Elizabeth Downs -Hot lead for low cost Mortgagee Sale

[Swearengen]

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 bought a 4 bedroom 2 bathroom double garage property in munno para west as an investment in October last year and paid under 270. I lived in Andrews Farm a few years ago (worked on the Northern Expressway) and we had signed a contract to build in Andrews Farm back in the hay day when a house and land package was up around 400 (I think it was a few years ago) but we backed out.

People in Sydey can't believe that you can buy a near new 4 bed house so cheaply.

Honestly I don't really understand the stigma around the area we lived there for years and had less problems there than in some more expensive parts of NSW we have lived. It was an hour to Adelaide by train if you wanted to go there, which we didn't, because the same **** is available at several shopping centres a short distance away .

I am confident that in the long run the munno para west house will be a good investment, it's already cash positive by a long way taking into account depreciation.

 

[mini2]

What do you guys reckon of this pair?

http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854405

http://www.salisburyprofessionals.c...use/sa/elizabeth-grove-5112/14-murphy-street/

And the one behind it:
http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854417

Almost 2400m2 land holding and the salesbloke suggested the total price starts with a 5...

 

[Brady]

I bought a 4 bedroom 2 bathroom double garage property in munno para west as an investment in October last year and paid under 270. I lived in Andrews Farm a few years ago (worked on the Northern Expressway) and we had signed a contract to build in Andrews Farm back in the hay day when a house and land package was up around 400 (I think it was a few years ago) but we backed out.

People in Sydey can't believe that you can buy a near new 4 bed house so cheaply.

Honestly I don't really understand the stigma around the area we lived there for years and had less problems there than in some more expensive parts of NSW we have lived. It was an hour to Adelaide by train if you wanted to go there, which we didn't, because the same **** is available at several shopping centres a short distance away .

I am confident that in the long run the munno para west house will be a good investment, it's already cash positive by a long way taking into account depreciation.

Persoanlly wouldnt buy in either of those areas. $400k for Andrews Farm is way over the top. My brother paid similar for a close to new property in Burton. The value isn't there when you can get established properties for $100k less.

Give it 5-10years time when the area fills up and land is more scarce. The builders and developers are doing well from out there, wouldnt expect too much CG for the brand new builds out there unless you're getting a ripper deal on the land and build.

I don't have an issue with the area in terms of stigma, just distance for Adelaide is far. I see better value closer in established suburbs.

 

[Joeyv]

What do you guys reckon of this pair?

http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854405

http://www.salisburyprofessionals.c...use/sa/elizabeth-grove-5112/14-murphy-street/

And the one behind it:
http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854417

Almost 2400m2 land holding and the salesbloke suggested the total price starts with a 5...

500k for 2400 land isn't that good of deal per Sqm but you are getting 4 semi on it which could get you 800 per week total.

semis are harder to rent because they are so small and you get worse tenants.

They probably want something silly like 550k. Not my sort of buy too much in one spot for my liking.

 

[Joeyv]

What do you guys reckon of this pair?

http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854405

http://www.salisburyprofessionals.c...use/sa/elizabeth-grove-5112/14-murphy-street/

And the one behind it:
http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854417

Almost 2400m2 land holding and the salesbloke suggested the total price starts with a 5...

I bought a 4 bedroom 2 bathroom double garage property in munno para west as an investment in October last year and paid under 270. I lived in Andrews Farm a few years ago (worked on the Northern Expressway) and we had signed a contract to build in Andrews Farm back in the hay day when a house and land package was up around 400 (I think it was a few years ago) but we backed out.

People in Sydey can't believe that you can buy a near new 4 bed house so cheaply.

Honestly I don't really understand the stigma around the area we lived there for years and had less problems there than in some more expensive parts of NSW we have lived. It was an hour to Adelaide by train if you wanted to go there, which we didn't, because the same **** is available at several shopping centres a short distance away .

I am confident that in the long run the munno para west house will be a good investment, it's already cash positive by a long way taking into account depreciation.

All the new builds in munno west Smithfield etc are way overpriced imo. They are literally a street over from shitty old houses. 400k around that area is joke anyone who paid that in 2007-2008 would be kicking themself now. If you have made a new build cash flow positive could be ok but not my sort of investment if it's on small 300sqm block.

The problem with munno para west is there is soo much land out there and unlimited development for big developers

 

[D.T.]

