Elizabeth Downs -Hot lead for low cost Mortgagee Sale

[aman]

I will pay no tax next year as the threshold is raised to 18k and even then I have a list of uni expenses I can claim.

That increase in the tax-free threshold is more of a headline than a beneficial change. Keep in mind that LITO (low income tax offset) is being abolished so there is is little to no net effect. The main benefit of it is that more people will not have to fill in a tax return.

Just don't want you making decisions if you were under the assumption you were going to get a tax cut.

Cheers,

Aaron

 

[Truly Exotic]

23 fletcher rd has sold, cut off for offers was this morning,

We werent the highest bidder

 

[Joeyv]

It was bad shaped block anyway

There will be more

 

[Joeyv]

23 fletcher rd has sold, cut off for offers was this morning,

We werent the highest bidder

What did you bid?

 

[Stangman]

Did anybody attend that Sherriff`s Auction at the property of 629 Main North Rd Elizabeth North a couple of weeks ago?

Just wondering how much it sold for.

A friend of mine attended the open inspection at 23 Fletcher Rd. Tells me the house was fire damaged. Apparently some repair work had already been completed, but still a lot of evidence of somebody starting a fire in one of the rooms. ie smoke damage.

Stangman.

 

[Truly Exotic]

Did anybody attend that Sherriff`s Auction at the property of 629 Main North Rd Elizabeth North a couple of weeks ago?

Just wondering how much it sold for.

A friend of mine attended the open inspection at 23 Fletcher Rd. Tells me the house was fire damaged. Apparently some repair work had already been completed, but still a lot of evidence of somebody starting a fire in one of the rooms. ie smoke damage.

Stangman.

auction for 629 main north rd was last week
sold for $150k

 

[DaveM]

What is it with all the little tiny blocks of land for sale around Elizabeth these days? 220-375sqm listedf for 75-120k? Subdivisions of larger blocks or new land releases?

How are land sales going, are they actually moving or is it slow?

 

[Corey Batt]

What is it with all the little tiny blocks of land for sale around Elizabeth these days? 220-375sqm listedf for 75-120k? Subdivisions of larger blocks or new land releases?

How are land sales going, are they actually moving or is it slow?

It's here and there. Battleaxe blocks sitting there doing nothing, little 300sqm-400sqm move at a decent pace, they were selling within weeks of listing back three years ago though.

Large blocks have been snapped up left right and centre over the last couple of weeks. Had my eye on a 900sqm vacant block to build units on in the future, went off the market within 3 days. A number of others have been going off market within 2 weeks of listing. This is pretty fast for Adelaide market right now. :O

There has been a very noticeable pick up in the last four weeks, perhaps people wanting to sell their properties and start up fresh in the new year.

 

[DaveM]

Block of 19 units for sale in Elizabeth Vale....

http://www.realestate.com.au/property-unitblock-sa-elizabeth+vale-107325716

 

[Joeyv]

Units were on the market about 4-5 months ago. They must be asking too much given the rental return of 100k-120k pa... Just guessing 1.2m?

 

[LoneWolf]

Wow, thanks guys, I will now closely watch this area.

BTW, does anyone the demands for rentals in this area?

 

[Brady]

Wow, thanks guys, I will now closely watch this area.

BTW, does anyone the demands for rentals in this area?

My property in Elizabeth East had about 8 groups through in first 10days with 5 applications. (that was march 2011)

Vacancy rate for postcode 5112 is 1.3% (http://sqmresearch.com.au/graph_vacancy.php?postcode=elizabeth&t=1)

You need to ensure you have good PM and pick the right tenants

Haven't had a single issue with my tenants since they moved in March 2011 (touch wood)

 

[LoneWolf]

My property in Elizabeth East had about 8 groups through in first 10days with 5 applications. (that was march 2011)

Vacancy rate for postcode 5112 is 1.3% (http://sqmresearch.com.au/graph_vacancy.php?postcode=elizabeth&t=1)

You need to ensure you have good PM and pick the right tenants

Haven't had a single issue with my tenants since they moved in March 2011 (touch wood)

Would you mind PM me the PM that you are using?

 

[dubjohnston]

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...

I put an offer in on this 3 days after listing but I was too late. IMO this was a great buy with expected rental of $240 pw and a nice looking yard and house. I wish I got in a bit earlier

 

[Truly Exotic]

I put an offer in on this 3 days after listing but I was too late. IMO this was a great buy with expected rental of $240 pw and a nice looking yard and house. I wish I got in a bit earlier

What did it end up going for?

 

[Joeyv]

I put an offer in on this 3 days after listing but I was too late. IMO this was a great buy with expected rental of $240 pw and a nice looking yard and house. I wish I got in a bit earlier

$240 per week for a semi in Elizabeth? That would be a tad high wouldn't it?

 

[Corey Batt]

$240 per week for a semi in Elizabeth? That would be a tad high wouldn't it?

A bit but the property has a decent set up, hence the rent yield.

The issue I have with such properties is that it is dependent on finding a tenant willing to hand over that sort of money compared to living in a larger free standing.

On the semi side of things, meh IMHO.

 

[MattADL]

What would people have actually offered for that place?

Above, below or right on what they are asking?

 

[Joeyv]

I just don't see how people buy semi's like this in Elizabeth for 150k when there are freestanding houses with 700sqm+ land for around 150k

 

[Stangman]

In my opinion -If you can buy a semi detached property in reasonable condition for under 150k you are doing ok as long as it is in a good location and in a reasonably tidy street.
So where is a good location? Elizabeth Vale, Elizabeth East or Elizabeth Park and to a lesser extent Elizabeth North which is OK in most areas, but be careful buying in Elizabeth North because it has soil which moves a lot and so cracks in houses can be quite large.
Also, always check the street out before buying due to some streets being full of Feral types with very untidy properties.

To buy a single house for under 150k would be quite rare unless it is a full blown heap of crap requiring lots of work - tread carefully. Most of those would be in the old area of the Downs which really is becoming a run down suburb.

I think it would be unrealistic to expect a rental return of $240 per week for a semi detached property. The going rent is more like $180-$200 depending on location and condition. Our property at Elizabeth Park has a rent of $190 per week.
$240 per week would rent a single home.

Stangman.