Properties in SA for <$400k

[Brady]

I'm with CJay on this one, not a fan of paying above the median. Limits the market for resale, makes equity release harder as valuers don't always go so well when there aren't a lot of compareables.

 

[Erica]

[*]Properties up to $450k (but the lower the better to avoid paying too much LMI as I only have $85k in my savings account).
[*]Properties within 5-8kms from the CBD with large land component that has development potential for maximum capital growth gains.
[*]Does not require renovation and can be tenanted immediately.
[/LIST]

QUOTE]

Good plan, maximise your lending power, increase your buying options, and keep some cash for a safety buffer.

I went to 90% LVR on my last purchace (700m sq subdividable corner block in Plympton 6km from CBD bought for $445,000)

Here is an example of one I think would have been a good buy in the area you are interested in : http://house.ksou.cn/p.php?q=Richmond&sta=sa&id=105969
why a good investment? very large land component, can add equity with cosmetic renovation and subdivision (even if you just rent cheap, as is, for now and do that a few years down the track)

 

[leytk004]

[*]Properties up to $450k (but the lower the better to avoid paying too much LMI as I only have $85k in my savings account).
[*]Properties within 5-8kms from the CBD with large land component that has development potential for maximum capital growth gains.
[*]Does not require renovation and can be tenanted immediately.
[/LIST]

QUOTE]

Good plan, maximise your lending power, increase your buying options, and keep some cash for a safety buffer.

I went to 90% LVR on my last purchace (700m sq subdividable corner block in Plympton 6km from CBD bought for $445,000)

Here is an example of one I think would have been a good buy in the area you are interested in : http://house.ksou.cn/p.php?q=Richmond&sta=sa&id=105969
why a good investment? very large land component, can add equity with cosmetic renovation and subdivision (even if you just rent cheap, as is, for now and do that a few years down the track)

Oh wow, exactly the type of property I'm looking for. I'll give that real estate agent a call to enquire. Thanks Erica. Keep them coming

 

[Erica]

Oh wow, exactly the type of property I'm looking for. I'll give that real estate agent a call to enquire. Thanks Erica. Keep them coming

Don't get too excited, that property has been sold, the house.ksou.cn web site is one of my favourites for researching comparable sales and if you go to the rent tab it shows you achieved rental prices also

 

[D.T.]

Don't get too excited, that property has been sold, the house.com.au web site is one of my favourites for researching comparable sales and if you go to the rent tab it shows you achieved rental prices also

Shhh you should have let him call them.

 

[leytk004]

Shhh you should have let him call them.

Lol damn. Better properties hopefully next time round

 

[leytk004]

What are everyone's thoughts on houses in suburbs near the Adelaide airport? Is it too noisy?

What are your favourite suburbs when it comes to hunting for investment properties?

 

[D.T.]

What have you found so far?
Or have you always been spoon fed?

 

[leytk004]

What have you found so far?
Or have you always been spoon fed?

Prior to a few days ago, I've never looked at real estate/property investment at all in my life so this literally is my "first toe dip in the water". I'm not looking to be spoon fed - I'm sure in a few years I'll look back at my old posts and facepalm myself at some of the things I've asked at the very beginning of my journey. But for now, I'm here to learn and loving the constructive questions to my questions so keep them coming.

So far I've only looked at properties (within my price range) such as Richmond, Mile End, Plympton, Hilton, Keswick, and Kurralta Park as they seem to be between the CBD and beaches of Adelaide so my assumption is that there is high demand and will have even higher demand in the future as our population continues to increase exponentially. This is only my opinion though so I was hoping to get an open discussion about other people's favourites and what their thought processes are as an investor.

Cheers

 

[Jaggannath]

I doubt the sale price of that begins with a 4.
I bet the yield is high 4's though.
In which case, why adelaide? Does the property bring you closer to or further from your goals?
*snip*

Instead of checking vacancy rate, I'd instead jump on realestate.com.au and search for rentals in the area? Do you have much competition? How much are they renting for?

Spot on.

I have thought about this too and it is one of the cons of houses in this area. Where else would one usually look in Adelaide for similar houses with that sort of land area close to the CBD between $400-500k?

Who cares if you're renting. I'd suggest visiting the suburb and working out how much you can hear. Looking at runway orientations, I'd suggest it'd be OK for noise.

I'm personally not a huge fan of investing in properties significantly above the areas medians, as the CG potential to rise is at a higher risk level imho - just something to think about. It's good for you to gain the experience however, seeing and understanding how the auction process works.

At least he's planning on dividing and developing, which should bring the developed places closer to median. Having said that, this is predicated on development; otherwise, I agree, I try to buy near median.