What do you guys reckon of this pair?

http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854405

http://www.salisburyprofessionals.c...use/sa/elizabeth-grove-5112/14-murphy-street/

And the one behind it:
http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854417

Almost 2400m2 land holding and the salesbloke suggested the total price starts with a 5...

I haven't looked at price finder yet, but based on what you describe, I like it. I paid 250k for a pair which rents for 400/w and will eventually be developed into 3 houses. So 500k for that opportunity doesn't sound too bad on paper.

 

[Azazel]

What do you guys reckon of this pair?

It's got green lawn! A lot of the pics for other places I've seen have some awful yards.

 

[bez23]

It's got green lawn! A lot of the pics for other places I've seen have some awful yards.

It's winter. If picture was retaken in summer, you'll get quite a different view

 

[Azazel]

It's winter. If picture was retaken in summer, you'll get quite a different view

Some of the backyards look like plain dirt, with some brick or concrete edging if you're lucky. Put down some fresh dirt for the pics

 

[hugh72]

Some of the backyards looks like plain dirt, with some brick or concrete edging if you're lucky. Put down some fresh dirt for the pics

Lack of rainfall?
I know someone who takes photos for a RE agency, they change the backdrop to clear and sunny and the grass to a lush green colour.

 

[DaveM]

Everyone knows that backyards in lizbef are for staffy, VN commodore and tyre storage only

 

[Azazel]

Everyone knows that backyards in lizbef are for staffy, VN commodore and tyre storage only

Haha, pretty much. Have you guys ever found weird stuff in the yards/bushes in between tenants?

 

[DaveM]

Haha, pretty much. Have you guys ever found weird stuff in the yards/bushes in between tenants?

Yep.... Waldo

 

[Azazel]

Last cleanup between tenants we found eggs, olives, underwear, sailing mast, toothbrush... but nothing unusual.

 

[spludgey]

What do you guys reckon of this pair?

http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854405

http://www.salisburyprofessionals.c...use/sa/elizabeth-grove-5112/14-murphy-street/

And the one behind it:
http://www.realestate.com.au/property-house-sa-elizabeth+grove-119854417

Almost 2400m2 land holding and the salesbloke suggested the total price starts with a 5...

I'm thinking of bidding on it. The only thing that's holding me back is that it's not set up as four semis, but two semis and a house.
Plus, I'd have to pay to move the fence.

 

[Truly Exotic]

I'm thinking of bidding on it. The only thing that's holding me back is that it's not set up as four semis, but two semis and a house.
Plus, I'd have to pay to move the fence.

agree, if you split it up into 2 residences, then you have to do a work to it (I assume) seal a door or two, put in a new kitchen? (assuming there is only 1 kitchen)

plus youll get 2 x 2 bdr semis which are a pain to rent

 

[DaveM]

Unless you are going to do a battleaxe infill or even a knock down and battleaxe, having two lots back to back isnt really worth paying a premium for. Battleaxe blocks are knocked down in price and by the time you build access road, drainage and services, profit is gone.

Easier and more profitable to do straight forward side by side splits.

 

[TMNT]

Unless you are going to do a battleaxe infill or even a knock down and battleaxe, having two lots back to back isnt really worth paying a premium for. Battleaxe blocks are knocked down in price and by the time you build access road, drainage and services, profit is gone.

Easier and more profitable to do straight forward side by side splits.

im pretty sure its pretty easy for an architect to use 2400sqm, and put more dwelling on it then 2x1200, by putting a drive way straight up the middle or side

 

[Corey Batt]

im pretty sure its pretty easy for an architect to use 2400sqm, and put more dwelling on it then 2x1200, by putting a drive way straight up the middle or side

Sure it's certainly possible, but the market doesn't value it well. I've seen quite a few examples of people doing such developments and losing quite a bit of money.

Battleaxe developments certainly can make sense in supply constrained areas, but this isn't the case in Elizabeth SA.

 

[DaveM]

im pretty sure its pretty easy for an architect to use 2400sqm, and put more dwelling on it then 2x1200, by putting a drive way straight up the middle or side

Sure, if the new battleaxe blocks were worth more than 50-60k each. They are very undesirable.

By the time you take the total cost, divide it up by number of lots, less the circa $25k per lot land division cost, and the cost for road and services, theres no money in it.