SA Adelaide thread continued from Somersoft

{Note: thread continued from here: Peoples thoughts on Adelaide?}

So, where were we?

 

We were at me feeling rejected and vulnerable after not hearing back from the REA about my four offers.
Maybe I went too hard too early and scared him off.

 

Spludgey, we're finding right now that any reasonably priced property (especially if a development block) is receiving multiple offers and agents are just fishing for the best without contacting other purchasers.

Don't feel rejected however, always continue to touch base as many a client has picked up a fantastic deal after thinking their offer was rejected.

 

Hi D.T.

Loving the look of Property chat! hopefully other people from adelaide will come accross from somersoft. I havent posted a lot on somersoft but ive read a lot of what has been said, I have just bought a property in Murray bridge on a corner block of 1400sqm and im wondering what sort of different development options i have as the block at the back has a lot of potential is it could be as large as 790sqm - i have attached plans of the block for people to have a look at if they would like but i was wondering if there is a way of building another property without subdividing (i have heard of a body corporate which might only require a fence to be erected to devide the existing house form the proposed new build?)

The main aim for this investment is to have equity to ove onto something else as this is our first investment property (hopefully of many)

Any help or advice would be great.

 

adelaide, its ok

 

I made good $$$$$ in Murray Bridge, rear cut offs etc.One of the easier councils to deal with.

 

Right now I am not sure how Adelaide market will swing, the interest rate is very low, encouraging people to buy. However the yield will certainly decrease as tenants becomes owner occupiers. Population increase in Adelaide is almost non-existent. Unemployment rate is heading higher. Young people are leaving in droves to Eastern states for work. The state government doesn't have much money to spend to stimulate economy ...

 

Where are the best budget buys to be had?

 

Budget as in lowest prices? Check 5112 5113 5114 in the north and 5164 in the south

 

Hang on, is that Elizabeth by any chance?

 

Spludgey, it's just the guy you're dealing with. Everyone else I've tyre kicked responds within 24 hours. Some even responded within 30 minutes even though it's 10pm at night. Far better service than some in south western Sydney...

 

hmm... Houses in Elizabeth SA is very cheap and very high rental yield.....
Any catch ?

 

Ask Spludgey, think he's got 8 in 5112/3/4?

 

See so much potential in Adelaide, so much affordability, decent rental yields, low vacancies, most blocks are developable.... Oh wait, nothing to see here

 

There's an Elizabeth thread you should check out.

 

No, I've only got three for the time being. I've got 8 properties all up.
I'm looking at buying a few more in Elizabeth this calendar year.

 

Hi Spludgey , Im very keen on the area too... Looks like the yield are very strong.
Can you recommend a BA or any paticular area to avoid ? and what the tenant like in there ? Is it hard to find a tenant ?
I have 0% knowledge about Adeleide

 

Fairly easy to find tenants in the area.
They're lower socio-economical of course, most of the time. Only ever had trouble with 1 non payer (was a tenant i "inherited" on an existing lease when property was purchased), chucked them straight on Centerpay and haven't heard a thing out of them since.

 

Hey D.T, Thanks for your response... Would you be able to recommend any BA for that area... I'm completely clueless on the area, and also is there any CG in taht area ? or Just purely investing for yield? Thanks

 

I wouldn't buy in an area that I didn't think had CG prospects, the equity gained is the fuel you need to keep buying more. That fact that they completely pay their own way and give me some pocket money on top is a bonus

Did you use a BA for your other purchases or is this first one?