SA Elizabeth SA Mega-thread continued..

Welcome to the typical lizbef agent.. when all you do is sell low value slums to lowballing investors, they are some of the most un-motivated agents out there and their lack of service really shows. A good sales agent would refer you to their PM for appraisal and potential new business for management.

 

Quite a few lazy agents about - in the end you really shouldn't be trusting a word an agent says about the investment perspective of properties in any case. Look all the hard data and extrapolate from there.

 

Are there particular streets in Elizabeth Park to look out for or avoid. There seems to be quote a difference in prices within a few streets of properties. I have seen 200sqm lots with new houses for the same price as older houses on 800sqm. I know a new house will always attract more interest. But blocks 4 times the size with the same price seems a bit of a difference albeit with an older smaller house.
Unless as mentioned by others people are avoiding bigger blocks as they don't want 'dust bowls' in dry situations.

 

That's exactly what I was thinking. I wonder if their effort in answering buyer questions is the same as the effort put in valuing properties?

 

Happy to field any rental market Q's if needed.

 

I did notice that the hotel had been for sale - no listed price however. I'd definately be curious to know what they are paying in rent there.

It's because the land value is so low. The land value of the 800m2 might be around 120k + the value of the existing (undoubtedly run down house), versus the new house build cost of 160K makes it easy to see why the values are very similar.

Its not unheard of to see houses in Elizabeth suburbs sold for land value only.

 

I never really liked the idea of a pub right next to a shopping centre like that. Didn't really have a nice feel to it.

 

Was more of a restaurant than a pub

 

Th

This was the problem.

It needed some pokie machines!

 

Tru

true, a lot of places don't make the money off the food.

It's the drinks, pokies & tab pulling in the coin

 

It was mentioned Elizabeth Downs was one of the poorer 'Elizabeth' suburbs. Which suburbs would you think would be grouped as the more favourable ones?

 

Better-
Elizabeth Vale
Elizabeth East

Middle-
Elizabeth South
Elizabeth Park
Elizabeth Grove/Elizabeth

Worst-
Elizabeth Downs
Elizabeth North

The reasons just come down to location and the fact that the worst Elizabeth suburbs have more duplexes than the better Elizabeth suburbs, which have more freestanding houses. The planners also wanted to attract middle class residents so they did that by having less Housing Trust houses situated in Elizabeth Vale (because it was near the foothills and away from the industrial side). The place was built as a family area where people would have shops and amenities all within walking distance. Unfortunately the place fell apart once the industries died down in the early 1970s and instead of being a workers hub it ended up becoming a dumping ground for the socially downtrodden as the Housing Trust got their funding cut.

 

As an expert on the northern suburbs once told me "there is no good and bad part, its just varying levels of ****"

 

That is a good way to put it

The only value is buying free standing houses on a big block in the 150-170k range and renting them for top rent $270+ So they are cash flow positive


Some streets are "tidy" but then one street over is 10 aboriginals in a trust house or crackheads and a massive block of feral units.
Along with yards filled with rusted car shells

It will be a long long time before anything here will see any growth due to the above reasons and the new developments happening in munno parra every 6 months which will keep the rest of Elizabeth subdued. So don't buy here expecting growth anytime soon.

 

Those of us who know how to buy are already experiencing growth.

 

The past 12 months have already seen sigificant growth.

 

And the 12 months before that.

Wonder what will happen over the next 12 months?

 

I'm flying out on Tuesday again, but everything that's vaguely interesting is under contract already.
Any secret tips?

 

Significant?

Maybe I need to get mine revalued

Stay tuned.

 

Already since when?

And what sort of growth?

Not being smart @ss I am actually very interested...