Is this Adelaide property a good deal given gloomy economy?

Hi guys
I am looking to buy 2 properites, prefer houses in adelaide price range $300-350K each, and have in mind Kilburn,enfield, christies beach/mount barker. any idea is much appreciated , thanks guys
MJD

MJD, if you're looking at the inner north - there's not a huge price difference in Enfield/Clearview/Blair Athol to Kilburn. I'd stick with the first 3, less Housing Trust and stigma for same price. Some nice development blocks available.

Christies Beach looks very good too. Haven't looked for a while so don't know if things have changed, but in the hills I'd probably buy in Nairne across the freeway from Mt Barker for a lower price but still proximity to the amenities, also potential development blocks up there.
 
advice on adelaide suburbs please

thanks guys for all inf regarding adelaide suburbs,
steve, I am not sure if you are in adelaide or not, if you are can you please tell me if the price for those in inner north( enfield/blair athol/ clearview) has gone up a lot int the last 2 years?? I just don't want to get in when it's on the peak and will take longer time to grow.
thanks a lot
 
thanks guys for all inf regarding adelaide suburbs,
steve, I am not sure if you are in adelaide or not, if you are can you please tell me if the price for those in inner north( enfield/blair athol/ clearview) has gone up a lot int the last 2 years?? I just don't want to get in when it's on the peak and will take longer time to grow.
thanks a lot

Yup, Adelaide born and raised ;)

Inner north has run the last couple years - medians up about 20% last year or so. Good development blocks have gone up even more than that as the area has been 'discovered.'

I believe there's still plenty of upside in the prices (bare in mind, I only bought into the area late last year myself), especially if you're looking at buying an old place with good land content. A lot of places around the area going for land value.
 
Adelaide Info.

MH, did you get my sales fuguers through on your email last week? It included Ingle Farm. More than happy to send them again.

MJD (and others), there are a few suburbs in the North/North East of Adelaide that have very poor soils. You'll find that instead of the usual $10k extra for footings these suburbs will be more like $25k extra. Tread carefully if you are looking at development sites for this reason alone.

Also MJD, with regard to future growth at Enfield/Blair Athol etc, there is a fair bit of commercial development going on along Main North Rd. Just check out the new home maker centre going up at Gepps Cross!!!! These suburbs are starting to get re-developed pretty quickly now. Future growth should be just fine if you pay the right price.

MH, with regard to the right price, use past sales to show you where you should set your limit at Salisbury. Buy your new place at the correct price and you'll at least not be behind the eight ball from the start.

Interesting news about the new development of the West Torrens Oval area. $45m going towards new sporting fields, homes and retirement units. Will be good for Thebarton and surronds. There was an article on www.adelaidenow.com.au yesterday about it.

Adelaide's great in Spring :D

Gools
 
Also MJD, with regard to future growth at Enfield/Blair Athol etc, there is a fair bit of commercial development going on along Main North Rd. Just check out the new home maker centre going up at Gepps Cross!!!! These suburbs are starting to get re-developed pretty quickly now. Future growth should be just fine if you pay the right price.

Interesting news about the new development of the West Torrens Oval area. $45m going towards new sporting fields, homes and retirement units. Will be good for Thebarton and surronds. There was an article on www.adelaidenow.com.au yesterday about it.

Adelaide's great in Spring :D

Gools

Spot on, Gepps Cross alone has the new home make centre, Bianco's new HQ and the new super school campus to be built behind the state sports park land.

Yeah the WTO proposal looks quite interesting. Hope they get the go ahead and don't go for the cheap option. Good to see higher density developments finally coming to the fore more. Now if they'd just start rezoning the residential near Main Nth Rd up to 5 stories, it'll triple the value of my properties over night! :D
 
Yup, Adelaide born and raised ;)

Inner north has run the last couple years - medians up about 20% last year or so. Good development blocks have gone up even more than that as the area has been 'discovered.'

I believe there's still plenty of upside in the prices (bare in mind, I only bought into the area late last year myself), especially if you're looking at buying an old place with good land content. A lot of places around the area going for land value.

Hi Steveadl,
I am looking at a few properties in Kilburn/clearview with big land content
can you please tell me what is the minimum requirement in PAE for residential flats/units in term of width and block size . thanks a lot for your help
MJD
 
Not exactly sure what you mean by flat/unit development?

I don't think they let you build unit blocks anymore these days?

Anyway, PAE has the following requirements, although they can be flexibile if your plans are good.

- 300m2 land for detached dwellings
- fronatage requirement of generally 9m for detached, but I'm seeing them approve stuff with as little as 7.8-8m at the moment.
- 12.5m frontage for DBL GGE block, although when I talked to their planner a few months back, he said this isn't the actual reuirement. The garaging (for single and dble) just can't be anymore than 50% of the frontage. I guess this is why there are letting the smaller single dwellings in.
- If your looking at putting in community title dwellings etg. 3 front to back, I think they can relax some of the land size requirements as long as the project is still 'workable'.
- Set backs from the street on undeveloped land is 3.5m, however if you have neighbouring buildings, the rule changes to a stupid touchy feely definition of 'the set back must be in keeping with the street' eg. if you are between a 5 & 7 meter frontage, they'll let you do 6. Or if the neighbours are at 11m, they'll make you stay at 11m!! Morons... :rolleyes:

Probably forgotten a whole bunch of stuff, so fire off any follow up questions you have.
 
thanks guys for all inf regarding adelaide suburbs,
steve, I am not sure if you are in adelaide or not, if you are can you please tell me if the price for those in inner north( enfield/blair athol/ clearview) has gone up a lot int the last 2 years?? I just don't want to get in when it's on the peak and will take longer time to grow.
thanks a lot

Hi MJD

I would hold off.

