SA Adelaide Property News 2018

Usually in the category for biggest falls. Or biggest risks are apartments for most cities, so I wouldn't think Adelaide is any different

 

Negative equity in Adelaide... yes heaps of people overpay. Suggest most of it would be overpaying for brand new stock in low demand areas.

- Newport Kuys Apartments
- City Apartments
- Glenelg (liberty towers) Apartments
- Brompton apartments
- Pretty much most OTP apartments
- Andrews Farm brand new
- Munno Para/West brand new
- Blakeview brand new

Pretty much areas that are sold with a glossy brochure with not much services around, with promise of things to come....

 

So they went along to a determination hearing even though it specifies on the letters not to? Heres a copy of one of my ones

 

Yup - brand new property has a premium on it outside of actual value.

 

There is an article in the Adelaide Advertiser today:
SA house prices holds strong as eastern states weaken - realestate.com.au

"City apartments took a bigger hit, down 12.66 per cent for the quarter and 15.43 per cent on this time last year."

“I think the marketplace has finally caught up with the supply that’s been presented to the South Australian public,” Mr Troughton said.

Despite the click bate heading, typical of a Limited News Tabloid, the article reported Adelaide Metro prices have stopped growing in the last quarter.

 

SA has now risen above QLD in CBA's State of the States report.
State of the States - CommSec

 

The reason they asked you to provide a stat dec in relation to being interstate is that they need to confirm you aren't available to attend and therefore need a phone hook-up. I once attended a VCAT hearing in Melbourne by phone but I had to confirm first that I resided interstate.

Also I suspect that your tenant is a racial minority which is why SACAT don't want to touch the case with a barge-pole and have referred it to the Magistrate's Court.

Be aware that 14 weeks rent is nothing in the scheme of things - one of my friends (a small-time landlord) had to write off about $8,000 in unpaid rent from a tenant who ultimately did a runner - there were also legal fees on top of that. Consider yourself lucky if you only lose a few grand.

 

The whole of the ANZAC Highway has been rezoned for multi-storey development recently so I'd be careful - they'll be mushrooming up everywhere like Churchill Road and the resale values are terrible simply because there's so much nearby.

 

No it isnt. The reason is the result of the high court decision saying that tribunals dont have jurisdictions over LL's in other states anymore.

 

14 weeks rent arrears plus damages to the propery cleaning, is not in the rhelms of considered being lucky in resi real estate

 

Can I please have your comments/advices about Homestart SA loan. My eldest daughter is granted PhD scholarship of about non-taxable 27k/an for living allowance on top of waived tuition fee. We thought it might be good for her to buy her first home now in Adelaide. She can borrow up to around 220k Graduate loan from Homestart SA as per their advice. She may later have the house leased and use that income to pay back the mortgage. We can't consider other lenders for now as they don't accept scholarship as an eligible income. My concern is Homestart's interest rate is higher than banks in general and they also said that interest rate would always go up (never goes down). I am worried if this loan would be good for the long run? Should she buy her 1st house now or wait till completes study and starts working? All your comments/contributions appreciated. Thanks, Hannah

Below is the link of Graduate loan

Graduate Home Loan - low deposit - HomeStart Finance

 

I wouldn't call 14 weeks in arrears lucky!
Is this property self managed or through a property manager?
Should never had gotten this far out.
These areas are worth having Landlord insurances like EBM, Terri Scheer.

 

Okay thankyou that's very interesting - as I said earlier I attended a VCAT matter by phone after making a stat dec that I had moved interstate so that was my experience of the system. Do you think this is the reason why SACAT can't hear that case - the High Court decision that is.

 

It is a hazard when you are a landlord in (let's say) low cost high yield properties in lower socio-economic areas. A lot of the established rules tend to be harder to enforce for various reasons - tribunals are pretty sympathetic particularly to people with kids; it gums up the works legally. Even when you have evidence that a tenant has abandoned a property there's still a while before you can order a skip... I'm sure anyone who has been small time landlord or property manager knows what I'm talking about.

 

I still cannot understand for the life of me why landlords at a cost of $300( In S.A.) do not have this.Small price to pay.

 

Yep i use Terri Scheer, $300 is peanuts for peace of mind!

 

Are you brave enough to live in Australia’s most haunted town?

Would you live in Australia’s most haunted town?

NOT afraid of ghosts? Then buying a home in Australia’s most haunted town surely won’t have you spooked.

 

Because that $300 buys you almost nothing, it's junk insurance. Read your Product Disclosure Statement and you'll find it's full of holes and 'exceptions' - discussed further here: Terri Scheer.

Also, property managers get paid a commission if they sell a new landlord a Terri Scheer policy so beware of agents up-selling those policies - it's not because they're good - it's because they're getting paid. If you want real landlord coverage then go to an insurance broker and tell them what you want to be covered for and they'll sell you a real policy from an insurer who actually pays out on claims.

 

Add to that any of those cheap, ugly apartment blocks being constructed down Churchill Road - there's way too many of them and there's more going up all the time. Too bad for existing 'investors'.

 

She should wait until she graduates.