Elizabeth Downs -Hot lead for low cost Mortgagee Sale


I have looked through each of these properties and even made an offer on them a couple of weeks back. They certainly look a lot better in the photos as they all have significant mould problems and are in quite poor shape.
IMHO the are expecting too much for the landholding and as other have suggested, the premium for 2 blocks back to back is not that great as you are limited by the width (under 20m)

I think there are better deals to be had on some of the 3bed houses in the area on 700-800sq.m for around the $160 to $170k :)
 
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.

eww. yuck!
but if you were doing multiple dwellings then it wont become a battleaxe block, will it? I thought with multiples, then it becomes a unit block
 
Hey guys, sorry I have not read through the last lot of responses.

How is the area going? Compared to say 2 years ago? Any movements?

Plenty of info in this very thread.

Theres also a general Adelaide one and also a southern suburbs one too. Enjoy :)
 
I have looked through each of these properties and even made an offer on them a couple of weeks back. They certainly look a lot better in the photos as they all have significant mould problems and are in quite poor shape.
IMHO the are expecting too much for the landholding and as other have suggested, the premium for 2 blocks back to back is not that great as you are limited by the width (under 20m)

I think there are better deals to be had on some of the 3bed houses in the area on 700-800sq.m for around the $160 to $170k :)

Submitted an offer for $490k, got told there are higher offers. Nah won't go any higher especially all the sales bloke can guarantee is $650 in rent tops and mould problems make it even less attractive.
 
Submitted an offer for $490k, got told there are higher offers. Nah won't go any higher especially all the sales bloke can guarantee is $650 in rent tops and mould problems make it even less attractive.

I've got a 3 bed semi about 200m away that gets $240/week (above market though).
I haven't inspected them myself, but would think that the rent would be significantly higher.
 
I've got a 3 bed semi about 200m away that gets $240/week (above market though).
I haven't inspected them myself, but would think that the rent would be significantly higher.

That's a very unusual amount of rent for a semi. I doubt you'll be able to achieve that on your next change over.
 
I've got a 3 bed semi about 200m away that gets $240/week (above market though).
I haven't inspected them myself, but would think that the rent would be significantly higher.

I've got a nice 3x1 semi in a very similar location renting for 230/wk. I'm pre-emptively lowering the rent on it before the next renewal, as I know they wont stay for that amount. As you say, 240 is well above market.
 
I've got a nice 3x1 semi in a very similar location renting for 230/wk. I'm pre-emptively lowering the rent on it before the next renewal, as I know they wont stay for that amount. As you say, 240 is well above market.

Depends on the condition really. There was one being rented for $235 earlier this year that got snapped up within a week. It was on Donnington Road Elizabeth North, which is one of the worst streets in Elizabeth North.
 
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

We didn't pay the 400 back then we backed out. We picked ours up last year for 267, 4x2 ducted air conditioning double garage etc and getting 330 per week in rent and a sizeable depreciation benefit this year.

We are going to hold for some time I am not sure I would be into buying development blocks in Elizabeth - what has it got to offer that munno para doesn't? If anything with Playford alive etc munno para is a better alternative for prospective tenants.
 
That's a very unusual amount of rent for a semi. I doubt you'll be able to achieve that on your next change over.

I think I should be able to get around the $220 mark if I need to look for new tenants.

I haven't heard back from the REA (who's pretty terrible), so I'm assuming that I didn't get it. I'm happy to post up my four offers once the tender is awarded.
 
I haven't heard back from the REA (who's pretty terrible), so I'm assuming that I didn't get it. I'm happy to post up my four offers once the tender is awarded.

Hopefully you got at least one side of both of them, just a matter of waiting for the other half to come on the market in the future.
 
I've got a call from them as soon as the tender closed. Hmm perhaps they're trying to get more buyers playing each other off despite it's supposed to be best and final offer :confused:
 
Hopefully you got at least one side of both of them, just a matter of waiting for the other half to come on the market in the future.

I should have clarified, I made two offers for all four one with vendor finance and one with out and two similar offers for the two Murphy Street ones.


I've got a call from them as soon as the tender closed. Hmm perhaps they're trying to get more buyers playing each other off despite it's supposed to be best and final offer :confused:

Maybe. I guess I'll have to wait and see. I didn't get any acknowledgement of the offers either.
I'm not increasing my offers either, if they take them, good, if not, that's okay.
 
I should have clarified, I made two offers for all four one with vendor finance and one with out and two similar offers for the two Murphy Street ones.




Maybe. I guess I'll have to wait and see. I didn't get any acknowledgement of the offers either.
I'm not increasing my offers either, if they take them, good, if not, that's okay.

Did they laugh when they saw your offer included vendor finance?

In South Australia VF/installment contracts are heavily restricted and for the most of it completely unenforceable.
 
I should have clarified, I made two offers for all four one with vendor finance and one with out and two similar offers for the two Murphy Street ones.




Maybe. I guess I'll have to wait and see. I didn't get any acknowledgement of the offers either.
I'm not increasing my offers either, if they take them, good, if not, that's okay.

Just out of curioisty what sort of vendor finance conditions did you offer
 
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