Elizabeth Downs -Hot lead for low cost Mortgagee Sale

[D.T.]

I have been looking elsewhere in Adelaide recently to diversify but this might be a good opportunity.

At 7.5% yield and develop-able, this deal stacks up on its own right, regardless of whether its next to yours or not. That might just provide some icing.

What other areas do you currently have in? If only Eliz then definitely check out some closer in suburbs to balance portfolio or perhaps southside for another option.

 

[hugh72]

At 7.5% yield and develop-able, this deal stacks up on its own right, regardless of whether its next to yours or not. That might just provide some icing.

What other areas do you currently have in? If only Eliz then definitely check out some closer in suburbs to balance portfolio or perhaps southside for another option.

Only Elizabeth in SA as I was looking to go 'upmarket' slightly next as everything looks good in Adelaide IMO but outside of that presently hold properties throughout regional Qld, NSW and different suburbs of BN
The southern suburbs seem to have moved already but still look like okay value, I was thinking either Salisbury, Paralowie or Huntfield Heights/Hackham next

 

[Brady]

Thanks for the quick replies Dave and Brady, the combined street frontage would be slightly over 40m with a depth greater than 30m. One would be would be 18m wide and the other 22m approximately.
I guess if I lived in Adelaide I would be keen but the house listed looks like it needs some work from the photos. From spending some time on the ground there I saw a lot of places in bad condition which looked okay from the agents photos.
I might try and get down there for a look if possible, the current land values mean it would be some time before any subdivision would be profitable so it would need to be a acceptable buy and hold for a few years.
I have been looking elsewhere in Adelaide recently to diversify but this might be a good opportunity.

5 @ 8 x 30 lots. Put some nice little 3bed1baths on them down the track.

 

[Gattuso]

Resi Development in Elizabeth

Hi All

I know there are some pretty knowledgeable ppl on here for this area and I'm struggling to find relating info for development in the Elizabeth area:

-minimum lot size on new lots created
-minimum frontage
-minimum distance from an easements such as a sewer or water main
-minimum distance from old house to new boundary
-cost for developer contributions(I thought I found them but they looked far too low to be the right info)

Struggling to find it so thought I'd just throw it on here to see what people said.

Thanks, Gatusso

 

[D.T.]

Hey Gattuso

Numbers are a lot different for community title (I've only done torrens title so numbers below reflect that) and may be slightly different in certain sections. Find the council maps or talk to council / surveyor for info on which sections.

But general torrens min in the area is 300sqm for the newly created and 9m for the width. You can submit/apply for differently, the council seems fairly workable / compromise-able in some cases. I have one that is just above fitting 3 on it in terms of sqm size, but a little under being wide enough. They seemed happy to discuss further depending on what plans looked like.

My contribution for the one I've completed (called an Open Space Contribution) was $6500 total for a 2 lot into 1.

Not really sure on distances for easements / boundaries though sorry. Your best bet would be to contact a surveyor and tell them your property's address and they'll look up what can be done. The one I used is called Sawley Lock based in Prospect who was more than happy to come to council with me to discuss, or provide their knowledge on the rules. I used Max Sayer who is a Director there, tell him I sent you if you want.

 

[Joeyv]

Anyone bought anything recently?

Been going too opens, made a couple offers a touch too low though (10k) so back to the drawing board!

 

[D.T.]

Anyone bought anything recently?

Been going too opens, made a couple offers a touch too low though (10k) so back to the drawing board!

Not buying at the moment as working on my construction, but still keeping a good eye on most of Adelaide. What kinda opens have you been going to?

 

[Joeyv]

Hi All

I know there are some pretty knowledgeable ppl on here for this area and I'm struggling to find relating info for development in the Elizabeth area:

-minimum lot size on new lots created
-minimum frontage
-minimum distance from an easements such as a sewer or water main
-minimum distance from old house to new boundary
-cost for developer contributions(I thought I found them but they looked far too low to be the right info)

Struggling to find it so thought I'd just throw it on here to see what people said.

