Elizabeth Downs -Hot lead for low cost Mortgagee Sale

[Corey Batt]

Don't beat yourself up about it.

Here, have a corner block on 800+sqm, for 25k less.

http://www.realestate.com.au/property-house-sa-elizabeth+south-113201651

 

[Joeyv]

What could be developed on a block like that? 2 houses?

 

[Corey Batt]

I've seen three on a block that shape. Don't hold me to it as I don't know the exact measurements of the block, though I would doubt there would be many reasons why you couldnt squeeze a third (unless there's an easement).

Good price regardless and nice enough street appeal. A sort of purchase and lock in a 4.99% for two years, reassess when it comes off the rate kind of deal.

 

[Anon_]

Gee that one looks alright. I saw Cassie at another a few weeks back. Might slip her my number this time.

 

[Corey Batt]

Gee that one looks alright

I've taken to drinking Chivas.

Three on a similar block, was 55 Grately st, Elizabeth Grove. Google maps too old to show it, but if you do a drive by shows 3 on 1 potential for those sorts of blocks.

 

[Anon_]

Did anyone here buy the Chillingworth pair on the corner?

 

[jim1964]

ummmmmmmmmmmmmmmm No

 

[Anon_]

Here is my feedback on a couple of places today

4 & 6 Secombe Street Elizabeth Grove SA 5112
http://www.realestate.com.au/property-house-sa-elizabeth+grove-113545483
$280,000

A double that has just come off from the cheap housing thingy. Both were in good nick and what you would expect from Housing SA. Land size is about 650 for each, no trees in background. If you could pick this up and put it on any other street, I would jump at it. Secombe Street is one of the worst in Elizabeth. Some of the surrounding area is very nice too which is unfortunate. Andrew was telling me at the opposite end (not far down) a bunch of terrorist kids live there. Mentally unstable mum with about a dozen kids who cause chaos and graffiti the area. He sold to an investor across the road who goes through tenants like crazy because they can't cope with living so close to this family, and is likely to now sell his property because it's not worth it anymore. So very nice, except for the street. I would only consider low balling at around $250k considering the above and leaving some money for contingency.

26 Manningford Road Elizabeth South SA 5112
http://www.realestate.com.au/property-house-sa-elizabeth+south-113201651
$174,500-$184,500

I've only recently started looking at full houses and these cheap ones are pretty shocking. Was pretty hard to get a good look because the renters there had mess everywhere - they even stayed and watched TV in the living room the whole time. Area is fairly nice but this looked like one of the worst run down houses on the street. Land shape is awkward so you will have limitations with subdividing. I don't know enough about full houses yet to know if this is a good buy or not. Currently cheaply rented at $215 but you could increase to $230-$240 IMO.

 

[Erica]

Capital Gain prospects for the Elizabeth areas

So here is a question for you guys/girls that are investing around the Elizabeth, Nth, Sth, Downs etc, what are your projections for future capital growth? Do you think there will be any at all 10 years from now?

I came across this Mortgagee In Posession sale in the Downs
http://www.realestate.com.au/property-house-sa-elizabeth+downs-112822899
currently asking $175,000, these poor people bought it on 6/6/2007 for $171,000 (www.onthehouse.com.au) so they did not achieve any capital growth over 6 years.

Have you achieved any capital growth in your Elizabeth's properties over the past 10 years?

 

[jim1964]

I guess being motgagee in posesion,who sets the figure?

 

[Joeyv]

Isn't that what is owed on the loan?

 

[Joeyv]

Bad shape block and is not flat. So would cost more to develop so if you bought it you would be hoping for growth and if there is no growth, your money could be spent somewhere else better

 

[TMNT]

So here is a question for you guys/girls that are investing around the Elizabeth, Nth, Sth, Downs etc, what are your projections for future capital growth? Do you think there will be any at all 10 years from now?

I came across this Mortgagee In Posession sale in the Downs
http://www.realestate.com.au/property-house-sa-elizabeth+downs-112822899
currently asking $175,000, these poor people bought it on 6/6/2007 for $171,000 (www.onthehouse.com.au) so they did not achieve any capital growth over 6 years.

Have you achieved any capital growth in your Elizabeth's properties over the past 10 years?

what they paid for it in 2007 is irrevelatn whether they paid $30k or $3m

 

[Joeyv]

I'd say it is good too see what they paid for it back then too see how the market has changed. Back in 2007 Elizabeth prices were quite high and only increasing to about 2009-2010 after that they dropped off. Wasn't uncommon for houses in Elizabeth vale to sell for close to 280-300k.

 

[Anon_]

I came across this Mortgagee In Posession sale in the Downs
http://www.realestate.com.au/property-house-sa-elizabeth+downs-112822899
currently asking $175,000, these poor people bought it on 6/6/2007 for $171,000 (www.onthehouse.com.au) so they did not achieve any capital growth over 6 years.

Have you achieved any capital growth in your Elizabeth's properties over the past 10 years?

I've been to an inspection of that place and it's in such poor condition it's almost a complete knock down. Pictures look a lot better than what it actually is. I can guarantee the house value was worth a lot more back then. House value gone down, land value has gone up.

 

[CD33]

Elizabeth or Sydney West?

Hey Everyone,

I joined this forum this morning because I am a bit lost as to where to purchase my first IP.

I'm looking at houses positively geared under $250,000.
My partner and I live in Melbourne and are currently looking at either Adelaide or Sydney.

We were extremely keen on West Sydney untill researching further and realising most of the houses are alot more than we want to spend, all i could find was apartments in that price range.

We visited Elizabeth in Adelaide and were very happy with the prices, and are now just concerned on if we can rely on capital growth especially with all the jobs being lost and a high vacany rate on rentals.

if anyone can give me some advice on good areas at the moment with potential and under that price range that would be fantastic

 

[Brady]

Hey Everyone,

I joined this forum this morning because I am a bit lost as to where to purchase my first IP.

I'm looking at houses positively geared under $250,000.
My partner and I live in Melbourne and are currently looking at either Adelaide or Sydney.

We were extremely keen on West Sydney untill researching further and realising most of the houses are alot more than we want to spend, all i could find was apartments in that price range.

We visited Elizabeth in Adelaide and were very happy with the prices, and are now just concerned on if we can rely on capital growth especially with all the jobs being lost and a high vacany rate on rentals.

if anyone can give me some advice on good areas at the moment with potential and under that price range that would be fantastic

What high vacany rates are you talking about???

http://sqmresearch.com.au/graph_vacancy.php?postcode=elizabeth&t=1

Even if these people loose their jobs, they still can afford to pay rent.

I would of preferred not to see Holdens cut staff, but most expected this to happen. Most will get pay outs and hopefully pick up work elsewhere along with a nice package (hopefully is spent on a nice renovation!)

 

[Joeyv]

No such thing as high vacancy rates in Elizabeth if the rental is priced appropriately

 

[Corey Batt]

I would of preferred not to see Holdens cut staff, but most expected this to happen. Most will get pay outs and hopefully pick up work elsewhere along with a nice package (hopefully is spent on a nice renovation!)

And it should always be noted that whilst Holdens may be located in Elizabeth, it does not mean that the majority of its staff live in the immediate area.

 

[aman]

I agree with Corey. I work at Holden and 90% of the people I know there live in Craigmore, Gawler, Paralowie. We are some of the highest paid workers in the area so it hardly makes sense to live in the cheapest areas.