SA Adelaide rising suburbs article by Terry Ryder

Adelaide house prices soar into 2022 - InDaily

“However it is no longer just the predictable affluent areas leading the way. The outer-north and south are keeping pace."

"It comes as interstate arrivals continue to put heat into the Adelaide real estate market, with a tripling in SA house purchases by New South Wales and Victorian buyers"

"Adelaide also currently has the least amount of available rental space of any Australian capital city, with a rented dwelling vacancy rate of just 0.6 per"

Adelaide is moving on very strong fundamentals. I can see it outperforming expert predictions of a cool down in 22.

 

watching this very carefully.

Hopefully it starts well in 2022. Can Adelaide shake off its slow and steady history? Is it possible to see it skyrocket?

 

I’d be surprised if it didn’t rocket even more. There is absolutely no stock on market! Particularly inner city suburbs where stock levels are anecdotally lower than this time last year.
It will be interesting to see what happens when stock levels increase after the Christmas break.

 

Couple of interesting tests of the upper end of the Fullarton market - 94 and 70 Wattle Street:

https://www.realestate.com.au/property-house-sa-fullarton-138755163
REA quoting 2.75-2.85m. I expect 94 will go for around this as for 3m in the area would expect something a bit bigger and more private - it is quite open to the school just across the road.

https://www.realestate.com.au/property-house-sa-fullarton-138934223
Quoting over 2m. Bigger block (1400m2 vs 1100) and better spot but 70 needs renovation. Buyer could easily spend 1m on renovation/extension so again much over 2m starts to look bullish. On the other hand, the renovated result would be significantly superior to 94 Wattle and there have been several >3m sales nearby.

A couple of ~50% annualised profits from 13/15 month later resales where nothing had been done:

$1,300,000 December 2020 resold for $2,159,000 at auction - 66% gain (~50% annually)
https://m.realestate.com.au/sold/property-house-sa-kensington-132879190

$920,000 February 2021 resold for $1,382,000 - 50% gain.
https://www.realestate.com.au/prope...ep-pdp|sold-pdp:property-history-cta#timeline






The market is very strong.

 

racism? try REVERSE racism in the NT. you aint seen nothing! it'll take decades even lifetimes for that **** to go away!

 

https://www.realestate.com.au/property-house-sa-fullarton-138755163

Sold for 2.65m. Decent price, looks like their price guide was too ambitious as property was right opposite school and not v private.

 

As DT has been saying , it’s a normal cycle . Prices go sideways for a long period of time and then boom .

that’s what’s happening and glad to be part of it .

Our CBA loan on our MV property updates their valuation on a regular basis and it’s being going up very nicely .

It’s not going to come down to previous levels and people who have bought recently will still make money .

cliff

 

@D.T. helped me source a house in Morphett Vale in late 2015. Bought it for $235K. Desktop value is ~$390K. That's about steady 7.5% growth per year. It is nice to have one or two just tick along regardless of whatever happens in the world

 

So just to follow up, 70 Wattle fetched 2.6m at auction today. Bullish price if its to be renovated (94 was 2.65m) but I wonder if its likely been bought to redevelop perhaps as 4 townhouse - in which case 2.6m is good value especially as a 884m2 corner block in Frewville for 2 townhouses sold for 1.94m.

https://www.domain.com.au/8-knox-street-frewville-sa-5063-2017710369

 

MV prices are certainly stronger. 2 years ago this one would've sold for less than 300k.
Sale price a few days ago - $465k.

https://www.realestate.com.au/sold/property-house-sa-morphett+vale-138782099

 

I actually think at these price points, you’ll get more value in Adelaide north/ north east. Sailsbury, Parafield garden, ingle farm, para hills.

 

Bullish 3m sale in Malvern – 4/2/1 on 650m2:

https://www.realestate.com.au/sold/property-house-sa-malvern-139456683

Sold for 3m. Bought for 1.085m 18 months ago, renovated and 140m2 mid high spec box and pool added. Should be well north of >1m profit for seller with >500k attributable to reno.

 

speaking of this, any idea why this frewville (fake) corner block that sat offmarket for a few weeks before sold for an absolute bargain???

https://www.realestate.com.au/sold/property-residential+land-sa-frewville-203351403

bordering on the new glenside estate and behind foodland but even then, build 2 semidetached and this is easily profitable

 

What price?
Knox street a better location and I felt that the sale price was extremely high and something closer to 1.5 would have been more in keeping with market.

 

around 1.1m

 

yep! considering this went for 1.7 but has a big gum in the back so dunno what theyre planning to build there

https://www.realestate.com.au/sold/property-house-sa-myrtle+bank-139379299

 

by big, i mean the same width as the car next to it lol

 

I wouldn’t want my home facing a shopping centre. That would definitely impact the price. Certainly cheap though!

 

This is an intresting sale, 2 bdr villa in Salisbury East sold $429,000. This would have to be a record for for any 2 bdr in Salisbury.

48 Birch Avenue, Salisbury East, SA 5109 https://www.realestate.com.au/sold/property-villa-sa-salisbury+east-138926811

 

I feel like the frenzy buying has slowed. Be interesting to see what happens when the weather improves.