Thanks, Gatusso

You can get all this info from calling council.

Depends who is working sometimes they are very helpful sometimes I get this old guy who just directs you to the online development plan which is 1000 pages long...

 

[Joeyv]

Not buying at the moment as working on my construction, but still keeping a good eye on most of Adelaide. What kinda opens have you been going to?

Just Round Elizabeth areas.

Saw one on Johnston street in the downs that was in pristine condition. One owner home that was like you stepped into the 60's

But the area is very bad. It is the worst part of the beth.

Also saw one in blakeveiw that needed a whole Reno. It was foul on the inside people owned the house and had animals in there crapping etc. would have had to replace gyprock. Also didn't even have concrete around house and the rubbish came with the house as the ppl were somewhat hoarders. Also needed a 35m retaining wall. I know how much a Reno of the much cost so it wasn't worth what they were asking and agent informed me they sold it close to that price. So someone is in for a big surprise!

 

[Gattuso]

Hey Gattuso

Numbers are a lot different for community title (I've only done torrens title so numbers below reflect that) and may be slightly different in certain sections. Find the council maps or talk to council / surveyor for info on which sections.

But general torrens min in the area is 300sqm for the newly created and 9m for the width. You can submit/apply for differently, the council seems fairly workable / compromise-able in some cases. I have one that is just above fitting 3 on it in terms of sqm size, but a little under being wide enough. They seemed happy to discuss further depending on what plans looked like.

My contribution for the one I've completed (called an Open Space Contribution) was $6500 total for a 2 lot into 1.

Not really sure on distances for easements / boundaries though sorry. Your best bet would be to contact a surveyor and tell them your property's address and they'll look up what can be done. The one I used is called Sawley Lock based in Prospect who was more than happy to come to council with me to discuss, or provide their knowledge on the rules. I used Max Sayer who is a Director there, tell him I sent you if you want.

Ok great thanks Dave I might give him a call and see what he says regarding this. But thanks for the figures starts giving me something to work with. Might call council today as well.
Thanks again, Gatusso.

 

[Gattuso]

You can get all this info from calling council.

Depends who is working sometimes they are very helpful sometimes I get this old guy who just directs you to the online development plan which is 1000 pages long...

Haha thanks joey that's what I was going through last night was driving me mad wasn't clear to find what you needed but I'll give them a buzz and hopefully not cop the old bloke.
Thanks, Gatusso

 

[Gattuso]

Just Round Elizabeth areas.

Saw one on Johnston street in the downs that was in pristine condition. One owner home that was like you stepped into the 60's

But the area is very bad. It is the worst part of the beth.

Also saw one in blakeveiw that needed a whole Reno. It was foul on the inside people owned the house and had animals in there crapping etc. would have had to replace gyprock. Also didn't even have concrete around house and the rubbish came with the house as the ppl were somewhat hoarders. Also needed a 35m retaining wall. I know how much a Reno of the much cost so it wasn't worth what they were asking and agent informed me they sold it close to that price. So someone is in for a big surprise!

Hi joey

With this one on Johnston rd. Do you really think it would be that bad a purchase? I was recently in Adelaide a couple of weeks back and viewed it and your right it was immaculate.
Is the street still that bad? I read on here a while ago that Johnston rd was bad so I went there slightly hesitantly but found it fine. No one was around and it was early arvo. There was obviously a few dodgy looking places around and the side streets were filled with maisonettes but there was also a few new builds around and a new duplex also.
I actually put an offer in at $170k but was rejected n a day later had been put under contract at $175k I'm pretty sure. So is it still the worst part do you think?

Cheers, Gatusso.

 

[D.T.]

Haha thanks joey that's what I was going through last night was driving me mad wasn't clear to find what you needed but I'll give them a buzz and hopefully not cop the old bloke.
Thanks, Gatusso

This is why you're better off calling a surveyor instead of council. Analogy is calling accountant vs ATO when you need tax advice; the latter will just point you at legislation whereas the former knows what you're actually trying to do.

