SA Adelaide thread continued from Somersoft

Hi D.T. All my previous purchased is done via my own research, but for other state, i have no option. Would you be able to recommend me or reffer me to someone ?
Cheers..

 

I'm sure a couple of guys on here could give you some tips. Did you read through the old forum?

 

Does anyone like Redwood Park - as an investment? Nice area, close to TTP and O Bahn, big blocks, cheaper than Modbury

 

Greetings all. Have been reading up on the long list of postings on the somersoft website, great to see it continue here. So much info on little old Adelaide which is a refreshing change to the standard eastern state news that bombards the headlines.

From an investment point of view in Adelaide, the majority of interest from these threads points to the northern and southern suburbs for yields and the eastern suburbs for CG. Does anyone have any opinion on the inner west as a midway point between the two? There seems to be a lot of development/ sub-divisions in the Karrulta Park/Marleston/Plympton suburbs. Are these worth buying or is the value only in doing the sub-dividing? They seem to be the cheapest of the inner ring around the city. Im a little wary of investing in the outer suburbs, not entirely sure why, but with all the money getting spent on improving the city I thought it might have a flow on effect to these suburbs in the not too distant future.

Any advice from the pros would be great.

 

I do like redwood park and some others around there. Sent my wife there to bid on an auction but unfortunately the final price was in my opinion way too much for what i wanted to do with it.

 

Erica is the one you need to have a chat with. She has a thread in the somersoft forum you may wish to have a read of.

 

Funny you mention that... I've been looking for about 8 months and recently just settled on a property in North Plympton which I am planning to subdivide into 3.
I was looking at the southern suburbs a fair bit, as well as some pockets of the north. But then just concentrated on the western suburbs. The rental yield is not great on my property compared to the south/north burbs, but that's why I'd be looking at developing pretty quickly.
But as the experts here would tell you, depends what your strategy is.

 

Depends on your strategy / criteria. I thought you were going to get an Affordable Homes place you could add value to to use as a launchpad for further investing?

Sounds great Oscar, mind sharing any numbers or prefer to wait til the end?

 

Its a 975sqm block on Talbot st, North Plympton. Currently got an old, neat and tidy 3br house on it.
I'd probably prefer to wait a little while before going further in depth. There are a couple of options I'm reviewing at the moment. There is a possibility of keeping current property and building 2 behind. Although may be smaller properties.
Otherwise gonna have to demolish and build 3 new ones.
The Housing Diversity Development Plan Amendment (DPA) that just got released for West Torrens may just work in my favour.. according to my building designer.
Just still going through the process... Once I nail down the path I'm taking, i'll discuss further..

 

That is the plan, yes. But 'further investing' would mean I'm going to buy again and I think redwood park is quite nice.

Ok then; consider Ingle Farm/Para Hills area up north VS Christies Beach/Morphett Vale area down south. Which do you prefer and why?

 

What do you guys think of this one in Hawthorn?
http://www.realestate.com.au/property-house-sa-hawthorn-120089849

Everything looks pretty good to me and thinking of giving it a crack. Do you think it will go for much more?

 

Hawthorn.............................much much more i would think for the offering.It will be interesting to see the final figure.

 

Big Motorsport Park development announced (long overdue). Will get a round of the V8 Supercars...

http://www.adelaidenow.com.au/sport...-clipsal-500-fun/story-fnii0it1-1227209803069

 

Yeah I ended up looking the street on rpdata .. It's the only double, but similar sized houses are over $1mil. Hell, the listing price is pretty much the value of just the land.

 

Thanks Oscar13 for the insight into the West Torrens area. I might see if i can talk to a council rep on the changes you speak of. Seems like theres some positive signs around that area.

Interesting article on the current property cycle. Will Adelaide ever move from 6 o'clock??

http://www.dailytelegraph.com.au/re...-indicator-shows/story-fni0cly6-1227409790153

 

Everywhere cycles around the clock. Some clocks have a longer or shorter orbit than others.
It's fairly obvious on the ground though, went from finding ridiculous deals daily down to weekly now, and good stuff is starting to become under offer if you dither around.

 

No problem. Council seem pro-development (fingers crossed) from what I can see. Obviously haven't dealt with them too much just yet. But I will be.
Some info in the pdf files on this website..
https://www.sa.gov.au/topics/housin...t-plans/west-torrens-council-development-plan

From the research I've done, I'm not sure if you'd find a triplex block for under $600k these days. Auctions I went to earlier in the year, and got outbid, saw the property hit a price of $604k and $605k.Similar properties went for about $575k a month or two earlier - all in North Plympton. Although there doesn't look to be too much else in that area in terms of similar development potential.
something like this perhaps..http://www.realestate.com.au/property-house-sa-kurralta+park-120039745

Agreed. Seen it for myself. I'm based in Perth, but visit Adelaide quite regularly...Started looking at Adelaide about November last year... And speaking to quite a few agents... Not a lot of stock on the market... and whatever is decent with a reasonable asking price will definitely get snapped up. This year, I went to about 7-8 auctions in North Plympton, Henley Beach and Blair Athol. And all got sold above reserve except one. And that's because the owner wanted well over market price which the REA even stated.

 

Yup, originally from Perth and back and forward a lot too. There were times last year when we'd go to opens or auctions in outer northern suburbs and literally be the only people there.

Your dev sounds like lots of fun though - have you done many like that? I'm doing a vacant block into 2 houses at the moment. Let know when you're next in either city and free for a beer/coffee

 

I've only done one subdivision a few years ago in Melbourne. That went pretty well considering I was based in Perth at the time. Had a good friend that is a builder and looked after everything for me. And didn't charge me too much for it.
Unfortunately, I didn't get straight into another property with the equity created and "rested" for a couple years instead. Paid down debt I suppose..
Looking forward to getting stuck into this current project.
Where's your development going on at the moment?

In Perth at the moment. Back in Adelaide mid July.
I don't mind buying you a beer for some further on ground local info on the great town of SA.

 

I went to the open today, and it's basically an immediate demolition job - both sides. Smells like the former owner may have been deceased in there some time.

Oddly, the back yard pool is immaculate.