Where can I buy this...

[Craig-G]

Hi Guys,

This is my first post, so please be gentle. I am very new to the IP scene having purchased 1 interstate IP and still having no PPOR. I am now starting to think about IP 2 and wondering if anyone had any advice on an area to buy the following:

I am ideally hoping to purchase below $300,000. Looking for a house that can have a little bit of value added through cosmetic reno's on a block size large enough to be subdivided to sell off the 'new' rear lot. I would look to hold the original property seeking long term capital gains.

I am certainly not limited by its location within Australia and hoping someone could share the suburbs where this may be possible. All advice appreciated.

Cheers - Craig

 

[Prakman]

Hi Craig,

Welcome to the forum. 300K is not much money these days.

In WA, try looking in Westfield/ Armamdale area where you can pick up duplex blocks with retain and build potential for around 300K.

In SA, try the Elizabeth area. You can pick up good deals with largish land area for 200Kish.

Good luck

 

[softmonkey]

welcome to forums

no offence but only everyone else in australia is asking the same question - where can they buy for under 300? consequently they are all throwing buckets of cash into adelaide north right now

there is no magic answer you just have to do the research and narrow it down to an area of your choice

 

[Craig-G]

Thanks for the responses guys,

As you state it is difficult - i have lost a little interest in WA during post boom times as I don't feel it offers the best value for money. At the moment I have been looking at some of the coastal areas about 1 hour from Adelaide but am hoping to get a few more options (QLD possibly, other parts of SA, other?).

great site and keep the posts coming.

 

[steveadl]

If you are interested in Adelaide, you don't have to go to the farther northern suburbs (ie. Elizabeth) to get properties for under $300k.

Although prices have been increasing lately, you can still get IP's in Para Hills, Para Vista, Modbury, Ingle Farm and Valley View all with blocks big enough to develop in the future. You may even be able to snag a good place in Clearview/Enfield for under $300k - but that would be a bit harder to get.

But that's enough out of me unless you are interested in further info - people are going to get annoyed if I hijack all the 'Where to Buy' threads with Adelaide subrubs!

 

[tiger]

Plenty of older houses on larger blocks of land for under 300k in western and south west Sydney... its all I've been looking at the past few weeks. Not so much available in my budget of 240k however.

 

[Craig-G]

Wow - Sydney has not even been on my radar as I have a historical perception that it was way beyond my reach. As I know nothing of the state would anyone be able to provide any suburbs in the west and south west that could help focus my research.

Cheers - Craig

 

[Modal Harmony]

Hi Craig, try some of the outer and western suburbs of Brisbane as well. I doubt that you'll get a place big enough to subdivide on though.

 

[hobo-jo]

Hi Craig

I bought in St Marys (9kms from Adelaide CBD) for $290k (Sept 06). 918sqm. Should be suitable for land division (though will bulldoze the house, not build behind) down the track. I was looking for exactly what you are (large land, sub $300k) 12 months ago and here are some of the suburbs my partner and I looked around:

St Marys
Ascot Park
Edwardstown
Greenacres
Christies Beach
Blair Athol

I would suggest most would now be out of your $ range for a larger block, but Greenacres and Christies Beach are possibilities. Greenacres is 7km from CBD, north east of the City, bit of a daggy area, but certainly worth a look being so close and cheap (also min block size I believe is only 300sqm and there are plenty of 700sqm blocks out that way). Christies Beach is coastal around (30km??) from Adelaide CBD in the Southern suburbs, still some larger blocks out there.