Elizabeth Downs -Hot lead for low cost Mortgagee Sale

[Corey Batt]

Smithfield Plains. Couldn't venture too far from Elizabeth, could I?

'Smitty' has tanked something fierce. Guess interstate buyers haven't heard of it anywhere near as much as Elizabeth.

More information come settlement. I'll do before/afters as everyone likes to see a reno project.

 

[aman]

Without having seen the condition of the building that looks like a great buy! Only 100m to the bus stop, few hundred metres to Smithfield shops and a 5m drive to Munno Para.

Also, being zoned Residential Regeneration you could probably develop a triplex when the house is at the end of it's useful economic life.

Congratulations.

 

[jim1964]

Yes,well done!! Interested in following the road you take with this.

 

[d.one]

Definetely sounds like a great deal!

Very interested to get more details on where, what etc. Have had IP in Smitty Plains almost 3 years now and have seen value go up slightly now back to purchase price roughly and if pressed to sell the sales are really going south.

Hasnt helped with the grants making the extra spend across Curtis Road seem that bit more tempting for brand new.

 

[Corey Batt]

Driving to the Smithfield purchase, I noticed some interesting reno's done on pairs of semi's. From what I can see, they're ex-housing being reno'd by SA gov and flogged off to the private market.

The one that caught my eye had people out the front, but I did manage a sneaky photo of the other half of the semi. Also some pics of a partially completed reno happening 100m down the road.

This is in Davoren Park:

I was impressed with the reno, actually makes holding a semi a potential long term position without pull-down development.

 

[Truly Exotic]

looks good, and good for the area,

must admit, it must be an OO , the actual costs to renovate to that quality must be at least $40-$50k judging by the outside,

unless they got the land for peanuts, hopefully they have nt over capitilised

 

[weg]

CJay, are those places on Heytesbury Rd.?

If so I mentioned them on here some time ago.

Yes, impressive, and hardly recognisable as the older semis that they are.

 

[Corey Batt]

CJay, are those places on Heytesbury Rd.?

If so I mentioned them on here some time ago.

Yes, impressive, and hardly recognisable as the older semis that they are.

They sure are. Just looked up your post, Adelaide is such a small place.

I was tempted to get out and have a chat with the 'locals' to see if I could get a decent pic, but chances of success were.... Slim to say the least.

 

[weg]

Need to save money where possible! We do not subscribe to the greed that is so prevalent in the community.
Check out this tree -

Had a quote for removal of the tree, which came in at $5,700!! Another example of utter greed IMO. Not paying that price! Need to get council permission first, but i will now get about 5 more quotes and hope to get it down to around $3,000.

Curious as to how you went with the tree.

Did the council give permission?

If it came down, how much did it end up costing you?

It sure is a BIG tree.

 

[weg]

They sure are. Just looked up your post, Adelaide is such a small place.

Sure is.

I've always said Adelaide is really 4 different places; the North, the South, the East and the West, which makes it even smaller than it actually is .

 

[Stangman]

Curious as to how you went with the tree.

Did the council give permission?

If it came down, how much did it end up costing you?

It sure is a BIG tree.

Hi Weg, The tree is still there.

Unfortunately it is a river red gum which is one of only two types of tree that councils are dead against cutting down.

Both arborists who quoted on the job said don`t even bother trying to get permission to have it cut down unless it is dead. Hmmm..

Second quote was a friend of a friend who would cut it down for only $1500 if we could get permission.

Have had a plumber out twice so far. Once to clear drains and second time to repair a leak in the water pipe caused by the roots of the tree.

Otherwise it has been a sound investment so far. My brother likes it, keeps it very tidy and even mows the lawns now.

He rang a couple of weeks ago asking for help to get rid of a snake out of the backyard
Went around there but could not find it - Thankfully.

Stangman.

 

[eKwatee]

Hi Weg, The tree is still there.

