General Adelaide Property Thread

[aussieboy2010]

Hi guys, i'm new to these parts. Glad I found the forum, some great advice/discussion going on here.....

Couldn't find a thread dedicated to property in Adelaide/SA in general so I thought I might start one and making ask some questions while i'm at it.....

Obviously Adelaide is in the middle of a great boom, from all reports it is currently at the peak of the market with Olympic Dam being expanded there are suggestions that property in Adelaide will benefit resulting in a longer period of the current boom.

I guess what I'm concerned about is buying at the very peak of a cycle. I was of the opinion that property never lost value and as such getting in as early as possible no matter what stage of the cycle is the best policy. However the recent "crash" of prices in Sydney as well as the subprime mortgage crisis, resulting in a dramatic drop in housing prices, in the US have challenged my former way of thinking. I realise that these risky loans made up approx 13% of the mortgage market in the US whilst they only constitute approx 1% of the market here, however we still aren't immune from having a similar crisis here as to what happened in America, albeit on a small scale.

If i'm wrong with my above comments, and i prob am, i'm curious as to which areas in Adelaide are currently worth getting into. Capital growth is what i'm after. It just seems like everything has gone through the roof and that now we are all paying premium prices. I've tried to think outside the square a bit and am looking at areas such as Mount Barker and Roxby Downs. Mount Barket interests me a lot, Roxby does too but i'm unsure as to the potential for captial growth in the future? Houses currently going for 380k+, how much higher can it possibly get in a mining town?

Anyway, trying to get some love for good 'ol Adelaide.......where to next?



Aussie

 

[steveadl]

General Adelaide thread - great idea!!

I personally think we still have substantial gains to come in the Adelaide market over the next few years. I believe the major reason for the recent price surge is the general lack of properties hitting the market for sale at the moment, therefore leaving buyers to clamour for anything that comes up.

I'm currently liking the suburbs of Enfield/Clearview/Broadview due to their proximity to the CBD and future development possibility (occuring on the ground already). But then again, I'm biased as I just bought in Enfield!

 

[aussieboy2010]

General Adelaide thread - great idea!!

I personally think we still have substantial gains to come in the Adelaide market over the next few years. I believe the major reason for the recent price surge is the general lack of properties hitting the market for sale at the moment, therefore leaving buyers to clamour for anything that comes up.

I'm currently liking the suburbs of Enfield/Clearview/Broadview due to their proximity to the CBD and future development possibility (occuring on the ground already). But then again, I'm biased as I just bought in Enfield!

You're not wrong about the lack of supply at the moment. It seems as though every man and his dog is in the market atm thus pushing prices up. Properties are getting sold so fast it's crazy. With future interest rate rises on the horizon I think we may see more properties being put on the market as those already on the bubble get pushed over the top with another couple rate rises.

Enfeild looks good, I agree. Once again though, anything with 800m2 of land and decent frontage is getting snapped up very very quickly.

 

[aussieboy2010]

Seeing as though you're the resident Enfield "expert" Steve, having just bought there yourself, what are the council requirements for subdivision?

ie if you are looking to subdivide etc etc in the Enfield/Clearview/Broadview area what sort of size block and what sort of frontage should you be looking for?

 

[steveadl]

Seeing as though you're the resident Enfield "expert" Steve, having just bought there yourself, what are the council requirements for subdivision?

ie if you are looking to subdivide etc etc in the Enfield/Clearview/Broadview area what sort of size block and what sort of frontage should you be looking for?

I would'nt call myself an expert by any means!

Enfield is in Pt Adelaide Enfield council district. For stand alone, they require a frontage of 9m per dwelling. Their minimum land requirement per stand alone dwelling is 300m2.

If you are able to, you can see good examples of these dwellings on Ormond Ave where there are a few of these in a row on the Northern side (street numbers 35-39 are a good example - see attached image). In fact a couple of these are only a frontage of 8.8m according to the titles. From what I've gathered talking to their planning dept., Pt Adelaide Enfield council seem to be quite accomodating to development. I personally don't like these houses, and would hate to live in one, and think they look terrible from the front. If I had an 18m frontage, I'd probably make it a duplex rather than stand alone - but each to their own.

You can build a duplex site if you have less than 18m frontage.

Personally, I plan on building 3 community title dwellings one behind another (there are already a few of these in the area) as I bought a fairly deep block at 45m. I was also fortunate to get over 20m frontage which is quite large for the area. I've attached an example of these as well (although my frontage isn't quite that big )

Boradview is already more expensive than Clearview/Enfield as it's closer to the city on the southern side of Regency Rd. Clearview is good too, but I bought in Enfield as it's still closer to town (straight up Main Nth Rd instead of having to cut over to Hampstead), and the block and house suited.

PS Look out people, I've figured out how to attach pics!!

 

[aussieboy2010]

I'm looking for some opinions on the Glenelg area. Prospects for capital growth in the near future, rental returns, demand for rental properties etc etc. Got my eye on a couple of houses in the Glenelg area atm, one in particular on Brighton Rd. Not too familiar with what has happened in this area during the current boom.

All opinions appreciated.

Thanks.

 

[steveadl]

Looks like people in Adelaide are jumping on board. New API came out today, and by my guess, my newsagent has ordered triple the number they normally do.