Port Adelaide?
- Thread starter Posnow
- Start date
Talk talk talk about the revamping of the Port,Been hearing about it for so long most are immune from the yada yada yada.The new port quays development has turned out to be disaster imho,some of the surrounding areas to the Port have done well,but the Port itself..........well !!!!!!!!
http://www.abc.net.au/news/image/3731848-3x2-700x467.jpg
The last description I heard from a client was that it is a 'diamond encrusted tird'.
It does have a bad image, bad local economy - walk down main street and most of the shops are boarded up vacant and vandalised.
Overpriced for what many would describe as a slum IMHO.
Lots of abandoned industrial, or polluting industrial. Two favourites!
It's got some good pubs and a good Sunday market, but that's about it.
Urban construct and the SA government ruined New Port Quays, there's barely a boat in the marina. You cant swim in the river, it takes forever to get to the sea if you're in a boat and most of the shops are vacant. There's a renewal program currently in place where you can get free commercial rent to try out your business, so nothing positive for commercial property moving forward.
No immediate future for the Port, maybe for the next generation.
You're better of driving 2 minutes around the corner to Semaphore.....Lively shops, good beach front, great pubs and plenty...and I mean plenty going on. Semaphore has a great community spirit and proactive businesses. Anyone heading to the Port will go right past and go to Semaphore.
Agree CJ.
I have a photographer friend who loves the Port for his style of photography - most are pics of unusual looking models in abandoned derelict buildings and their surrounds, done in black and white.
I think major revamping and cleaning up, AND a demographic shift are required to really get the Port thriving, but I think this will happen very slowly over time.
I also think development has to support what the locals demand, like smaller developments that attracts the home buyer and resident, rather than the investor (think NPQ).
I'd buy there but wouldn't pay a premium, and I certainly wouldn't buy on the hope of cashing in on some predicted boom in the near future.
I have a photographer friend who loves the Port for his style of photography - most are pics of unusual looking models in abandoned derelict buildings and their surrounds, done in black and white.
I think major revamping and cleaning up, AND a demographic shift are required to really get the Port thriving, but I think this will happen very slowly over time.
I also think development has to support what the locals demand, like smaller developments that attracts the home buyer and resident, rather than the investor (think NPQ).
I'd buy there but wouldn't pay a premium, and I certainly wouldn't buy on the hope of cashing in on some predicted boom in the near future.
Last edited:
Are you looking at buying a house or a unit/apartment?
I agree if I was looking in the Port a house and this is only my opinion, you'll be much better off than a unit or apartment.
Thanks Jim. Yes, I don't think I would ever buy an existing property without seeing it in person. Building inspection done.... now to go and check it out myself and make an offer.
Let us know how you go,i would be interested in following this.
Ditto. If you do go through with it, pics, prices etc. would be very interesting.
Best of luck.
Hi Posnow
Out of interest, is there any special reason for selecting the Port? Are you simply chassing 6% yield? Plenty other areas that can do that in greater ADL, better than the Port and with good chances of capital growth too...
Cheers.
Bought it - for $280 (with some haggling and the agent offering to put a tenant in it at no cost to me for this price, because I offered less), and will rent it at $300/wk. It's a solid buy I think - not bargain of the century, but when you are not in the same state it's harder to hunt around and compare, etc.
Anyway, happy with my first SA purchase.
Anyway, happy with my first SA purchase.