What are everyone's thoughts on houses in suburbs near the Adelaide airport? Is it too noisy?

My comments above.

 

[cd83]

What are everyone's thoughts on houses in suburbs near the Adelaide airport? Is it too noisy?

What are your favourite suburbs when it comes to hunting for investment properties?

Adelaide airport is hardly Heathrow. I have been looking around Richmond as well, mainly in the southern half of the suburb, I hardly noticed the plane noise when at inspections (although I could see some). I heard them more at a function in Medindie the other week, the speaker had to stop talking till it passed, doesnt seem to bother prices there. I think there are some noise impact contours in the development plans, maybe check those out. As a current owner of investment prop in Kewdale WA (close to flight path) I havent found it to impact ability to rent or growth over 5 years Ive held it.

Good luck, you are in the right place for asking questions

 

[leytk004]

Adelaide airport is hardly Heathrow. I have been looking around Richmond as well, mainly in the southern half of the suburb, I hardly noticed the plane noise when at inspections (although I could see some). I heard them more at a function in Medindie the other week, the speaker had to stop talking till it passed, doesnt seem to bother prices there. I think there are some noise impact contours in the development plans, maybe check those out. As a current owner of investment prop in Kewdale WA (close to flight path) I havent found it to impact ability to rent or growth over 5 years Ive held it.

Good luck, you are in the right place for asking questions

I went to an auction today in Richmond as a registered bidder and didn't notice any plane noise at all. Maybe I wasn't there long enough as the auction finished quite quickly.

Perhaps I may see you at an auction in Richmond or surrounding suburbs one of these days as I'm in the market to buy at the moment

 

[Bentley]

I went to an auction today in Richmond as a registered bidder and didn't notice any plane noise at all. Maybe I wasn't there long enough as the auction finished quite quickly.

Perhaps I may see you at an auction in Richmond or surrounding suburbs one of these days as I'm in the market to buy at the moment

How much did the property sell for? Feel free to share the link.

 

[D.T.]

what was the auction result?

 

[tpepper]

What are everyone's thoughts on houses in suburbs near the Adelaide airport? Is it too noisy?

In the past I have lived in both mile end and Richmond
Its fine as long as you are not directly under or right next to the flight path

When I lived in mile end under flight path, windows rattled, had to stop talking when outside, had to pause movies inside but as a renter (who is not home very much) did not bother me and there is a curfew.
(not all of mile end is under the flight path)

Rent demand is high we broke our lease in that house as (I couldnt face another winter there with no heating) we found a new tenant to take over and move in within 2 weeks.

cant find link to original map but this link has the "current flight path" map on it not sure whats going on with the other info about new flight paths as this was from 2012.

http://www.adelaidenow.com.au/news/...118119793?nk=8fa82a4198590c2f456bd9ae07a966d4

when I was living in richmond could hear them a bit but nowhere near as bad. Expensive suburbs in adelaide such as walkerville and north adelaide if in spots under flight paths planes can be also heard.

personally I would avoid west richmond as planes would be loud the houses are cheaper that side of marion road for a reason.

in summary mile end/richmond was a great place to live, gentrification is occuring with nice restaurants on henley beach road and cool cafe in side street in richmond

http://www.urbanspoon.com/r/336/182...stern-Suburbs/Devour-Cafe-Patisserie-Richmond

wish i had bought here in the lows of 2012!

 

[johnpendles]

not related to flight paths but there are areas in Unley Park and Millswood where train noise is significant. Unless the property is virtually sitting on the train tracks people dont seem to mind. I've spoken to people who live in the area and they unanimously say the same thing "it just becomes background noise that you get used to and barely notice that it's there".

But, if the property is on the train tracks then you may have problems selling.

 

[leytk004]

How much did the property sell for? Feel free to share the link.

Hi. I posted the link earlier in this thread. Page 2 I believe?

 

[Bentley]

Hi. I posted the link earlier in this thread. Page 2 I believe?

Price it sold?

 

[leytk004]

what was the auction result?

There were a lot of people at the auction but I made the opening bid of $500,000 and no one else followed so the REA bidded on behalf of the vendor at $590,000. This was beyond my limit so I didn't make a higher bid as it was still at $25k increments at the time so the property was passed in.

As this was my first auction I was a little confused as to why I was the only one bidding even though there were a couple of other registered bidders out there?

I was later called in by the REA who told me that the vendor's reserved price was $630,000. I made my final offer of $550,000 and left it there. This was yesterday afternoon but I haven't heard back from the REA at all?

Can anyone give some insight as to what your next step would be from here if you were in my situation at the moment?

 

[D.T.]

Next step would be to find another property to suits your strategy