SA First time into the Adelaide market - My recent purchase

Nope....I am not seeing this.....the stats are inaccurate.

it has performed in line with Brisbane which is about 4% growth per annum. Obviously, some select inner city markets in Adelaide have done much better. But in places like Tea Tree Gully, Salisbury the growth has been more subdues. Playford has not moved....it has lots of stock there.

Again in Brisbane some markets have performed better.

Melbourne however has performed really well last year. However, I see growth more subdues on the East...but outer suburbs are red hot.

 

Maybe the pro and con and status of Adelaide market could be continued in the Adelaide general thread, and this one left for discussion about Taku's recent purchase. It would be a shame for his purchase thread to be overshadowed by arguments.

 

I bought a house in Salisbury in 2015 and the desktop valuation has increased 11% since...

Edit- Taku got a bargain. 220k for a 4 bedroom house with land you really can't go wrong.

 

Edit removed comments and moved to other thread.

 

Thanks @Balman! Agreed, he picked me up form the airport when I went to visit.

@Bran-san domo arigato gozaimasu

 

you will never be poor you have tenacity

 

Congratulations Taku

 

love this - appreciate it @MTR

thank you @Xenia !

 

Thanks for the updates Taku - gives me more confidence/courage to give this a crack myself at some stage down the track. Still trying to consider whether starting with a PPOR or taking the IP property route is right for my partner and I! Decisions decisions!

 

Thanks for sharing @Taku Ekanayake .. The openess of yourself and others on your figures and investment strategies is really what makes this forum so great!!

 

@jeff3002 that's great to here. Mate definitely go the IP route first. Plenty of time for you to buy that dream home down the track. The tax system and numbers are designed for investing. I strongly feel you will accelerate your property portfolio by going down the investing route first

@Connor anytime mate. Agreed, this is a great forum!

 

Not much to it Jeff

 

Great deal @Taku Ekanayake. All the reasons you gave above are pretty much exactly what I also look for so its a given I think you've done really well mate.

 

Thanks @Taku Ekanayake for sharing details of what you were after, and how you went about it, and the finances. Really good to hear about the stories, to give concrete examples, and different strategies for those of us less experienced. Such a great forum.

Sounds like a great deal. Well done. @DaveM sounds like he was brilliant.

What info do you need to look for in potential future subdivision?

 

I don't trust valuations full stop! My Smithfield place went up 23% in 6 months.. there's no way that's accurate. But if the bank is willing to lend against that then good luck to them! Taku here will have a nice little parcel of equity to release soon

 

Valuations (especially Desktop ones) can vary a lot. My land value alone is higher than the valuation I got, but of course that would require me knocking down the house and subdividing the block, which is the long term plan anyway.

 

@Taku Ekanayake thank you for sharing your story. It sounds as though you've picked up a cracking deal (and great to see the PC network at work also).

I'm a bit earlier on the journey than you, but this deal has given me some great food for thought for upcoming purchases. Much appreciated. All the best with it going forward.

 

True
But desk top val is a strategy used on PC, nothing wrong with this unless you plan selling or need to sell I guess?

 

appreciate the encouraging words @Leo2413

thanks @Seal ! anytime mate. Dave is a pro. there are a number of council approvals and tape for sub-division i believe - given next door and the rear property has been sub-divided it makes for a strong case. Also, frontage has to be minimum 16m give or take from memory in Salisbury, and min 600m2.

@DaveM can you clarify?

any time @Birdseed. glad it got you thinking

 

Salisbury LGA has no minimum lot size but you are constrained by practical build size of a house thats going to value well less private open space of 20% requirement, less front and side setbacks. And in general you dont want to go less than 300sqm with 8m frontage for decent land valuation.