, a/c, landscaping etc. to complete and have it ready for rental.
 
Hi Steve,

I had sent you an email quite some time back asking you about property in Adelaide but I ended up purchasing a great property in Redcliffe at the time. I recently visited Adelaide and have made the definite decision to purchase there over the next month. I am starting to research Thebarton and Christies Beach for a 3 bedroom house. Can you possibly spare any advice on either suburb?

THANKS in advance

Sam
 
Sam,

Can you provide a little more information on what you are after?
You really couldn't get two more different suburbs.

Amount you are looking at spending and what you wish to do with the property/site would be a great start. Then we can make some suggestions and raise some other suburbs you might like to look at as well.

Gools
 
Sam, Gools is right - more info. from you required.

- What is your price range?
- What is your intention? ie. do you want to just buy and hold, do you want to get a potential development block??

For buy and hold my first impression would be go Thebarton as it's closer to the CBD and you can get some good quality houses (even character homes) that with a bit of a reno could look fantastic and give an increased rental. Supply in Thebarton is much tighter (a whopping 30 residential sales in the last year and 7 of those were units), and especially trying to get a suitable development block here would be harder.

Christies Beach I would be leaning more towards trying to find a block big enough to develop later on ie. 1d2up. They aren't overflowing as a lot of the blocks have smaller frontages, but you can find them.
 
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Hi There,

My price range would be around $350k and definitely house and land with 3 bedrooms. I would like to hold onto this property for a long time to build up a portfolio. I was told that Thebarton is a good capital growth area? I am quite eager to purchase within the next two months if possible. If you can recommend an agent in that area please let me know. Or any suggestions, opionions you might have.

Thanks
Sam:)
 
Sam Watts said:
Hi There,

My price range would be around $350k and definitely house and land with 3 bedrooms. I would like to hold onto this property for a long time to build up a portfolio. I was told that Thebarton is a good capital growth area? I am quite eager to purchase within the next two months if possible. If you can recommend an agent in that area please let me know. Or any suggestions, opionions you might have.

Thanks
Sam:)
Click to expand...

Sam, at that price I think you'll have problems trying to get into Thebarton. As I said the market is very tight there as far as listings go, and generally they are well over that price. Never say never - there may be a small bungalow or maisonette that needs some reno work, but generally I'd say you'll find it very difficult to get into the suburb. Sales going back to Sept/Oct/Nov were generally going for above this price, and the market has still been fairly hot since.

I believe Thebarton will be a good capital growth suburb due to it's proximity to the CBD - basically less than 1km. That close to the CBD on the other 3 sides and you'll be paying much more.

If you want to be close to the CBD (although not 1km), there are other suburbs you can look at. Also, for that price you should be able to get a development block in Christies beach, but it does take some searching. Looking through recent sales of blocks big enough, a lot of them don't seem appropriate for development (disclaimer: I'm not an expert on Onkaparinga Councils requirements :eek: ).
 
steveadl said:
December quarter figures for those interested:

http://wic003lc.server-web.com/~admin417/uploads/Documents/Prop stats Dec07.pdf
Click to expand...

Thanks Steve.

As you know, I recently bought in Wayville. Was just looking at those Wayville figures and unsure how to interpret them.

It says that the median price went up from 580k to 873k, a change of 50%? Clearly there was a s low number of sales that influenced these figures. How can we determine the true change in median price for that area?
 
Sub dividing in Gawler

I am looking at something I have no experience with (although I have 3 investment + PPOR properties) My sister has land already approved for subdividing for 3 houses in Gawler for around 120k, however they need the cash. I feel it is good to go ahead, is it OK to sit on the land for a couple of years, or is it best to build asap before increased costs occur? In S.A, what would building costs be for a simple 3 X 2? Is there a reasonable margin in building and selling?

I am also based overseas with work, is this too complicated to carry out whilst overseas?
Thanks
Rob
 
aussieboy2010 said:
Thanks Steve.

As you know, I recently bought in Wayville. Was just looking at those Wayville figures and unsure how to interpret them.

It says that the median price went up from 580k to 873k, a change of 50%? Clearly there was a s low number of sales that influenced these figures. How can we determine the true change in median price for that area?
Click to expand...

I'd say with only 1 and 6 sales respectively, the figures don't mean much at all. I look at these sorts of stats more for the general gist of an area, as opposed to the specific dollar figures. Pretty much none of my IP's are the 'median' value for the suburb they're in except one - so I never pay that much attention to them. But I still like to see the % stats and how the areas are going in general.
 
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