SA Adelaide Property News 2017

I was in Christies Beach today, amazing how much is actually going on, not one house being demolished, 2/3/4 in a row, serious money being spent.

 

Walking into Colonnades will dispel any notions of prosperity; they spent a fortune on upgrading that place recently and it's still half empty: Myer is due to close next year so that's another anchor tenant gone.

 

Havent really followed CB prices much, but have noticed a couple suburbs over in Morphett Vale (been actively going to opens and such) you really cant get anything decent under $300k these days. Whereas it was definitely $250K last time we looked.

Yeah Colonnades is a bit sad looking these days. Most retail is though, its being done over by internet sales. Still plenty of employment in the arae though with Lonsdale industrial precinct, and Noarlunga's tafe, council, hospital, and entertainment precincts all having Staff Wanted signs up.

 

I just wanted to pop in and give my very belated thanks to the wonderful long-term posters on this site who provide such great advice to others.

Purchasing a first time property can be such a scary and overwhelming proposition, but reading this forum and all the hints and tips from people who've been there done that made the whole thing so much less stressful. So many rookie mistakes and circumstances were avoided just by knowing what questions to ask, things to look out for, and potential hazards to be aware of.

So, thanks to all those who provide their advice here and answer questions from us newbies. With your advice we managed to purchase a great bargain in Eliz Park and after just over a year and some small cosmetic reno it has already gained considerable value. Considering our solidly working class income and small starting base we are stoked with what we ended up with and are really hopeful it will provide a great base for future investments and a better life in the long-term.

 

I just bought in CB. So I would say this wouldn't I..... but i think it has a lot going for it. The recent adjustment in the zoning of the area to focus development in particular areas of the town should also be a good thing overall.
As mentioned by another poster, there is a fair amount of redevelopment of the older housing stock at the moment but the development has been quite randomly place around the suburb. By and large its an improvement of the old housing stock some of which is in v poor condition and there is quite clearly catering for a younger and better off demographic moving in who like to be near the beach. I think overall, land and property here presents good value compared to other coastal areas near cities in Aus (and other comparable places worldwide). I cant think of many other places where it would be possible to buy a largish block of land only half an hour from the centre of a major city, with a decent sized, reasonable condition house on it, 5 minutes walk to a surf beach, close to an express train line, all local services within walking distance, at the current prices.

 

Completely agree. Lots of ugly or poor maintained housing there is being redeveloped which is great. This has added to the supply though so leasing some of those newly built ones hasn't been that easy.

Being close to the beach and all the amenities as you say is a good thing. I've mentioned in previous posts that the shops along Beach Rd seem to be changing along with the demographic as well. Eg was good samaritans, tattoo parlours etc and now is yoga studios and wine bars.

 

Its not the sort of city that will uniformly boom or bust. There are 5 or so main markets which do move independantly of each other. Someone who bought in Elizabeth North 3 years ago vs say Magill or Tranmere would have a very different set of numbers to compare from a growth and equity pov. Same as say Christies Beach vs Croydon Park or Woodville South.

 

They say past performance is no guide to future performance.... Christies property prices have increased around 1% per year, every year since 2009. That's a long period of below trend (and below inflation) return. Hope to see a little more growth than that in the future!

 

Adelaide Boomed last Friday. Did you miss it?

 

You have missed your calling, David - you should be working for Jay Weatherill talking the joint up.

Just don't move here with the expectation of getting a job unless it's a low-pay service industry job.

 

Maybe if he worked for the right party

You and I both moved here from interstate and are doing OK?

 

Only because of who I knew and the fact that I'd already lived here before - if you have no local connections then the job market here is diabolically hard.

 

Agreed. Even Hackham has a median house price of 280k. Very little gets sold for <250k around Morphett Vale. With that budget your probably confined to Hackham West, Christie Downs, and the dodgy parts of Morphett Vale (Elizabeth Road) aka across the road from Hackham West.

 

Agreed, the south is a better bet than the north - there's just too much land whereas the south is hemmed in by the hills.

 

There are parts of the North where I'd love to live (anywhere before Grand Junction Road). As for the South it's a tale of the inner/middle and outer suburbs. Anywhere within 10km south has gone up 10% YOY. Outer south it's a lot more subdued but has been rising albeit slowly. The exception is with apartments/units. They have gone nowhere but imo it's because people would rather compromise on location for a house than live in an apartment/unit (particularly the older units). Once the inner south booms that's when it will start spreading to the outer south and once prices start moving there will be FOMO (fear of missing out). That's what I'm hoping anyway as my PPOR is in the outer south and eventually I would like to live closer to the CBD.

 

Yep, we always recommend houses over units here... the past growth rate (although not an indicator of future) is 1 of many reasons.

 

I think there is a bit of a gap in the market for well designed, modern, "house sized" single storey units that have a bit of a garden and outdoor space but not an unmanageable 800 sqm ( which is a lot for some people to manage particularly as they get older). I see a fair number of 2 storey, 2 and 3 bed townhouses being built on postage stamp sized blocks with barely any outside space and very small rooms (not just in Adelaide). Presumably this is because they can and perhaps this product has made the most profit for developers in recent times as well as ticking council boxes for density. However from an amenity standpoint I think it's not great. It is ok for some parts of the rental market and life stages.

For future capital growth potential and demand from an ageing, downsizer population, who don't want a massive garden, a well designed, larger single storey unit with usable garden / yard could be just the thing.

 

Mining magnate takes out two-page ad in The Advertiser to find home in SA - SA Real Estate News

 

Tell her to call Buyers Agent @DaveM