SA Adelaide 700k

Happy new year to all.

We are looking at purchasing an IP in Adelaide with a budget of 700k. Happy to spend less.

Main goal is capital gain and negative cash flow isnt a problem.

In my search so far i am liking the look of Prospect and Sefton Park.

Would love any suggestions and opinions others have.

 

Prospect over Sefton Park. Much better life style drivers albeit they’re Neighbouring suburbs.

Inner west you could pick up something in Mile end, Croydon/west croydon, Torrensville.

Stock at the price point you’ve listed is getting very tight in all the suburbs listed. Stay away from the section of prospect over regency road!

 

Is there better potential if we increased our budget? We spent the week in Adelaide and thought prospect had a great vibe.

 

Prospect has a great deal happening and has changed significantly over the past decade. At your price point you might be lucky and nab a block which can be developed or a 2 bedder character home on a smaller block. All great options. If you increase your budget....family size character homes on 600 plus sqm (850k-1.1mil). That’s where it’s at for capital growth in my opinion.
If you go something smaller just make sure it has a car space. There are lots of inner city cottage with no car spaces. I don’t mind this stock but make sure it has a car park!

 

Also, stay away from apartments and town houses. On a plus, prospect vacancy rates are less than 1%!

 

10 Albert Street, Prospect 10 Albert Street, Prospect SA 5082 | Domain Sent via the Domain App

Is this the sort of property?

 

Exactly. Return verandah villa’s are generally some of the most sought after in terms of character style. If I was being fussy I’d say for the price you could pick up something closer to the cafe strip and possibly something renovated. But great example none the less.

 

Check out the ugly duckling suburbs adjacent to prospect at 600K range.600g - 700m blocks can be subdivided (in certain areas) and holding costs are reasonable with good rental.

 

Thanks mate. Ive been looking a little further out as almost no stock in Prospect

 

This, go sideways rather than out.

This would be a pick-up, but will be 1m+ easy.

In the price range, close to Prospect, but not quite as nice as it's on the north side of Regency Rd.

 

https://www.realestate.com.au/property-house-sa-renown+park-135138654

sideways from prospect rather than out is a plan . @Baker has it correct IMHO

 

Thanks guys, that really helps. Have definitely narrowed my search down now.

 

Having looked now for a good month i can safely say the Adelaide market is running hot. This seems to be due to a lack of decent stock. Ive increased my budget to 1mil and made a number of good offers on houses and have been too late or well under.

Might let Adelaide go for a few months and see how it looks once we get some more stock for sale.

 

Couldn't agree more with this!

 

Better be hurry I felt there will be another 15% increase this year.

 

15% increase on small volume doesn't phase me mate. Lets see what happens when more sellers enter the arena.

 

Everything is being either bought or leased within days at the moment, but no one has a crystal ball as to whether this could last a month or a year. Stock level for both is very low. There might be regret later on about not getting in when had the chance.

 

Yes its a crazy hot market atm. If i could get something that made sense from IP perspective i would jump, but its a sellers market, no doubt about that! Does Adelaide have the fundamentals to support this going forward, who knows?

 

First home owner grants are stimulating the market. Some people i know withdrew stamp duty, received first home owner's grant and managed to qualify for a home loan.

 

Stamp duty concession in SA is new build only isn’t it?