I've saved for a few years and have pre-approval for 380k. Wondering if any one had suggestions on where/what to buy in Adelaide? I'm trying to get something with good capital growth / potential to add value / maybe subdivide? I think inner suburbs would be preference, but know it will likely be a townhouse, vs further out with land. This would be major cornerstone of property portfolio so trying to find something that will set me up for better things later. I know it's pocket change for most people here, but trying to make the most of it.
Hi Hustler, while $380 is not alot in most markets, there is still plenty of choice and opportunity in Adl around that mark. If you are looking at sub dividing, that kind of money would limit you to outer burbs Salisbury/Playford Lga. Looking closer in i quite like Modbury/Valley view around that money. Im rather northern centric, but there are others on the board whom are alot more knowledgable on the broader Adl market.
I think north east would be your best bet in that price bracket, if you want a standalone house. Have a look along the obahn route. You could get into most suburbs if you just want a unit or townhouse, but you restrict your upside a bit.
Thanks a heap for the advice, I'm familiar with north east so this makes sense and will check them out. Thanks. Can I ask what you mean by restricting upside? As in potential to subdivide?
If your planning on living it it. I would buy in an area where I want to live with a house/unit/garden and with house features I want/like. If your planning on renting it out then in an area that renters like with features renters desire.
Hi Hustler, if you are planning on purchasing to subdivide, have you budgeted for the subdivision costs on top of the purchase cost and deposit required by the lender. You will need to have access to some working capital to get the subdivision approved and the old house demolished. You will also need to do the research on the resale value as many properties can be subdivided, however they don't have any profit after all costs.
Hi Hustler, the fact that 380k has to work for you really means you should go for a good block good location crappy house, in the end that is the way to guarantee your investment. There are some suburbs North West very close to north adelaide (with Park as their second name) that might bear fruit. Renown Park to Angle Park (Devon Park Dudley Park Croydon Park is that one? .....).
