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Yeah that's what puts me off the Eastern suburbs as well. If I was earning double my current salary and wasn't buying/holding I would consider venturing into it. I'd rather use the East for a PPOR.
I live in this area, and I did notice these couple years I could see a lot more asian faces while strolling along Burnside Village, which I am very happy of.
I wish they could build more high rise here, it's a good place to put high density.
Nah, that would trash Burnside characters ...
Plus the SA Gov are planning to build all the new development etc at Glenside anyway sometime in the future. I would seriously have a look into it if the number stacks up.
Motorsport capital? I think Bathurst/Albert Park/Phillip Island residents will argue with you there!
MORE than 300 homes will be built on the former Magill Youth Training Centre site now the State Government has sold the 19ha parcel of land.
Almost a third of the site will be retained as open space and about 15 per cent of the properties will be affordable housing, the State Government said.
Devine Limited and Starfish Developments have entered a joint venture to deliver the $150 million project at Woodforde on the edge of the Adelaide Hills.
Starfish Developments is behind the VUE on King William St, which when completed will be Adelaide?s tallest residential tower, and the Bohem apartment tower on Whitmore Square.
Under the agreement, Devine would manage the development while Starfish Developments would head up the design, marketing and sales.
Sounds astute
Can't seem to find it now, but thought someone said there was only 800 left at the Holden factory?
http://www.news.com.au/finance/busi...ontinue-to-slide/story-fnkgdhrc-1227312486624
And that reads to be only the production workers (though would expect they'd makeup the majority of the workforce at the plant).
I imagine some of the redundancy packages will be substantial, but then I've known ex-Holden workers to blow through a significant payout in short order...
Ouch! This is not such a good news. Could keep Adelaide house prices depressed (or rise very slowly) if unemployment rate keeps going up.
http://www.perthnow.com.au/news/sou...its-14-year-high/story-fni6uo1m-1227392815028
http://www.adelaidenow.com.au/news/...ent-crisis-in-sa/story-fni6uok5-1227393840265
http://www.adelaidenow.com.au/news/...-growth-and-jobs/story-fni6unxq-1227393670978
Really is a shame as a lot of talent will leave Adelaide to say Sydney and Melbourne for greener pastures.
It'll be the outer Southern and Northern suburbs that feel it the most. I'm not expecting much growth for the next couple of years and wouldn't be surprised if some suburbs actually lose value. E.g Over the past 5 years the median price in Elizabeth has actually fallen.
Elizabeth -10%
Elizabeth Downs -10%
Elizabeth East -5%
Elizabeth Grove -17%
Elizabeth North -10%
Elizabeth Park -10%
Elizabeth South -1%
Elizabeth Vale -6%
*Data sourced from Corelogic RP data
And despite this, myself and many others have been making plenty of money in the area through buying under market, renovating, or developing. Thankfully they put money in your week every month while waiting as well. So ya win both ways, really.
The percentages don't really mean much to the people on the ground and not phased by them in the slightest.
Would you feel more comfortable buying there if the market was up 40% in the last 5-7 years? Rents have continued to creep higher, whether the market has totally bottomed out only time will tell but it's easier buying somewhere at a point of maximum pessimism.No doubt but the median is a general value. For every person who made money there is a lot of people that lost it.
E.g
http://www.realestate.com.au/property-house-sa-elizabeth+north-106820612
Sold for 178k back in 2008. Renovated the kitchen and put in new floorboards and tidied up the garden etc.
http://www.realestate.com.au/property-house-sa-elizabeth+north-119923237
Selling for 169-179k in 2015. Interest rates back in 2008 were at 8-9%. Even with the drop in interest rates and the yield whoever bought that property has lost out due to the cost of renovation, maintenance + buying & selling fees.
Same as I went out and visited this house a few weeks ago at Elizabeth Park. http://www.realestate.com.au/property-house-sa-elizabeth+park-119321283
Back in 2008 the house was worth 220k
http://www.oldlistings.com.au/real-estate/SA/Elizabeth+Park/5113/buy/1/MARSHALSEA
Despite putting solar panels on it they are now trying to flog it off and would be lucky to get 180k for it.
Would you feel more comfortable buying there if the market was up 40% in the last 5-7 years? Rents have continued to creep higher, whether the market has totally bottomed out only time will tell but it's easier buying somewhere at a point of maximum pessimism.