New Member pls call me sc00ter Looking to gain some expertise from all those who have travelled before me and gain some insight and wisdom on the best way forward. Hello Property Savvy Community Wanted to ask your views on the new Urban Corridor Boulevard zoning for Churchill Road at Prospect SA. http://www.news.com.au/national/sou...-property-prices/story-fnii5yv4-1227489576845 What are the pros for developers and the best options for existing home owners? Your thoughts are appreciated.
Hey Sc00ter, I've only just jumped on this forum myself as an aspiring developer, and currently work as an agent, so perhaps take my opinion with a pinch of salt... The pros for developers seem relatively clear - providing sites are suitable, a larger number of dwellings per site are possible which will increase margins which allows for a higher acquisition cost. With developers spending more, this is great for home owners (as per the article). The area is also undergoing positive infrastructure change, with new shopping centres and of course will always be quite close to the Adelaide CBD and popular North Adelaide. Without being able to offer too much insight into actioning a development, an owner could either capitalise on the currently inflated prices by selling (via auction seems most appropriate), do a development themselves (if they have the necessary capital available), or perhaps simply have appropriate plans approved through council and then attempt to sell the site with plans approved, for a higher amount. Not sure if this is exactly what you are after, but hope it helps even a little. Cheers, James
Hey Slim_Jim Appreciate your thoughts. Being new as a member..how can I pm u? Have some ideas you may help me with.
The Advertiser ran a story only recently about how Kilburn was the crime capital of Adelaide. Now they run a spruik about apartments on Churchill Road? I wish they'd make up their minds.
From a local - the Advertiser is a glorified tabloid magazine and not to be relied upon - they run sensationalised stories that get readers, not sensible, fact based articles that are written in context and are actually useful and credible. Having said that, there is still quite a bit of housing trust in the Kilburn area and as such the crime rate would be higher. I have heard numerous times (not officially) that housing sa has a long term plan to sell down all inner metro property to raise money for construction of more suitable and voluminous accommodation further out of town (I used to sell housing trust properties for the govt. in a previous role for a local agency so was privy to a little insight).
Hi Slim Jim, I'm also an ex-local and I lived in Ovingham for a while so I feel I'm qualified to comment even though I don't live there right now. Having returned only recently for a visit I was stunned to see the former Clipsal site at Bowden entirely replaced with mid-rise apartments - they seemed to mushroom up overnight and there's a lot of these kind of mid-rise developments happening across Adelaide right now - Churchill Rd is not the only area with developers swooping in on a re-zoning and there's plenty of similar developments I noticed particularly in Norwood and in and around the city itself. And as you've probably deduced I'm a bit sceptical of the Advertiser's claim that the area was undergoing immanent gentrification to some kind of up-market Parisian boulevard type-thing. Don't get me wrong, I really like Prospect with its Victorian/Edwardian charm and it's always had lots going for it but the proximity to Blair Athol and Kilburn - two places that attract very 'divided opinions' on Homley.com - this seems to drag it down a bit compared to the inner south and east of Adelaide. The Housing Trust selling out of the area may or may not change the demographic over time... I'm well aware that Blair Athol has seen a lot of the Housing Trust razed but I feel that the tiny houses with no backyards that have replaced those solid postwar duplexes are step backwards that could end up being cheap private rentals. Personally I feel those Churchill Rd developments are just a bit far from the city for that kind of apartment to be appealing. If I was to return to Adelaide one day to live I would like to have some space around me between myself and my neighbours as I feel this would be a necessary bonus of living in a smaller city (maybe that's too-high an expectation now-days). Just an opinion !
Appreciate your thoughts Ben I guess the new apartment developments would not appeal to all. Those looking for new, affordable accommodation, close to the city and perhaps new property investors may find the properties attractive. They are selling! I have found that many new developments in suburbia, regardless of location are "tiny houses with no backyards". Subdivision is most definitely a drawcard for council. This 'Urban Boulevard' is certainly a bonus for Prospect Council. I am seeking thoughts on how existing home owners can best capitalise on the increased interest in the area. Do forum members have any experience in selling in this environment? Thanks sc00ter
Scooter- are you an existing property owner in Prospect seeking to develop? Just curious. There's a lot of instances in Melbourne and Sydney recently of home-owners selling their houses simultaneously to try and attract development; Bentleigh (VIC) and Castle Hill (NSW) in particular; have you considered something like that.
Wow - I've done a little research - thankyou Ben "Selling as a collective". Seems to have rewarded the vendors in your specific examples. As a curious onlooker - Would forum members care to share any experience with 'selling as a collective' - neighbours selling together with the expectation of gaining an increased sale price. Is there a market for larger blocks in metro Adelaide? It appears current development applications along Churchill Road are for single block apartment complexes. sc00ter
5 years on, @sc00ter what did you decide to do? I've seen some of these properties in urban corridor zone selling very cheap for the zone, considering they can put 3 story apartment buildings on the land (https://www.realestate.com.au/property/157-devonport-tce-prospect-sa-5082 sold for 500k in 2015 and has 16 apartments) is there an oversupply issue with this rezoned area of Churchill road? is there money in buying, getting a DA for apartment block, and selling for 200k profit few years later? searching realestate.com.au shows lots of apartments listed in prospect along this corridor heres some more very recent examples of sub 600k land https://www.realestate.com.au/sold/property-house-sa-prospect-132881902 Property Report for 165 Devonport Terrace, Prospect SA 5082 Property Report for 197 Devonport Terrace, Prospect SA 5082
