Hi
Just arrived back to WA from Adelaide. Houses still look dirt cheap over there. I was there last November and had a good look around Christies Beach. Then you could buy a knock down house on a development block beach side of Fox Ave for $160K…..now! Wow what a jump $280K+. But high 200's is still fantastic buying in a metro suburb. Is anyone buying around there? What plans are a foot for South Australia??? I'm excited about this place so much so I have booked to go back in 3 weeks time. Before then I will be in Kambalda for 10 days and I will post my usual update on Kambalda when I return.
Cheers
Mikey PHere's our view on adelaide:
http://www.creativerealestatesolutions.com.au/cgi-bin/page.cgi?id=112
And yes, it is the ONLY place we are buying properties in
Xenia
Wow…….thanks for that. I have read some comments from your previous posts. Man can't wait to get back to SA. I reckon i'm sold on your town!!!!
Stay lucky
Mikey PHi Mikey, spot on! I cursorily gave Christies Beach a glance & thought, "Gee, that looks like a potential – that was $180000 for an ordinary house near the beach.
Unfortunately, I had a bias because my sister's 1st housing trust home was in Christies & she couldn't get out of there fast enough! Did that in 1981. So all of us had this idea that that was not a "salubrious" suburb.
I finally went to look around Christmas 2006 & it looks like Glenelg used to look when I was looking around Glenelg long long ago. Unfortunately for me, the price had gone up to $275000!
There are other parts of Adelaide you can still buy – how about one advertised last week for $220000 rented @$220 per week. It's a large block with development potential.
i'm not advertising – just saw it in the papers. I have other properties on my plate & I've decided to hang on to them.
Adelaide is landlord heaven. Only 8 months ago, I was winging a bit on this forum. Now I feel as if I'd died & gone to heaven. It's pure bliss being a landlord at this time. Long may it last!
Good luck to all,
Kum YinI've been living in Adelaide for over 3 years now, and the market has continued to surprise me. If you look at the fundamentals, the picture is not good, but this has not stopped house prices moving up steadily over the last couple years.
Some of things that worry me about the market:
– Small overall size of market compared to other capitals
– Weaker & less diverse local economy
– Very small annual population growth, mainly dependant on international immigration (interstate migration is -ve)
– Oversupply of dwellings forecast to deepen (new approvals vs new dwelling requirements)HOWEVER… in the face of all that, well located properties near the city and/or beach are doing very well. Plus… and this is the clincher I believe… houses are much more affordable here than other capitals. Where I live in Prospect, basically the first suburb north or the city, I'm renting a new-ish house that would be worth mid 300's. Try and find that in Melb or Sydney!
From a property managment veiwpoint there has been a bit of a drop in rent demands in the last month. We are noticing that we are having to drop rents down and get a bit more aggressive with marketing strategies to get properties filled. I think it's because there has been many new investors coming in and decreasing the demand by oversupplying the market.
The demand in rent may have dropped a bit and I think it will continue to drop more but it is offset by a huge capital growth that is happening at the moment. Purchasers are still very keen to buy at any price!
OK all speculations aside, it is always great to be an investor and with the right tools you should be able to work any market and make money!
Great for Adelaide. Had a bit of a look at the market in general, but looking at a property in Brompton at the moment, not far from Prospect Moose. The property I'm looking at is a standard 3 br house about 350sqm 7 yrs old. The suburb does contain lots of old houses, and there are many new houses in the area being built – will this increase the value over the next 5 years or so? It is about 10 mins drive from Adelaide city.
I have lived in Sydney and all up the coast to Coffs Harbour. I have watched the values rise right up and down the east coast, then i moved to adelaide 5 years ago. When i moved here i got a 600m2 block in a new estate in the north (yes the north) about 1min drive from One Tree Hill, equivalent to Dural in Sydney, and i paid $48000!!!! 6 months later these blocks were going for $100000, if only i had bought the whole STREET!!!!.
Personally i reckon Adelaide is a REAL DARK HORSE!!!! Everything i read points to adelaide as being the last city to really catch up to other cities, and it will over the next few years. SImply look what happened in the western suburbs of Sydney.
I also reckon that the northern suburbs, yes the north, and i know all those die hard adelaideans beleive nothing good comes out of anything north of Gepps Cross, but i beleive, the north is going to eclipse the south, and DEFINITELY be THE FUTURE of SA. All the SAHT homes are being demolished and new estates and homes being built all the time. Even in the dodgiest parts of Davoren Park now, blocks in new estates are going for $84000+. There is a new battalion coming down from north Qld and homes needed for those 3000 troops plus familys, and there is also something like 20000 dwellings going in in an area called Playford NOrth, and also there is Buckland Park where some multimillionare dude is spending up BIG!!!!
The north is NOT what was always known for ANYMORE. Yes there are still some VERY dodgy people and areas, as there are in Sydney, having the king of all dogdyness in Mount Druitt and Bidwill etc etc. WHo would have thought you'd be paying well over 200k for a dump in Bidwill 10 yrs ago??? The north is A-CHANGING and you all better HANG ON!!!!!
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