SA Hype Davoren Park, Adelaide

In tradition of hyping areas which I have a vested interest in.

Bought here as its cash flow positive.

Development friendly council.

It has some trees.

It's a very community friendly hood, everyone tends to sit on couches and catch up with neighbours and friends.

I heard people on the train talking about it. So word on the street is people from Sydney and Melbourne are moving across to start a better more affordable life.

I think it's going to boom soon, so best get in while you can.

 

I've been following this area too. Not too sure about CG potential, and it hasn't seemed to have moved in a while. If I do pull the trigger, it'll be purely for cash flow...

 

Barry, care to share what your numbers look like?

I'm eyeing freestanding houses on decent blocks of land for c.$160k, returning $240/week

 

You can get cashflow without having to buy in Davoren Park. It is the lowest of the low and generally to be avoided.

 

I hear that every new build in Davoren Park comes with free installation of ventilation apertures in your windows - its a Centrelink-led initiative.

 

Loving the Adelaide hype

 

Purchased a 3 bed, 2 garage for 217k, rents at 270/week for last 3 years.

 

My strategy changed over the years, this purchase was a need for more cashflow properties, and live off the rents as I replace my working wage and sell off high growth property earning low 1.5%

I believe growth is in the far distance. Not sure when.

Need a great manager to make sure the best possible tenants are selected.

 

ok locals, please help me understand this property:

Last sold 3 and a bit years ago for 140k, had a cosmetic reno and sold for less (135k) this time. On a big block (800sqm+) and asking rent 270/week. 10.4% yield!?!

So, has somebody been murdered in this house or something? That's cheap even for DP and looking at the photos, no work needed really.

Sold Price for 5 Worden Street Davoren Park SA 5113

Sold Price for 5 Worden Street Davoren Park SA 5113

5 Warden Street Davoren Park SA 5113 - House for Rent #418274410 - realestate.com.au

 

not sure if there is anything anyone can say that will do davoren park justice...
its in a class of its own. It the chief of all struggle streets; makes Druitt and Co. look refined, classy, and full of double PH.D holders.
Even the SBS crew of Struggle Street fears to run a show from there, and that says something

 

Its not worth $270pw.. tiny house. And if they do get $270 will be for a desperate tenant who is accepted by a greedy landlord who will have a tribunal hearing and insurance claim within 2 months.

As a tenant, $270pw will get you a new 3br 2 living in a bit better suburb.

 

I love your optimism my friend

 

The agent is probably dreaming at 270. Mines now 9 years at 270 and immaculate.
I actually first signed up to her to lease mine, sat vacant for a month. Changed agency and rented in 3 days.

 

Sure @DaveM, 270 is too high but it looks like it was rented for 250 last year. But 135k for 814sqm...

 

Last rental was $240pw looking at historical data. Its worth $225-240pw.

Re returns, like anything its risk v returns. I own a bunch in nearby suburb, but won't buy in Davoren Park.

 

Nearby suburbs offer more but for the same kinda price / returns, IMHO.

 

Are nearby suburbs really that much better?
I see all near by suburbs as low socioeconomic.

 

Davoren Park is to Elizabeth as Elizabeth is to Adelaide.

 

Elizabeth is to Adelaide as Adelaide is to Australia?

 

Hey