My new purchase - Highbury SA

Brady said:
Quick update.


Settlemetn happened last month and tenant moved straight in paying $300p/w, this was intially going to be $350p/w but the property isn't in the best shape (one corner of the roof has some issues). Also tenant looking after all water charges.

Tenant has agreed that won't be calling me for any maintenance issues will look after himself. I'm self managing the property so no PM costs.


As for the roof issues, this doesn't bother me. The house is going to be demolished in 18months. So long as it holds up til then I'll be happy.
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Good work Brady. :)

Can't DIY fix the roof temporarily?
 
CJay said:
Good work Brady. :)

Can't DIY fix the roof temporarily?
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My builder came out with me (it's actually a friend of his living in the property) and said he can do a quick fix if it becomes a futher issue. Just laughed and said don't go standing on the roof in that corner! :eek:
 
question brady:
if you are going to keep one and sell one, wouldnt that be considered a business and hence you have to claim GST off the sale??

so your $500k sale now becomes $454+GST or there abouts?
 
TMNT said:
question brady:
if you are going to keep one and sell one, wouldnt that be considered a business and hence you have to claim GST off the sale??

so your $500k sale now becomes $454+GST or there abouts?
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Pretty sure that he wants to keep both, renting 1 out and releasing equity at 500k for other investment.
 
TMNT said:
question brady:
if you are going to keep one and sell one, wouldnt that be considered a business and hence you have to claim GST off the sale??

so your $500k sale now becomes $454+GST or there abouts?
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Would be keeping both initially. Renting out one and living in the other. If I sold would be the PPOR so no CGT ;)

And as mentioned equity would be used for next purchase
 
For those that are interested and following the thread, client recently had his property valued for a place he built 3 years ago in Highbury... these are some of the comparable sales on the valuation.

9 Highbury Drive, Highbury 4/2/2 build 164sqm land 591sqm $542,000 sept 2012
http://www.realestate.com.au/property-house-sa-highbury-114433767#

6B Range Rd, Paradise 4/2/2 build 278sqm land 362sqm $600,000 april 2013
http://house.ksou.cn/p.php?q=Paradise&sta=sa&id=52492

Clients property was valued $750,000 it's a 4/3/2 with build of 276sqm and 495sqm of land. Obviously won't disclose the address but it's very close by.
 
Brady said:
Few more slight compareables that have sold recently.

http://www.realestate.com.au/property-house-sa-paradise-115789391
Sold for $630,000 (property is 1.3KM away)

http://www.realestate.com.au/property-house-sa-athelstone-116278299
Sold for $520,000 (property is 1.2KM away)
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For what seems like a very reasonable area, there are some opportunities out there. Being around Paradise it must be good! :p You've done well Brady. Keep us updated.

P.S - I still owe you a beer. ;)
 
Marlin said:
For what seems like a very reasonable area, there are some opportunities out there. Being around Paradise it must be good! :p You've done well Brady. Keep us updated.

P.S - I still owe you a beer. ;)
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Will be looking to top up existing loan sooner than expected as looking at compareables value for existing would be around $355k so will allow me access to around $20k more. But won't be proceeding to get plans drawn up for at least 6 months. Want to ensure have >$50k surplus funds, given it's my first development.

Ahhh always keen for a beer, next SS meeting? I haven't been in a while.
 
Looks good Brady!
Highbury is a great suburb and Observation Drive a nice street on the Linear Park side of Highbury.

Very keen to hear your story as i have a IP on Hillside Ave, Highbury that i will be developing shortly.

All the best with your journey.
 
Noah said:
Looks good Brady!
Highbury is a great suburb and Observation Drive a nice street on the Linear Park side of Highbury.

Very keen to hear your story as i have a IP on Hillside Ave, Highbury that i will be developing shortly.

All the best with your journey.
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Love the area.

Interesting what are you planning on doing? How long til you start?

All the best with yours, would love to hear more about it.
 
Yea me too Brady.

I originally purchased in 2006 as a sit and hold property and actually thought i might build the family home there.

I am hoping to get started on it with in the next 2 years as i am currently tied up working on a couple of other projects in Holden Hill and Hope Valley.

I'm planning on going to the next Adelaide Meeting, so possibly catch up for a chat then if you are attending.
 
Noah said:
Yea me too Brady.

I originally purchased in 2006 as a sit and hold property and actually thought i might build the family home there.

I am hoping to get started on it with in the next 2 years as i am currently tied up working on a couple of other projects in Holden Hill and Hope Valley.

I'm planning on going to the next Adelaide Meeting, so possibly catch up for a chat then if you are attending.
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Haha was hoping you were going to finish something in the next 12 month so could have some more compareables for mine ;)

I'll be trying to get there Monday aswell pending work.
 
Few properties I'm keeping my eye on.


If this sells for even $100k less then asking price I'll be very happy. Currently asking $640-660k. Mine is better location (across from park), this property is next to a busy road and I believe mine in a better suburb (IMO).
http://www.realestate.com.au/property-house-sa-tea tree gully-116617507

This property sold after being on the market for less than 10days. Price hasn't been disclosed yet was advertised $520-570k. Will be fairly comparable overall, land size is ~100sqm larger but very sloping block so backyard not super usuable. This property is in the newer area and has views, although mine will be across from park with only 4 brand 2story houses on the street.
http://www.realestate.com.au/property-house-sa-highbury-117107291
 
That is great news.

When you are sitting there in your planning stages it's nice to 'comparable watch' and if they are rising there is woohoo moments and you get to see what types of things the locals like.

Working out why one sells quickly and another stagnates is a fine art :)
 
I think $220K building cost is a bit optimistic.... I built two in Dernancourt and they were single storeys, four bedrooms... about 170sqm, and costed me $260K in total, that's including everything....

Also, you might need to have preparation on spending more on soils, the soils in that area is extremely bad with clays. Make sure you spend heaps on footings, saves you from lots of headaches in the future.
 
wll6568 said:
I think $220K building cost is a bit optimistic.... I built two in Dernancourt and they were single storeys, four bedrooms... about 170sqm, and costed me $260K in total, that's including everything....

Also, you might need to have preparation on spending more on soils, the soils in that area is extremely bad with clays. Make sure you spend heaps on footings, saves you from lots of headaches in the future.
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Will have to wait and see I guess, will be looking to get the ball rolling with drawings start of Sept.
 
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