SA Elizabeth SA Mega-thread continued..

1br bedsits in liz grove.... its hard enough getting quality tenants for a semi let alone a bedsit

 

I thought it was interesting that these two almost identical places were listed so quickly in succession and both of them having outlandish price expectations.

 

No, the Semley one has been listed for years! Its only just recently changed agencies as the other was obviously not getting any where. The new agency has taken the initiative to auction it - I might go along just to have a nosey.

Either might be OK if you got them and land value and redeveloped something decent there - but this is probably outside both their expectations.

 

so what do you guys think the land value of this is if it were a vacant block

 

It's a 3000sqm corner right?
Lot 72 Gunther Street Elizabeth Grove SA 5112 - Residential Land for Sale #201322378 - realestate.com.au is a corner at half the size...

This is what I like to call the "opportunity fee" that sales agents add!

 

I believe its 3000sqm square corner block, so double it plus premium for larger block gives $$600-$650k,
then you have to consider that its already got about 30 dwellings on it bringing in 133k, so from a business perspective, yield at lets say 8% is $1.6m

however managing 30 dwellings is a full time job, especially with these kind of tenants

 

Adelaide's outer northern suburbs named most affordable rentals

Lizbeth and Davoren Park quoted as good places for low cost rentals.

 

From the article:

"If you are on Newstart for example, getting about $500 a fortnight, even if you were able to find a unit at about $130 a week that would be $260 a fortnight and getting up to the 60 per cent [income] mark," she said. She said there was a critical need for housing policies to be reviewed at a federal level.

No, people just need to get off their bums and get jobs!

 

Easier said than done. Last time I was unemployed I applied for over 200 jobs (unsuccessfully!) only to get my old job back after 3 months. It ain't easy out there

 

Pick up the rent with a shotgun each week

 

Annnnnnnd has now been replaced by an Adelaide CBD restaurant opening up a second location.



Interesting move - clearly the owners think there's sufficient discretionary demand for them to invest in the area. Let's see how they go.

Schnithouse Elizabeth Now Open! - Elizabeth

 

Looks like it cost them about $25 in fitout to convert the Louisiana

 

Good to see someone taking it on. Business is pretty slow around here though atm. I am hearing it from everyone.

...but as Dave had mentioned they probably have not invested much into other than a couple or signs and some cosmetic changes which I saw when I went to the cinema on Monday. Which I don't know how it makes any money. Countless times I have been to the cinema on Monday or Tuesday night and we have been the only 2 ppl in there. Which is good as I tell the missus I bought every seat so we could be romantic lol

 

We went there on a Sat at 8pm and were told "you will have to hurry up, the kitchen closes at 8.30". Not exactly a great welcome or dinner hours

 

Geez very bad service. They should stay later on Saturday night. Was it any good? And what was cost?

 

Hi all,

Been lurking for a while but this is my first post. Hubby and I are about to embark on our first investment property, and were wanting your expert opinions on the following place:

47 Yarnbury Road Elizabeth North SA 5113 - House for Sale #121304302 - realestate.com.au

I think it looks like good value for the price being asked, but hubby is not convinced, thinks the tacked on 3rd bedroom is dodgy and small house size will limit CG and also potential rental income in future.

Thoughts on whether this house would be a good first up property investment? (we will live in it for around 6 months before looking to rent it out and using equity to fund PPOR) For those of you already with tenants in Elizabeth, in your experience would the DIY nature of the 3rd bedroom lower the potential asking price for rent? Would this be off-set by the nicely renovated interior? Or are we better off buying a bigger, older house?

Thanks in advance

 

Firstly, hi and welcome

That property looks like its in very good condition inside compared to some properties in the area. Your hubby is right though, it's really quite small. This will haunt you on revaluations forever.

As to what you buy - it really depends on what your strategy is. If you're all about the cashflow then an older one (or a pair of semis on one title) will get you the yield. Other areas will likely be better capital growth, but if you want to stick to that price range then perhaps look at Smithfield Plains or Craigmore as these suburbs seem to be moving quicker.

I personally own rentals in all of those areas (and manage rentals in those areas too) and can tell you that tenants are fine for the most part.

 

667 Main North Road Elizabeth North SA 5113 - House for Sale #121382966 - realestate.com.au

LOL!
They have got to be dreaming! This house was advertised with another agency earlier this year with an asking price of 190-200k.

 

Mike Lao always markets well, I'd never buy through him but if I was to sell then he'd be on the short list

A few of the main road places are being bought and converted to commercial. They're rented to little dentists, lawyers, real estate agencies etc. This can sometimes achieve double what you would on a residential basis, but there's costs and approvals involved.

 

There's a lot of these ridiculous prices going on atm. It's about 60k overpriced for my liking