SA Adelaide (south) heating up

I got DA today,plan is to sell one block to reduce debt,build on the other and keep as a log termer

 

Back in the game.


https://www.realestate.com.au/property/1-william-rd-christies-beach-sa-5165

 

Update.Demo booked for Sept,Metricon home contract signed and approved by private certifier,second block sale has been interesting,multiple offers,with the successfull buyer at 225k for 320sm.

 

Wow, small block.

 

Quick work.

 

Hi Jim what was the cost for demoltion and who is doing it for you?
Just about to settle on a property in Port Noarlunga South on Friday a 3 bed property on 700m2 approx with over 18m frontage for $490k with a current tenant in place paying $330 pw.
Plan is to raise the rent to 380-400 at the end of march and then demolish in march 2023.
Went to a few auctions in the area recently and the narrow strip between the esplanade and commercial rd is increasing very rapidly we saw a house in bad need of a reno go for $468k and another one in fine condition go for 560k about a month ago.
The one we are buying would probably be worth 540 or so if it was empty and went to auction but i think having tenants scared off some competition

 

I went with Royal Park for 11k,took 2 months to get to site.De Youngs quoted 15k.

 

Royal Park did mine too.

@jim1964 keep an eye on the water use for the site - I got a bill for 81kL after the demo.

 

81KL used by the demo guys?

 

Could only be them. For the entire quarter of the bill read, the house was empty awaiting demo, all taps off, no leaks.

Had only used a total of 4kL in the previous 12 months.

 

Possibly while vacant house or vacant block neighbours borrowed some

 

Nah. No way to get access as no tap out front and fully high fenced & locked rear yard.

 

Update.Slab was poured just prior to Xmas.New titles issue on 22 Jan,2022,the block was sold,in hindsight,i probably should have krpt it and built on it myself.Frames are now the holdup,mid February.

 

Storm water going in, and on cue it rains.

 

Lot 2 settled today.Quick easy process.Sorta thinking now i probably should have kept it and built,move on,the dollars were good.

 

Do you expect the same level of growth in the area this year or more of a levelling off?

 

I think we will still get more growth,at least 12 months worth.Pretty hot in there still.

 

Last weekends Australian had an article predicting strong growth for the whole of Adelaide and Brisbane.

 

Is adelaide cooling down a bit? the agents seem to be more responsive to calls/emails recently.