Unfortunately it is a river red gum which is one of only two types of tree that councils are dead against cutting down.

Both arborists who quoted on the job said don`t even bother trying to get permission to have it cut down unless it is dead. Hmmm..

Second quote was a friend of a friend who would cut it down for only $1500 if we could get permission.

Stangman.

Is it within 10 metres from the dwelling?

If so I would get a surveyor out to give an actual measurement from the tree to the dwelling, then re approach the council to have it cut down.

 

[Stangman]

Hi eKwatee, Thanks for that advice.

We have measured the distance.

The tree is 11 metres away from the house, BUT is only about 8.9 metres from the dwelling next door. -

Think i will heed your advice and check into it.

Stangman.

 

[Stangman]

Could be value here

Here is one for the renovator -

http://www.realestate.com.au/property-house-sa-elizabeth+vale-111783555

Good location in Elizabeth Vale - Close to Hospital and Shops.

Needs a full paint job, new kitchen, floor coverings and yard tidy up. Advertised at $175k -$185k.
You would probably need to buy it somewhere in the mid to high 160`s for it to be extremely good value buying. Spend probably 20k on renovations and have it owing under 200k makes it good buying in my book.

That is - If it is structurally sound. Do your own due diligence.

Here is another one that has been on the market for a while -

http://www.realestate.com.au/property-house-sa-elizabeth+vale-111791735

Showing a price of $189,950 and currently rented at $240 per week.
It is located on a side access road to John Rice Ave and very close to Hospital, Shops and Primary School.
Could be good value if you could get for about 10k less than price quoted IMO.

Stangman.

 

[aman]

Knock a few $K off this one and it could be a winner.

http://www.realestate.com.au/property-duplex+semi+detached-sa-elizabeth+south-112299527

Looks very nice for that money with updated kitchen, bathroom and painted throughout. Bit of an awkward position on the block though...

 

[Vas87]

As a complete novice to the real estate game, and being based in Adelaide would you guys/gals recommend anyone in helping me getting a property portfolio up and running. For a fee of course.

 

[aman]

As a complete novice to the real estate game, and being based in Adelaide would you guys/gals recommend anyone in helping me getting a property portfolio up and running. For a fee of course.

Your best bet is to keep reading here, you'll pick up a lot by comparing the different approaches people take and then be able to figure out what will work for your circumstances.

 

[jim1964]

As a complete novice to the real estate game, and being based in Adelaide would you guys/gals recommend anyone in helping me getting a property portfolio up and running. For a fee of course.

Be careful posting comments like this.People can and will take advantage.

 

[eKwatee]

Here's one for you guys - 11 Units on one Title in Elizabeth Downs

Last sold in 2003 for $580,000, Interested to see if there was any interest at the Auction as it doesn't look like the internet listing has been updated as of now.

 

[TonyDanza]

What do you guys think about other areas near Elizabeth such as Andrews Farm and Munno Para? I've lived in Adelaide for many years previously and know what Elizabeth is like but haven't ventured into these surrounding areas.

I was originally looking into the southern suburbs such as Christies/Seaford etc but feel that future job prospects and employment, at least in the medium term are much better in the north. Rental yield still appears pretty good in these other suburbs at the moment and I was wondering if people here who are much more familiar with the area and buying in Elizabeth felt that Andrews Farm/Munno Para was still a promising area? I was thinking that there may be less investment properties in these areas too and therefore not completely full of renters.

This house for example at 230-240k looks quite nice and just looking through other rentals should attract a rent of at least 300pw. Also on a largish 611m2 block.

http://www.domain.com.au/Property/For-Sale/House/SA/Andrews-Farm/?adid=2010015381

There are also newer houses such as those as part of the Playford Alive project for similar prices except they are on much smaller blocks of less than half this in some cases. Although there are some attractive incentives to buy new with the various grants I think that may be outweighed by the small houses/blocks, influx of similar new housing and will not be as profitable in the long run.