Elizabeth, North Adelaide, SA

[sash]

Steve,

What do you think is the bottom price for a 3bd 1bth in Paralowie and Parafield Gardens? As I said previously I bought two for 180k-190k there last year.

I have lost touch with the market in SA....as I have been concentrating in NSW. I think I have just landed another one for a great price.....

By the way congratulations in getting your development site. Pity you could not hold the Elizabeth properties.

Cheers,
Sash

For a house up to $250k you'd have to stick to the Eliz, but may still be able to find some places in Ingle Farm, Paralowie, Parafield Gardens etc.

But with $250k, you could also buy a unit closer to the CBD, and would have many more options.

 

[steveadl]

Steve,

What do you think is the bottom price for a 3bd 1bth in Paralowie and Parafield Gardens? As I said previously I bought two for 180k-190k there last year.

I have lost touch with the market in SA....as I have been concentrating in NSW. I think I have just landed another one for a great price.....

By the way congratulations in getting your development site. Pity you could not hold the Elizabeth properties.

Cheers,
Sash

Sash,

I've been focusing further south now, but after a quick scan of RP Data I'd say Paralowie $240-60k, and Parafield Gardens looks a tad higher probably towards the $260k end. Of course this would depend a lot on the actual houses as I've forgotten your addresses. Don't take this as gospel.

Thanks, the site is brilliant! But I only sold DP, still holding SP and EN. mmmmmmm land

 

[sash]

Thanks mate!

Well that is a nice 100k-120k in 10 mths......

I just snapped a bargain in Newcastle...doing the due diligence. Going to reno and rent out. I am really into manufacturing equity....because the time is right..

Should have a look at NSW also.....the govt. is going to spend $52 billion. There is houses now selling at land value or lower.

Let me know how you do go with your site....exciting times ahead.

Cheers,
Sash

Sash,

I've been focusing further south now, but after a quick scan of RP Data I'd say Paralowie $240-60k, and Parafield Gardens looks a tad higher probably towards the $260k end. Of course this would depend a lot on the actual houses as I've forgotten your addresses. Don't take this as gospel.

Thanks, the site is brilliant! But I only sold DP, still holding SP and EN. mmmmmmm land

 

[MichaelW]

Should have a look at NSW also.....the govt. is going to spend $52 billion. There is houses now selling at land value or lower.

Let me know how you do go with your site....exciting times ahead.

Ain't that the truth, and not just in the sticks either!

My Mona Vale site was only $690K for the house 300m from the cafe strip in the heart of Mona Vale. That land alone is valued at $500K as a single resi site. They don't value it up based on it being MUH zoned. If they did then it would no doubt be more again.

There's a definate floor under prices in this area as land plus build cost of my site makes the total build cost $700K each and there's not much land left of this quality this close to everything. They'll fetch $850K+ because they're in high demand. 1 and 2 bedders fetch $700K new with a medium level of finish.

I'll go on record now to say my three units will be worth $1M each by 2012. On my build cost that's $1M in equity and enough to set me up for retirement if I wanted to given I also have a paid off PPOR. Somehow I think I won't be throwing in the 9-to-5 towel just yet though. Great salary, good friends and enough challenge to keep me excited whilst still enough time to pursue my property passion. Perrrfect...

Its exciting times and only going to get better through 2009!

Cheers,
Michael.

 

[steveadl]

Sash, my site was bought at land value too so no need for NSW yet. The plan is to sit on it for a while now, although I've currently got the floor planner website open in another window measuring out the site for 5 townhouses - couldn't help myself!

All very exciting isn't it Michael!

 

[sash]

Michael,

I could see the site values really jump if the land tax thresholds keep pace....

I was disappointed that the NSW govt. did not make amendments to land tax....this is adding to the states woes of supply. Though Sartor is streamlining the development process. I would buy more if it was not the Land Tax of $1600 per 100k (or $1.60 per $100) in land value once you are over the threshold of 359k....we are backward compared to Qld and WA where it is at about 600k.

