Hi all,
I'm a long term property investor and developer. I have properties in Victoria and Queensland. Melbourne market has been cooling, so I am now considering Adelaide. It will be great if the local property gurus can share experienced investing in Ade - where should I be looking at, the future prospects and things I should look out for?!
I'm interested in good growth potential, 2-3 bedroom houses with large pieces of land (~600sqm), under 350K.
Any comments would be appreciated.
Thanks
Kenny
The entire area from Christies Beach down to Aldinga is slated for very stong CG in the medium term, + good and rising yields now to help with holding costs.
Have a look at the Onkaparinga council website. Very progressive council with lots of fantasitc plans, along with plenty of gov't funding. Recently expanded dual lane Hwy into Ade. Electrification of rail and Seaford extension, re-dev of the Norlunga Shopping precinct.
The best part for me though is the new zoning laws with no minimum block size! Ade have 25% city and 75% rural, and to preserve this they have land locked current area and are strongly encouraging development of medium density housing, particularly around the transport corridors.
Throw in affordabaility issues in the city and an enormous number of downsizing sea changing baby boomers, and you have a very attractive place to invest.
I just bought a property in Christies Beach for $245,000. This is on an 700sqm block with a clean title (no easements etc), within 5 min walk of beach, 1 min walk to primary school 3 min walk to supermarket and a 5 min drive to Noarlunga Centre. With a small amount of work on the current property ie approx 10k - with all work contracted out ie: me not lifting a finger, i am confident i can rent this out for between $290-310 per week. In around 5 years time, i plan on building 2 x 3 bed, 2 story townhouses on the block, both of which will have sea views.
This sort of price doesnt come up often, and I was very lucky but I did a huge amount of research and worked hard to find it. I would suggest you go in there with a 280-350 budget and you'll get something on a good block with loads of potential. Given I was looking so recently, I can assure you that there are still some excellent investment opportunities down there.
Be prepared to research though as there are quite a few less-desirable areas/streets to avoid. If you are not keen to put in the hours and are interested in a buyers agent PM me as I know an excellent one.
Good luck with your search!