Dunno where to start ?
I am new in Adelaide and would like to buy a residential investment property. What rental returns can I expect? How
can I find out the local scene and which areas to look in ? If
I ring up a real estate agent they just want to promote their own
vicinity. Do I need to go further out to the northern suburbs ?Looking for suggestions,
from RightonYou would be able to get info to get started from http://www.reisa.com.au
and do a search on adelaide for this forum and your search will bring up more info too.
rgds
alexRighton,
where you start would have to depend on you goals. It’s pretty hard to find a residential property where the rent covers all your expense (depending on the LVR) but when you go out north you can come pretty close. The down side is that there isn’t much capital growth.
When you look at areas like Davoren Park, Elizabeth Downs, etc what you get for $100k can vary quite a bit, both in terms of the actual property and rental returns.
Although many people on this site despise surfing the web for properties in your case it’s probably a good place to start so that you can then narrow down your search area and start contacting agents within that area.
I bought my first property earlier this year out there and the agent was actually based at Brighton so it pays to look all over the place.
Hopefully this info is of some use, let me know if I can assist further.
Cheers
MikeHi Righton
Average (and I stress average) gross yield on residential property is around 4½-5% for both houses and units.
What is a good area depends on what you are looking for. Every area is good to someone. I know of people who will only invest in suburbs I wouldn’t touch with the proverbial barge pole.
I tend to invest in areas where rental accomodation is sought after such as the inner suburbs, especially the inner south. The added bonus for me is that is roughly where I live and I don’t have to drive far to become an area expert.
My suggestion to someone new to Adelaide would be to look at the properties advertised on Saturday in The Advertiser – both for sale and for rent. Then drive around looking at as wide a range of properties as you can until you start to home in on what you find comfortable. Then become an area expert, looking at anything and everything in that area, talking to all the agents in that area, until you find something.
And, don’t worry if that takes a while.
Good luck and keep the forum informed of progress.
MargaretI like everywhere but the Eastern Suburbs (too expensive and yields are too low!).
Some of the Southern suburbs are below the median price for Adelaide and therfore offer growth opportunity.
Rental demand is growing in Adelaide, from what we are seeing anyway!!![biggrin]
Investment Property Management
http://www.adprop.com.au
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