I any case you are on to a good thing......Mona Vale is great ....and it attracts a lot of cashed up Aussies and other Foreign expats drawn to the beach lifestyle.

I, on the other hand am concentrating on the bargains the NSW govt. is giving up as part of their strategy to sell the older housing commission homes. Some of these are in nice areas.....people at work call me the "Slum Lord" extra-ordinaire!

Sash

Ain't that the truth, and not just in the sticks either!

My Mona Vale site was only $690K for the house 300m from the cafe strip in the heart of Mona Vale. That land alone is valued at $500K as a single resi site. They don't value it up based on it being MUH zoned. If they did then it would no doubt be more again.

There's a definate floor under prices in this area as land plus build cost of my site makes the total build cost $700K each and there's not much land left of this quality this close to everything. They'll fetch $850K+ because they're in high demand. 1 and 2 bedders fetch $700K new with a medium level of finish.

I'll go on record now to say my three units will be worth $1M each by 2012. On my build cost that's $1M in equity and enough to set me up for retirement if I wanted to given I also have a paid off PPOR. Somehow I think I won't be throwing in the 9-to-5 towel just yet though. Great salary, good friends and enough challenge to keep me excited whilst still enough time to pursue my property passion. Perrrfect...

Its exciting times and only going to get better through 2009!

Cheers,
Michael.

 

[Property Mogul]

Am I missing something? With a budget like that you can easily buy the same kind of a house two times closer to CBD then Greenwith. Something like Oakden, Windsor Gardens or Gilles Plains.

Don't forget that this is a PPOR and so location comes down to more than just distance from the CBD. I have family in the northern suburbs and I really like the Greenwith/Golden Grove area. IMO a drive around Greenwith and a drive around Oakden, Windsor Gardens or Gilles plains will show alot of differences in streetscapes, housing quality etc. (Despite the reported upgrading of many older homes in these areas.)

Just my opinion but when buying a PPOR emotion plays a greater part.

 

[eKwatee]

Mate of mine bought in Greenwith (3/1/1) just over a year ago for around $260k. Having a quick look at recent sales, I'd say it's probably around the $310k level now, so they're still doing ok.

Another couple I know bought a much bigger house about the same time, but can't remember the details and after trawling RP Data for 15 mins now trying to find it, I'm giving up!!

I would tend to think that they would be much more open to a slide in price the likes of what Matt is talking about. The bigger houses will often feel the pinch first.

Steveadl,
Your right that the statistics on Rp-Data show steady to good growth in Greenwith but thats for properties that have sold and settled already. If you revisit Greenwith sales on RP-Data in the next 2-3 months once all the settlement statistics start coming through for the properties that have sold in the last 4-5 weeks and the settlements that come through for the properties currently on the market, that's where you'll see what i mentioned re the 10% drop.

 

[steveadl]

Matt, that's a shame, but thanks for the heads up. Nothing like being on the ground as opposed to looking at stats on the screen.

Meanwhile people, caught the last 10 mins of Margaret Lomas on the property show on Sky Business Channel last night. Apparently each show they focus on one area in Australia - last night was Playford area. She still thinks it has great growth ahead at current prices, and for once the figures were pretty spot on - between $160-250k for semi's to houses, with rents from $150pw-$250pw (from memory). Usually all the media articles etc. have very out dated prices, but she seemed to show pretty up to date stats.

Interesting to hear anyway.

 

[mystery]

Matt, that's a shame, but thanks for the heads up. Nothing like being on the ground as opposed to looking at stats on the screen.

Meanwhile people, caught the last 10 mins of Margaret Lomas on the property show on Sky Business Channel last night. Apparently each show they focus on one area in Australia - last night was Playford area. She still thinks it has great growth ahead at current prices, and for once the figures were pretty spot on - between $160-250k for semi's to houses, with rents from $150pw-$250pw (from memory). Usually all the media articles etc. have very out dated prices, but she seemed to show pretty up to date stats.

