Elizabeth Downs -Hot lead for low cost Mortgagee Sale

aman said:
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.
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I knew this was the case. Holden's workers living around gawler, hillbank paralowie etc

But some of the other auto factory's that supply Holden's with parts employ people who probably live in Elizabeth. I personally know of a few. Not sure what it will do to Elizabeth house prices. If people cant afford the mortgage and sell up they will have to live somewhere and rent a house nearby. And I can't see rents going down...
 
Brady said:
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!)
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Thank you for all your responses..

Strange, on a website i was reading it said almost the opposite to this graph.
well Elizabeth is certainly sounding better, I hadnt considered the job loss in that way. Can anyone reccomend a good property manager in that area ? as I am in Melbourne..
 
Anon_ said:
Here is a full house up for auction on 1000sqm
http://www.realestate.com.au/property-house-sa-elizabeth+east-113630447
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Seems like the vendor bought it for ~200K back in 2007 and collecting $260 rent pw atm. No price mentioned in the ad atm, assume vendor after more than what they paid for, it doesn't seem very attractive...although the block is reasonably big, the narrow frontage and significant tree at the backyard are factors that limiting its development potential. My 2 cents;). Love to hear what others think.
 
Daniel121 said:
Seems like the vendor bought it for ~200K back in 2007 and collecting $260 rent pw atm. No price mentioned in the ad atm, assume vendor after more than what they paid for, it doesn't seem very attractive...although the block is reasonably big, the narrow frontage and significant tree at the backyard are factors that limiting its development potential. My 2 cents;). Love to hear what others think.
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Not bad for a PPOR if thats what floats your boat.

I think they will want too much for it to be worthwhile as IP.

But nice enough house, large block (as mentioned might not be the best)...
 
I remember a previous listing selling this for $220k
So if you are going to believe the 'property must sell before or on Auction night', you should be able to get for under $200k
That tree would be my only concern though.
 
Is anyone actually going to this auction?

If it really does sell for 220k with 270 rent, would you consider this purchase?
Interesting to see the expectation of fellow investors in this area
 
LoneWolf said:
Is anyone actually going to this auction?

If it really does sell for 220k with 270 rent, would you consider this purchase?
Interesting to see the expectation of fellow investors in this area
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Do you think the $270/w is market rent?

Would you pay more than $200k, I wouldn't.
 
Guys, correct me if I am wrong.

Choose Elizabeth Grove, east, park or south, rather than downs and the north.

The houses near grove, east, park and south is better conditioned compared to northern parts?
 
LoneWolf said:
Guys, correct me if I am wrong.

Choose Elizabeth Grove, east, park or south, rather than downs and the north.

The houses near grove, east, park and south is better conditioned compared to northern parts?
Click to expand...

You're right, Downs is definitely the worst IMO. But as others here would also say, there are terrible areas within each of the suburbs which should be avoided. So make sure your check the streets out.
 
Any feedback on this 2/133 Kensington Road Norwood SA 5067
http://www.realestate.com.au/property-townhouse-sa-norwood-113530079

I was at the inspection today and inside is decent - little outdated. Very keen on possibly bidding at auction, but have left very little time for reviews because I only just found it. Agent was saying between 350-400k which seems really good for a 3 bedroom in Norwood. Kensington Road did not seem that busy (at noon today), anyone know if it's a bit of a nightmare and noisy at night or peak hour? Any feedback - good or bad, would be awesome!
 
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