- Hi Guys,
Been looking at various places to buy investment property No 3 in South Australia. Now looking closely at some beach suburbs with potential. At this early stage, looking at :
ALDINGA BEACH 41kms from CBD
O'SULLIVANS BEACH 24.3 kms from CBD
CHRISTIES BEACH 25.2 kms.In terms of growth and renting potential, any thoughts ? Obviously beach suburbs on the east coast is gang busters and these represent good value for money… Or have I missed another. Looking upwards to $350K
Thoughts please, I will take any advice at this stage….
Cheers
Hi, Of the 3 you mention, O'Sullivans is the one that has gone up very little. Christies Bch is good but prices have moved up to reflect the values. On today's prices, cap gain may be a while yet. Aldinga to me is too high priced, always has been and maybe will be in the future. It's the holiday homes suburb with a lot of new houses that [to me] are ridiculously priced. There was a girl [20s] featured in API 2 years ago who bought a house there for just under 500000. I think she won't get that today, nor the rent that she thought she'd be getting.
Have you looked at the North West? Osborne & Taperoo have new subdivisions selling at around $320-350 thousand. Will be close to neutral gearing. Rent isn't fantastic but steady.
Semaphore is the more desirable but the prices are also 'desirable'.
18 months ago, an old house right opposite the marina at N Haven passed in at 420000.
Last month, an old house [900m2] on Victoria Rd was sold. Asking price $280000 tenanted @$205 pw. The rent is a joke. Should be around $240-250 Reason that house is cheap is the factory across the road.
Birkenhead, Peterhead and Largs are good but there's very little to look at.
Be careful with property selection. Established houses or new ones are best. Old houses on big land are best of all. Don't get sucked into buying apartments at high prices.
Good luck,
KY
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