Interesting to hear anyway.

Steve,

Margaret Lomas has owned IP's in Elizabeth for a few years now. It was her promotion of the area in her books and articles that encouraged me to take a closer look and buy in the area 2 years ago. Glad I did now ....

Martin

 

[steveadl]

Steve,

Margaret Lomas has owned IP's in Elizabeth for a few years now. It was her promotion of the area in her books and articles that encouraged me to take a closer look and buy in the area 2 years ago. Glad I did now ....

Martin

Spot on Martin. Which is why it surprises me a bit that she's still recommending it at double the price - she must be a firm believer in the prospects of the area.

 

[Ajax]

Martin
__________________

I too was walking through a forest and came to a fork on the path, .... I also took the path least travelled...lost my way and was winched out dazed and emaciated on day 8 by the Westpac helicopter.

 

[lukeM]

PM Paralowie

Hi,

Has anyone had any dealings with these property managers, ATLUS PROPERTY MANAGEMENT and JOHN MARTIN FIRST STATE REAL ESTATE?

Any feedback is appreciated.

LM

 

[mystery]

Spot on Martin. Which is why it surprises me a bit that she's still recommending it at double the price - she must be a firm believer in the prospects of the area.

It's in her best interest to push it I suppose Steve, ... in the trading world it's calling "ramping", ..... but maybe I'm just being cynical ..... lol

Martin

 

[Suraj]

Elizabeth growth

Hi guys, I think Margaret Lomas is true. Most of the Adelaide suburbs have been grown by more than 10-15% during the past years and Elizabeth area too.I think it was due to high migration, good economy and affordability of adelaide houses. However the situation has not changed, there is record high migration, grwoing economy due to mining boom and houses are still affordable in adelaide suburbs.So house prices will continue to grow by atleast 8-10% for couple of years. But once the current high intrest rate starts to fall, therewill be a big boom in house prices in adelaide suburbs. Northern suburbs are safe to invest due to its affordability, higher rent and future planned northern express way and defence force upgrade.
Because of this fact I just bought a block of two semis in Davoren park, in good tidy condition, 1200 sqm land, in single title but give rent 390 pw. I think price will keep going.
Any comment appriciated. Thanks


Suraj/Sydney

 

[sash]

Suraj

If you don't mind me asking...what did you pay for this pair?

I have a single Semi at Elizabeth North which I paid 112k for in 2005.

Cheers,
Sash

Because of this fact I just bought a block of two semis in Davoren park, in good tidy condition, 1200 sqm land, in single title but give rent 390 pw. I think price will keep going.
Any comment appriciated. Thanks


Suraj/Sydney

 

[steveadl]

Yeah I'll second that, what price Suraj? Well done on the purchase mate.

Sash, don't worry you're sitting pretty. Eliz Nth semi's are selling between $155-175k. I've actually been surprised by their continued growth recently.

 

[Gools]

Suraj, nice purchase. The rent and land size are great.
I noticed an 850sqm block with a house on it yesterday in Elizabeth for $204,500. There are still "cheapies" about aren't there.
Margaret Lomas can talk about a whole region till the cows come home but it is fairly irrelevant when sell prices still vary so much through the area.

Gools

 

[sash]

Good to know Steve!

The rents aren't doing too badly either these days.

I understand you have sold 2 of your places and have development site. Well done.

Suraj....it looks like you are getting some run on the board. You bought in Melton also! Congratulations! Your timing in terms of the market is impeccable!

Yeah I'll second that, what price Suraj? Well done on the purchase mate.

Sash, don't worry you're sitting pretty. Eliz Nth semi's are selling between $155-175k. I've actually been surprised by their continued growth recently.

 

[kvellimalai]

Congrats suraj

Hi Surai,
congrats. I am alos looking for some property in the Elizebath area now. How did you manage. As you are in NSW did you went and inspect the house or just bought. Sorry for asking this.

Regards
Velli