Northern Adelaide new vs old ?

Z

zxtc

Hi All

Looking for peoples opinions on building new in say Munno Para vs old in say Craigmore/Elizabeth to even Paralowie etc?

Seems that there is some good house/land packages atm as end of financial year. Probably get less land but a better house.

Looking at spending under $250000.

Cheers Mick
 
zxtc said:
Hi All

Looking for peoples opinions on building new in say Munno Para vs old in say Craigmore/Elizabeth to even Paralowie etc?

Seems that there is some good house/land packages atm as end of financial year. Probably get less land but a better house.

Looking at spending under $250000.

Cheers Mick
Click to expand...

Large oversupply in the new builds around Munno Para. Weak CG and a sort rental market.

Not seeing any real benefits, I'd sooner go for an older build in Salisbury/Paralowie where there's long term potential.
 
I'm with Corey!

from an investment point of view I wouldn't be buying new in this area. There isn't the demand as there are new properties continuously being constructed. I would prefer to pay a much larger discount in comparision and buy an older property on a larger block which will have development potential.

What is the purpose of the purchase for PPOR or IP?
 
Thanks for the reply's :)

This is for an IP on a long term hold strategy so I guess growth would be the issue. So much more land to be developed. But you get more for your money atm.
Lots of infrastructure going up in the area like the new town centre.

I do like the idea of subdividing later so thanks for your input guys :)


Cheers Mick
 
Mick IMO South Adelaide is looking better than the North.

Flinders Uni will be opening Tonsley soon which will create jobs and bring in new students. http://www.flinders.edu.au/tonsley/

Also the upgrades to south road and the duplication of the express-way will make the souther suburbs more desirable.

Again IMO the north is well over developed, the closing of Holden will have a flow on effect to all the other engineering and manufacturing businesses which then will effect the local cafe shops etc... A development site is worth little if there is no profit in developing. It is very easy to find sites in Elizabeth to develop but they aren't worth much because its cheaper to buy then build.
 
Brady said:
I'm with Corey!

from an investment point of view I wouldn't be buying new in this area. There isn't the demand as there are new properties continuously being constructed. I would prefer to pay a much larger discount in comparision and buy an older property on a larger block which will have development potential.

What is the purpose of the purchase for PPOR or IP?
Click to expand...
I agree Brady, one quick look at the overdeveloped rental areas of Munno Para West, Blakeview and even Mawson Lakes shows 50+ vacant houses advertised on realestate.com.au for each suburb, all with similar specs and price ranges etc. An multi-purpose development site such as a block of 650m2+ with an existing house on it can be bought in suburbs closer to the city and can amazingly still be positively geared in this market with low interest rates!

Under $300k houses on big blocks can still be found in Holden Hill, Ingle Farm and possibly even Hope Valley/Dernancourt and these are in-demand suburbs, and much easier to rent out in the current market.
 
Danae Leslie said:
Under $300k houses on big blocks can still be found in Holden Hill, Ingle Farm and possibly even Hope Valley/Dernancourt and these are in-demand suburbs, and much easier to rent out in the current market.
Click to expand...

Shhh these are for just Adelaide peeps not all of SS ;)
 
Hello to all the SA experts,
What are your opinions on Edwardstown and Ascot park areas for short to medium CG ?
Regards
 
spanna said:
Hello to all the SA experts,
What are your opinions on Edwardstown and Ascot park areas for short to medium CG ?
Regards
Click to expand...

Reasonable area <10km to CBD assuming you're looking at property for IP not PPOR, I would be aiming for <$400k older property on developable block.
 
Pretty sure the days of houses on large blocks in Holden Hill and Ingle Farm < $300K are long gone.

Would stay away from Munno Para, huge oversupply of housing in this area, with more huge development sites being granted approval on Curtis Rd i believe.
 
IFBB said:
Pretty sure the days of houses on large blocks in Holden Hill and Ingle Farm < $300K are long gone.

Would stay away from Munno Para, huge oversupply of housing in this area, with more huge development sites being granted approval on Curtis Rd i believe.
Click to expand...

Gone not just yet... but getting closer... Alot of these property could of been picked up for $260k not too long ago

(client picked up a corner block retain and hold 24months ago in ingle farm for $240k)

Note this 1 was an affordable homes... http://www.realestate.com.au/property-house-sa-ingle farm-117050847

Auction if this goes >$300k you have overpaid http://www.realestate.com.au/property-house-sa-ingle farm-117010755

They are there you just need to be quick...http://www.realestate.com.au/property-house-sa-ingle farm-115369035

Can still pick up good properties agian if you're quick in St Agnes, Redwood Park, Modbury, Valley View, Para Vista all for <$300k
 
Brady
I've been watching those as well.
Burri St was not subdividable so I didnt pursue further
Telowie was small as well from memory, im at work so dont have access to my notes here.
 
D.T. said:
Brady
I've been watching those as well.
Burri St was not subdividable so I didnt pursue further
Telowie was small as well from memory, im at work so dont have access to my notes here.
Click to expand...

For Burri St- Not subdividable and retain? Was there easements? Or because its 580sqm. If it's because its 580sqm I wouldn't always too put off by that it's corner block should be able to manage 2 x 290sqm block with good designs (note I haven't looked at it too much for this property, but client who have done <300sqm in that council)


Here are some reasonable properties that looked interesting...

http://www.realestate.com.au/property-house-sa-ridgehaven-117090355

619sqm corner block $300-320k

http://www.realestate.com.au/property-house-sa-modbury-117042631

744sqm possible dual occupation or at least high rental 4 bedroom 2 bathroom $345-365k

http://www.realestate.com.au/property-house-sa-st+agnes-116959063

707sqm stock standard house $280-300k

http://www.realestate.com.au/property-house-sa-hope+valley-116898195

affordable homes bargin (as per usual) 697sqm $260k
 
underdev said:
Mick IMO South Adelaide is looking better than the North.

Flinders Uni will be opening Tonsley soon which will create jobs and bring in new students. http://www.flinders.edu.au/tonsley/

Also the upgrades to south road and the duplication of the express-way will make the souther suburbs more desirable.

Again IMO the north is well over developed, the closing of Holden will have a flow on effect to all the other engineering and manufacturing businesses which then will effect the local cafe shops etc... A development site is worth little if there is no profit in developing. It is very easy to find sites in Elizabeth to develop but they aren't worth much because its cheaper to buy then build.
Click to expand...

ill stick with the 3% annual population growth if you want to start talking about the masses of people being brought to an area thanks
 
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