Elizabeth Downs -Hot lead for low cost Mortgagee Sale
- Thread starter Stangman
- Start date
There's a property at 53 Barrington rd where someone's done this and gone down the community title route. The older house is listed at 195k 4 bedroom in good condition but its been sitting there for ages no takers
4 bedroom will be worth 235-245k
but yea I see what you mean about collecting and waiting.
just gets boring doing the same thing all the time! lol
That's sorta my point
It doesn't need to be exciting to work. If it did we'd all be daytrading for the rush of seeing our money triple in minutes. Just keep moving in the right direction and destination will be reached by default.
Based on $235-245k now is not the time, not near enough fat.
My Elizabeth property is going to sit there and do nothing for next 3-5 years. Need end value of a 140sqm 3x1 on 300sqm land to be around $220-240k before I would even consider.
I'll just sit back and collect rent (with increases) over that timeframe, and hope there isn't much maintenance.
My Elizabeth property is going to sit there and do nothing for next 3-5 years. Need end value of a 140sqm 3x1 on 300sqm land to be around $220-240k before I would even consider.
I'll just sit back and collect rent (with increases) over that timeframe, and hope there isn't much maintenance.
http://www.realestate.com.au/property-house-sa-elizabeth+downs-119314911
Asking for 190-195k
http://www.realestate.com.au/property-house-sa-elizabeth+downs-105299753
Same house sold for 202k back in December 2008.
Surely prices can't keep stagnating for much longer...
Asking for 190-195k
http://www.realestate.com.au/property-house-sa-elizabeth+downs-105299753
Same house sold for 202k back in December 2008.
Surely prices can't keep stagnating for much longer...
That's not exactly accurate - calling it stagnation would assume a flat level price over that entire period. In reality that property at the bottom of the correct would have only sold for 160k. Anyone who was fishing around during the downtrend and bought well has had 20%+ CG in the last 2-3 years alone.
Joeyv if you are convinced that after the risks and costs of subdividing there is money to be made, then go ahead.
But if a bunch of people who know their stuff all say dont do it, I would be listening to them over a potential 20k profit that will in most likelihood turn into negative equity.
But if a bunch of people who know their stuff all say dont do it, I would be listening to them over a potential 20k profit that will in most likelihood turn into negative equity.
past prices are not a indicator of future growth,
it might work in a negotiation scenario, but the economy works on current factors, no one will say, its worth $200k however, since it sold for $220k 5 years ago, lets make it worth $210k
Sales are moving fast in a lot of these areas in the past couple months - at surprising prices. Looking at the finance apps over the past few months we're seeing a drop off in clients buying in these areas as the prices have started pushing upward - a lot of punters in the market making effective yields below average with the prices paid.
Some examples of higher prices entering the market:
250k 3 bedder a stones throw from Main North Road
http://www.realestate.com.au/property-house-sa-elizabeth+north-119016971
210k ON Main North Road
http://www.realestate.com.au/property-house-sa-elizabeth+north-118636615
243k on the corner of Yorktown Rd (arterial rd) and Tolmer Rd (mini arterial)
http://www.realestate.com.au/property-house-sa-elizabeth+park-118834415
225k on another arterial Road
http://www.realestate.com.au/property-house-sa-elizabeth+grove-118842615
Obviously not representative of the prices in the area to date as a whole, but certainly a massive pushing in the upper range that prices are hitting.
Some examples of higher prices entering the market:
250k 3 bedder a stones throw from Main North Road
http://www.realestate.com.au/property-house-sa-elizabeth+north-119016971
210k ON Main North Road
http://www.realestate.com.au/property-house-sa-elizabeth+north-118636615
243k on the corner of Yorktown Rd (arterial rd) and Tolmer Rd (mini arterial)
http://www.realestate.com.au/property-house-sa-elizabeth+park-118834415
225k on another arterial Road
http://www.realestate.com.au/property-house-sa-elizabeth+grove-118842615
Obviously not representative of the prices in the area to date as a whole, but certainly a massive pushing in the upper range that prices are hitting.
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Surprising prices Corey, they are all on large blocks. Do you think that's the reason, first time developers looking to sub divide without determining costs first?
There are a lot of higher $ sale prices to the owner occupied market which is emerging in the area, so I would attribute it to that more than newbie developers. Some of the agents in the area that I work with regularly have commented that there is a large influx of migrants moving into the area who previously were previously sticking further south due to the stigma.
In the end it's a rational decision by many of these owner occupiers choosing to pay well below Adelaide's median price to live on blocks almost three times the average block size of Adelaide.
Stigma?????????????? What Stigma?????????? You should hear what they say about Murray Bridge,the boys down tha pub reckon im crazy.
If it works for you, who cares what any one else says?
Prefer to stick to metro myself, plenty of good stuff around
So the property adjacent to one I purchased earlier this year has been listed for sale for a little while in an Elizabeth suburb. Its fairly cheap and in poor to fair condition but the price probably reflects this. Combined it would mean about 1200sqm of land. They are both houses.
I can see pros and cons of purchasing it for future development whenever that may be, if it was for sale elsewhere I don't think I would have been interested. I would rather not post the address on a public forum but does anyone familiar with the area have any thoughts? It would require a small reno but would probably yield 7.5% afterwards depending on price
Thanks Hugh
I can see pros and cons of purchasing it for future development whenever that may be, if it was for sale elsewhere I don't think I would have been interested. I would rather not post the address on a public forum but does anyone familiar with the area have any thoughts? It would require a small reno but would probably yield 7.5% afterwards depending on price
Thanks Hugh
I'd be all over something like that if it were me.
Do you mind listing the width and depth of both blocks?
I too bought one next door to what I own, both are developable, but having both conveyed no benefit. This was because can only build 2 side by side houses on each, ie the additional block doesn't grant another dwelling. If your blocks are deep enough to do townhouses instead of houses, then perhaps the additional block will grant benefit.
And in any case, sitting around collecting 7.5% yield while thinking about developing is not a bad way to live, either
I missed out on my neighbour selling, didn't even know it was for sale. I would of definitely have been interested. Would of given me approx 1600sqm. Also gives you the power of who is your tenants neighbour.
I think it's definitely worth looking at. Think back to why you purchased the 1st one, has anything changed since then, do you regret the purchase, has in hindered your investing? Having the lot next door increases the options going forward.
Mind you this would all depend on overall portfolio, if the existing Elizabeth property is only property you own could be a little concentrated to go again for some.
I think it's definitely worth looking at. Think back to why you purchased the 1st one, has anything changed since then, do you regret the purchase, has in hindered your investing? Having the lot next door increases the options going forward.
Mind you this would all depend on overall portfolio, if the existing Elizabeth property is only property you own could be a little concentrated to go again for some.
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.
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.
