Hi, I bought a house in Blair Athol & have approval pending to sub-divide it while retaining the existing house. The old house is a bit tired looking & requires an update.

The house is on 500m2 originally just under 800m2. The new allotment alongside is 295m2.

The project will suit a handyman or someone looking to expand a rental portfolio or a 1st homeowner. The reasons: it's under $250000 & will qualify for the grant.  The reno will bring its value up to the present average price. Similar houses are quoted at $320-350000.

I'm not efficient at renos.[don't know a hammer from a nail]

So I'm passing it on to anyone who can efficiently do the alterations. A licensed builder would be great. I reckon the work will cost $30000 but if I do it, it'd likely cost $50000 so I've budgetted $50000. I call it the inefficiency buffer.

It's currently tenanted at 5% yield. It can be used for student accommodation. We had ten parties looking to rent it because we had the lowest asking rent.

Anyone in Adelaide interested can contact me via email. Meantime, I have lined up Rocca's to give a quote on the alterations.

Have a good day,
Kum Yin

Hi,

To throw in a different opinion, if I was betting on the next city in Aus to experience above average growth, I'd be putting my money on Sydney.

Adelaide is at the tail end of a recent boom, Queensland is experiencing a increase in prices, but when Sydney goes again, it will make both look insignificant by comparison.

All in all, there is money to be made everywhere. Your choice is best determined from your experience and skill base rather than picking a location and trying to strike it lucky.  That is, what you do is more important than where you do it.

Cheers,