 

[Gattuso]

This is why you're better off calling a surveyor instead of council. Analogy is calling accountant vs ATO when you need tax advice; the latter will just point you at legislation whereas the former knows what you're actually trying to do.

Agreed Dave. If you have used this guy I will definitely give him a buzz and see his thoughts.
What do you think of streets like Johnston rd and others with a similar rep as well? I know you've been investing in the area for a while is it one you'd steer clear of even if the numbers worked with good future development potential?

Cheers, Gatusso

 

[D.T.]

Agreed Dave. If you have used this guy I will definitely give him a buzz and see his thoughts.
What do you think of streets like Johnston rd and others with a similar rep as well? I know you've been investing in the area for a while is it one you'd steer clear of even if the numbers worked with good future development potential?

Cheers, Gatusso

If the numbers stack up they stack up, I don't really care about reputation because it's not measurable. Positive cashflow, add val via reno or develop and win. Not complex at all.

 

[Gattuso]

If the numbers stack up they stack up, I don't really care about reputation because it's not measurable. Positive cashflow, add val via reno or develop and win. Not complex at all.

My thoughts exactly.
Thanks again for the info Dave,
Gatusso.

 

[JohnMichael]

Pete Wargent on how Elizabeth has been one of the worst performing capital city regions in the Australia over the last few years:

http://petewargent.blogspot.com.au/2015/06/property-boom-winners-and-losers.html

Kind of just makes the contrarian me want to invest there

 

[Brady]

Wonder how many if these were brand new properties that people overpaid in the first place. I don't look at medians too much, they don't tell a true story.

 

[2FAST4U]

Wonder how many if these were brand new properties that people overpaid in the first place. I don't look at medians too much, they don't tell a true story.

I'm guessing there would be a high proportion in Blakeview, Munno Para, and Munno Para West. Andrews Farm has been another poor performer only experiencing a median capital growth of 10% over the last 5 years and 67% over the past 10 years. Driving along Main North Road just past Salisbury Plains they've got home and land packages starting from 220k. They also had other home and land and packages around Parafield Gardens/Paralowie over the past few years all in the high 200s/low 300s. I know where I'd rather be living!

 

[Joeyv]

Hi joey

With this one on Johnston rd. Do you really think it would be that bad a purchase? I was recently in Adelaide a couple of weeks back and viewed it and your right it was immaculate.
Is the street still that bad? I read on here a while ago that Johnston rd was bad so I went there slightly hesitantly but found it fine. No one was around and it was early arvo. There was obviously a few dodgy looking places around and the side streets were filled with maisonettes but there was also a few new builds around and a new duplex also.
I actually put an offer in at $170k but was rejected n a day later had been put under contract at $175k I'm pretty sure. So is it still the worst part do you think?

Cheers, Gatusso.

I think it's definitely one of the worst areas of Elizabeth. But saying that every free standing house on that size block for the price $170k +- is going to be either very rough in the better part of Elizabeth Vale or a better house like the one in Johnston road. I made an offer and the agent told me he already had 170 signed. I'm pretty sure some one bought it to live in. Which is a good thing!

If more houses were owner occupied Elizabeth wouldn't be such a mess lol

Pete Wargent on how Elizabeth has been one of the worst performing capital city regions in the Australia over the last few years:

http://petewargent.blogspot.com.au/2015/06/property-boom-winners-and-losers.html

Kind of just makes the contrarian me want to invest there

Adelaide hasn't gained much in the last 6-7 years. Some suburbs close to town have gone up. A lot has stagnated. Elizabeth is still the same price more or less.

Regardless of what this guy says houses still sell in Elizabeth.

Anything that is good value will be snapped up quickly by an investor or someone looking to live in if its good condition.
I have seen houses come on realestate.com at 9pm email the agent asking to veiw. The next day I am there at 9am and there are 10 people there to have a look.

Elizabeth is really the bottom end of the market in SA. Doesn't mean money can't be made there if you are patient enough to collect rent for a long time.