IMHO Adelaide prices are ridiculous and have recently peaked. The global economy is cooling significantly.

Anyone who thinks Adelaide prices will be immune from this downturn is seriously deluded or has a vested interest.
 
Hi MJD

I would hold off.

IMHO Adelaide prices are ridiculous and have recently peaked. The global economy is cooling significantly.

Anyone who thinks Adelaide prices will be immune from this downturn is seriously deluded or has a vested interest.

Really Hgrant??!! $hit, thanks for the heads up!!

Hey MJD, if you're interested I've just decided to unload my Enfield development site along with all my other Adelaide properties, but I feel it only fair to warn you, I have it on good authority the whole Adelaide market is over priced and has peaked. :rolleyes:
 
Hi, price is not bad. Be lucky if you get it at the lower price, might go higher.

You didn't say what's the width.

Reki the potential to attach the new house to the garage of the old one or realign the garage or remove part of old to attach to the new.

I did this for my subdivision & got approval when both my surveyor & manager thought it couldn't be done because the block was an 'irregular' shape.

Irregular my foot! My thinking was this: if the block size is 800m2 and the house perched very near the front is 120m2, that leaves at least 400m2 no matter how you look at it.

Be careful about L shape though - it may be considered a hammerhead. But if you have spoken to council & they think it's possible, then it should be.

Back to the attached garage. With the new type plans, generally the houses are detached even though attached. Some builders set in the lounge or body area of the house to create an outdoor paved area almost like an atrium.

Good luck. If you can swing this, it's a 'buy one get one free'. Very very good. I just did one like that last year. Best deal I ever did!
KY
 
adelaide suburbs

Thanks guys for all info.
Steveadl,
what I meant by unit development is block of 6-8 units. As last week I was in Adelaide for a couple days to look at a few properties. There was one in Kilburn with big block and next door was 6 units block , the frontage is a bit wider than the one I am looking at, that's why I just want to find out from our Adelaide experts.
I remember in one of your post regarding one property in Ottoway , It sounds like you know that property in Agnes street. when I was there last week to check it out, there is a school behind it and It does need works . But I still think that it is a good value if I can get it for around 260K mark. please give any ideas/advice. Much appreciate
thanks
MJD
 
MJD,

OK yeah, I'm almost certain they don't let you build those 6 unit blocks anymore. Quick call to council can confirm though.

Yes I think that property would still be a decent buy absolutely, I guess just my personal prefernce would be to get one that is a slightly better block and location, even though it would be a higher price. The chances of better apreciation over the years would increase.
 
Hi SS investors,

...Our first one was 250K but I imagine the RE agent was not bluffing when he said they have received "3 or 4 similar offers" and that the other offers were "out of the ball park".

Compare that property to my IP in Paralowie, 3x1, 300something sqm block, bank valued at ~245K and getting rent 240pw. This house is ~5years old. I went through Salisbury a couple of years ago when looking for this one and was impressed.

I would say that your bid would need to be at the top end of that 250-270 range. That said, yes there will be holding costs. Afterall you are buying into a land component here with awesome subdividable prospects. I wouldnt buy into that unless I could justify the cash flows with the future project in mind.

Good luck
 
hiilcrest/windsor gardens

HI Adelaide guys,
can anybody give me ideas about hillcrest and windsor gardens please, which suburb will you invest compared to enfield/clearview/broadview
any opinion is much appreciated.
thanks
MJd
 
Out of the list you mentioned, my first pick would definitely be Broadview. Closer to the CBD than all the others, better standard of houses, and I think really has a lot of potential.

All the areas you mentioned have had good price growth already in recent times, but I still think there is some good buying, especially if you can find yourself a future development size block.

Windsor Gdns also has a massive amount of gentrification happening and is a nice location, close to the city and next to linear park along the Torrens. Also close to the obahn terminals at Paradise and Klemzig for commuters travelling to the CBD/TTP.

Just personal preference, but I'd probably go:
1. Broadview.
2. Enfield.
3. Windsor Gdns.
4. Clearview.
5. Hillcrest.
 
Out of the list you mentioned, my first pick would definitely be Broadview. Closer to the CBD than all the others, better standard of houses, and I think really has a lot of potential.

Broadview would be my top pick, too. I've got 2 IP's there (purchased in 2007) and had a huge repsonse to my initial rental ads. The area to the North of Regency Rd isn't quite as "nice" as the area to the South, but it offers better buying opportunities and the area will change character over time.
I haven't seen the growth in my Broadview properties that I've seen in my others, but I'm sure that will not be the case for much longer and the growth I have acheived has been very good, all the same.
It's a great suburb and I think it's flown under the radar for quite a while, but people seem to be seeing the potential there. Rightly so, too!
 
HI Adelaide guys,
can anybody give me ideas about hillcrest and windsor gardens please, which suburb will you invest compared to enfield/clearview/broadview
any opinion is much appreciated.
thanks
MJd

Hi MJD,

I hv IPs in Windsor Gardens and Clearview. Windsor Gardens is basically divided by Sudholz road. The one western side of Sudholz Road near to Klemzig, has been developed and its difficult to find a development block. the eastern side still has lot of fibro houses and good developmental blocks. WG has a unique position as NE Road directly connects the CBD and even in peak time its 20 mins. via O'bahn its 7 mins to the city.

Clearview has some rough areas still. My IP was broken into twice while we were renovating. :mad:

Enjoy the journey
 
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